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 almost every instance, it is an idle refinement to distinguish
between the labour of those employed in agriculture, and of those
employed in manufactures and commerce; for wealth is necessarily the
result of both descriptions of labour, and consumption can no more take
place independently of the one, than it can independently of the other.
It is by their simultaneous concurrence that any thing becomes
consumable, and, of course, that it comes to constitute wealth. How then
are we entitled to compare their respective products, since it is
impossible to distinguish these in the joint product, and thus
appreciate the separate value of each? The value of growing wheat
results as much from the industry of the reaper who gathers it in, of
the thrasher who separates it from the chaff and straw, of the miller
and baker who convert it successively into flour and bread, as it does
from that of the ploughman and of the sower. Without the labour of the
weaver, the raw material of flax would lose all its value, and be
regarded as no way superior to the most useless weed that grows. What
then can we gain by any attempts to determine which of these two species
of labour conduces most to the advancement of national wealth; or, are
they not as idle, as if we busied ourselves in inquiring, whether the
right or the left foot is the most useful in walking?
It is true, indeed, that in every species of manufacture, the workman
adds to the value of the raw material a value exactly equal to that
which was expended during the process of manufacture; and what is the
conclusion we are to draw this? It is merely, that a certain exchange
has taken place and that the food consumed by the manufacturer is now
represented by the increase of value resulting from his manual labour.
Thus wool, when converted into cloth, has gained a value precisely equal
to that expended by the manufacturer during the conversion. But, if it
is shown that, without this exchange, the wool would have remained
without value, while, on the other hand, the food of the manufacturer
would have been without a consumer; it will then appear, that this
exchange has, in fact, done what is equivalent to creating these two
values, and that it has proved to the society an operation infinitely
more useful, than if an equal quantity of labour had been spent in the
increase of that rude produce, which already existed in overabundance.
The first description of labour has been truly productive; while the
last would have been altogether unproductive, since it would not have
created any value.
Public-domain text, read in full here on John Shaqi.
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