The rates of wages in different employments are governed by #the laws of
supply and demand# which we shall afterwards consider. Just as goods
rise in price when there is little in the market and much is wanted, so
the price of men's labour rises when much of any particular kind is
wanted and little is to be had. It does not matter much whether we speak
of demand for goods or demand for the labour, which is necessary to make
the goods. If more things of a certain sort are wanted, then more men
able to make them must be found. If I buy an aneroid barometer, I use up
the labour of a man able to make such a barometer; if many people take a
fancy to have aneroid barometers, and only a few workmen have the
necessary skill to make them, they can ask a high price for their
labour. It is true that people buying barometers do not usually pay the
workmen for making them; a man with capital gets the barometers made
beforehand and puts them in shops ready for sale. The capitalist
advances the wages of the workmen, but this is only for a few weeks or
months, and according as the demand for barometers is brisk or slow, he
employs more or fewer workmen. Thus, #demand for commodities comes to
nearly, though not quite, the same thing as demand for labour#. There
is the profit of the capitalist to be considered as well; but, with this
exception, #rates of wages are governed by the same laws of supply and
demand as the prices of goods#.
Anything, then, which affects the numbers of men able and willing to do
a particular kind of work, affects the wages of such men. Thus the
principal circumstance governing wages is the comparative numbers of
persons brought up with various degrees of strength, both of body and
mind. The greater number of ordinary men, while in good health, have
sufficient strength of arms and legs to do common work; the supply of
such men is consequently very large, and, unless they can acquire some
peculiar knowledge or skill, they cannot expect high wages. Dwarfs and
giants are always much less common than men of average size; if there
happened to be any work of importance which could only be done by dwarfs
or giants, they could demand high wages. Dwarfs, however, are of no
special use except to exhibit as curiosities; very large strong men,
too, are not generally speaking of any particular use, because most
heavy work is now done by machinery. They can, however, still get very
high wages in hewing coal, or puddling iron, because this is work,
requiring great strength and endurance, which is not yet commonly done
by machinery. Iron puddlers sometimes earn as much as L250 a year.
Public-domain text, read in full here on John Shaqi.
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