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
At the end of the accounts annexed to this chapter the reader will find
the particular account of those ten years separated from the rest. He
will find there, too, the particular account of the preceding ten years,
of which the average is likewise below, though not so much below, the
general average of the sixty-four first years of the century. The year
1740, however, was a year of extraordinary scarcity. These twenty years
preceding 1750 may very well be set in opposition to the twenty
preceding 1770. As the former were a good deal below the general average
of the century, notwithstanding the intervention of one or two dear
years; so the latter have been a good deal above it, notwithstanding the
intervention of one or two cheap ones, of 1759, for example. If the
former have not been as much below the general average as the latter
have been above it, we ought probably to impute it to the bounty. The
change has evidently been too sudden to be ascribed to any change in the
value of silver, which is always slow and gradual. The suddenness of the
effect can be accounted for only by a cause which can operate suddenly,
the accidental variations of the seasons.
The money price of labour in Great Britain has, indeed, risen during the
course of the present century. This, however, seems to be the effect,
not so much of any diminution in the value of silver in the European
market, as of an increase in the demand for labour in Great Britain,
arising from the great, and almost universal prosperity of the country.
In France, a country not altogether so prosperous, the money price of
labour has, since the middle of the last century, been observed to sink
gradually with the average money price of corn. Both in the last century
and in the present, the day wages of common labour are there said to
have been pretty uniformly about the twentieth part of the average price
of the septier of wheat; a measure which contains a little more than
four Winchester bushels. In Great Britain, the real recompence of
labour, it has already been shewn, the real quantities of the
necessaries and conveniencies of life which are given to the labourer,
has increased considerably during the course of the present century. The
rise in its money price seems to have been the effect, not of any
diminution of the value of silver in the general market of Europe, but
of a rise in the real price of labour, in the particular market of Great
Britain, owing to the peculiarly happy circumstances of the country.
Public-domain text, read in full here on John Shaqi.
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