Principles of Political Economy, Vol. 2Roscher, Wilhelm
General
Principles of Political Economy, Vol. 2
Roscher, Wilhelm
Economics
This favorable development is most striking in the colonies of rich and
highly civilized parent countries, where the labor, capital and social
customs of an old and ripe civilization are found together with the
overflowing natural forces inherent in a virgin soil, engaged in the
work of economic production. Here the growth of national wealth is most
rapid; and the rate of wages is here wont to be highest.[172-3] With the
high rate of interest that obtains where capital is rapidly saved, and
with the low price of land, it is not a matter of difficulty for good
workmen to enter into the ranks of landowners and capitalists. In North
America, and especially in the western part,[172-4] it is very
frequently in the normal course of economic development for young people
to begin to work on wages, then to work on their own account, and
finally to become themselves employers of labor.
[Footnote 172-1: Compare _Hermann_, Staatswirths. Unters.,
241 ff.; _J. S. Mill_, Principles, ch. 3. As to how _Carey_
confounds the rise and fall of the productiveness of labor
with the rise and fall of wages, see _J. S. Mill's_ views in
_Lange_, 1866, 218 ff.]
[Footnote 172-2: In England, wages from 1400 to 1420,
estimated in produce, were much higher than from 1500 to
1533. (Statist. Journal, 1861, 544 ff.) Later, a quarter of
wheat was earned by day labor as follows: under Elizabeth,
in about 48 days; during the seventeenth century, in 43
days; between 1700 and 1766, in 32 days; between 1815 and
1848, in from 19 to at most 28¾ days. (_Hildebrand_, Nat.
Oek. der Gegenwart und Zukunft.) Since 1860, it has been
earned in about 14 days. About 1668, the wages paid to
English laborers and servants was one-third higher than
twenty years before. (_Sir J. Child_, Discourse on Trade, p.
43 of the French translation.) _D. Defoe_, Giving Alms no
Charity, 1704, draws a much more favorable picture of the
time next succeeding. _Adam Smith_, Wealth of Nat., I, ch.
8, shows how money-wages, in the eighteenth century, were
higher and the price of corn lower than in the seventeenth
century. Between 1737 and 1797, wages in most parts of
England, except in the immediate neighborhood of the great
cities, doubled. (_Eden_, I, 385.) In Scotland, about the
year 1817, the wages of married farm servants, expressed in
corn, were about 60 per cent. higher than in 1792.
(_Sinclair_, Grundgesetze des Ackerbaues, 105.)
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