An Inquiry Into the Nature and Causes of the Wealth of NationsSmith, Adam
General
An Inquiry Into the Nature and Causes of the Wealth of Nations
Smith, Adam
Economics
In every state of society, in every stage of improvement, corn is the
production of human industry. But the average produce of every sort of
industry is always suited, more or less exactly, to the average
consumption; the average supply to the average demand. In every
different stage of improvement, besides, the raising of equal quantities
of corn in the same soil and climate, will, at an average, require
nearly equal quantities of labour; or, what comes to the same thing, the
price of nearly equal quantities; the continual increase of the
productive powers of labour, in an improved state of cultivation, being
more or less counterbalanced by the continual increasing price of
cattle, the principal instruments of agriculture. Upon all these
accounts, therefore, we may rest assured, that equal quantities of corn
will, in every state of society, in every stage of improvement, more
nearly represent, or be equivalent to, equal quantities of labour, than
equal quantities of any other part of the rude produce of land. Corn,
accordingly, it has already been observed, is, in all the different
stages of wealth and improvement, a more accurate measure of value than
any other commodity or set of commodities. In all those different
stages, therefore, we can judge better of the real value of silver, by
comparing it with corn, than by comparing it with any other commodity or
set of commodities.
Corn, besides, or whatever else is the common and favourite vegetable
food of the people, constitutes, in every civilized country, the
principal part of the subsistence of the labourer. In consequence of the
extension of agriculture, the land of every country produces a much
greater quantity of vegetable than of animal food, and the labourer
everywhere lives chiefly upon the wholesome food that is cheapest and
most abundant. Butcher's meat, except in the most thriving countries, or
where labour is most highly rewarded, makes but an insignificant part of
his subsistence; poultry makes a still smaller part of it, and game no
part of it. In France, and even in Scotland, where labour is somewhat
better rewarded than in France, the labouring poor seldom eat butcher's
meat, except upon holidays, and other extraordinary occasions. The money
price of labour, therefore, depends much more upon the average money
price of corn, the subsistence of the labourer, than upon that of
butcher's meat, or of any other part of the rude produce of land. The
real value of gold and silver, therefore, the real quantity of labour
which they can purchase or command, depends much more upon the quantity
of corn which they can purchase or command, than upon that of butcher's
meat, or any other part of the rude produce of land.
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