Actually, he didn't write that at all. He writes about the three components of price: "But the whole price of any commodity must still finally resolve itself into some one or other, or all of those three parts; as whatever part of it remains after paying the rent of the land, and the price of the whole labour employed in raising, manufacturing, and bringing it to market, must necessarily be profit to somebody."
Wealth of Nations worth reading?
- Thread starter ER9
- Start date
Another quote: "The real value of all the different component parts of price, it must be observed, is measured by the quantity of labour which they can, each of them, purchase or command. Labour measures the value not only of that part of price which resolves itself into labour, but of that which resolves itself into rent, and of that which resolves itself into profit."
Adam Smith discusses foreign trade as well. Adam Smith would not agree with the above.Quote from ER9:
Updated for the new millenium:
Here's an insight: "The increase of greed, besides, though in the beginning it may sometimes raise the price of goods, never fails to lower it in the long run. It encourages globalization, outsourcing and third world exploitation thereby increasing the competition of the producers, who, in order to undersell one another, have no choice but to use third world labour and creative accounting which might never otherwise have been thought of."....sorry i was bored
You can get the book with bittorrent, btw
i dont think its illegal because the man is dead for 300 years already.
I read somewhere that economics is not a natural science, in the sense of providing objective answers to precise questions, but it is a political science. This can be very well understood by reading Adam Smith.
The main thrust of his book is on deregulation and freeing up of international trade. He explains in detail how special interests, like the domestic producers of textiles in England, got the governement to erect prohibit for import of textiles and export of wool....
He also explains with great clarity how this harms the country as a whole.
For trading, there are great parts having to do with pricing of commodities. I find them very helpful to keep my mind straight. But this is only useful to a trader of commodities with a time horizon of months or years, like myself, not the daytrader obviously.
i dont think its illegal because the man is dead for 300 years already.
I read somewhere that economics is not a natural science, in the sense of providing objective answers to precise questions, but it is a political science. This can be very well understood by reading Adam Smith.
The main thrust of his book is on deregulation and freeing up of international trade. He explains in detail how special interests, like the domestic producers of textiles in England, got the governement to erect prohibit for import of textiles and export of wool....
He also explains with great clarity how this harms the country as a whole.
For trading, there are great parts having to do with pricing of commodities. I find them very helpful to keep my mind straight. But this is only useful to a trader of commodities with a time horizon of months or years, like myself, not the daytrader obviously.
j/kRobots will build the other Robots. Capitalisim is based on charging for labor. Once labor is free then Capitalisim as we know it will become obselete.
John