The principles of economical philosophy, Volume 2, Part 1 |
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Common terms and phrases
absurd Adam Smith agriculture amount annuity assignats Bank Notes Bank of England bills borrow brought bullion called capital cause cent circulation commerce commodities consequence cost of production Credit cultivation debts demand depend diminished division of labour doctrine Economics effect employed employment England equal exactly exchange fall fallacy France give gold and silver greater Hence income Incorporeal Property inferior lands Law of Value London lower manifestly manufactures merchant Mill nature necessary operations paid paper currency payment persons Political Economy price of corn price of labour Principles of Political proportion quantity of labour quantity of money rate of discount rate of interest Rate of Profit ratio receive rent Ricardo Right rise says sell shew shewn Smith specie supply supply and demand suppose theory things tithes trade usual usury value of money Wages fund wages of labour Wealth of Nations workmen
Popular passages
Page 163 - ... Each person, therefore, making a tenth part of forty-eight thousand pins, might be considered as making four thousand eight hundred pins in a day. But if they had all wrought separately and independently, and without any of them having been educated to this peculiar business, they certainly could not each of them have made twenty, perhaps not one pin in a day...
Page 173 - In the progress of the division of labour, the employment of the far greater part of those who live by labour, that is, of the great body of the people, comes to be confined to a few very simple operations, frequently to one or two. But the understandings of the greater part of men are necessarily formed by their ordinary employments.
Page 162 - ... it is even a trade by itself to put them into the paper; and the important business of making a pin is, in this manner, divided into about eighteen distinct operations, which, in some manufactories, are all performed by distinct hands, though in others the same man will sometimes perform two or three of them.
Page 103 - The property which every man has in his own labour, as it is the original foundation of all other property, so it is the most sacred and inviolable. The patrimony of a poor man lies in the strength and dexterity of his hands; and to hinder him from employing this strength and dexterity in what manner he thinks proper without injury to his neighbour is a plain violation of this most sacred property.
Page 270 - But the images of men's wits and knowledges remain in books, exempted from the wrong of time, and capable of perpetual renovation. Neither are they fitly to be called images, because they generate still, and cast their seeds in the minds of others, provoking and causing infinite actions and opinions in succeeding ages...
Page 173 - He naturally loses, therefore, the habit of such exertion, and generally becomes as stupid and ignorant as it is possible for a human creature to become. The torpor of his mind renders him, not only incapable of relishing or bearing a part in any rational conversation, but of conceiving any generous, noble, or tender sentiment, and consequently of forming any just judgment concerning many even of the ordinary duties of private life.
Page 156 - As it is the power of exchanging that gives occasion to the division of labour, so the extent of this division must always be limited by the extent of that power, or, in other words, by the extent of the market.
Page 109 - The value of any commodity, therefore, to the person who possesses it, and who means not to use or consume it himself, but to exchange it for other commodities, is equal to the quantity of labour which it enables him to purchase or command. Labour, therefore, is the real measure of the exchangeable value of all commodities.
Page 170 - This great increase of the quantity of work, which, in consequence of the division of labour, the same number of people are capable of ' performing, is owing to three different circumstances : first, to the increase of dexterity in every particular workman ; secondly, to the saving of the time which is commonly lost in passing from one species of work to another...
Page 170 - A common smith, who, though accustomed to handle the hammer, has never been used to make nails, if, upon some particular occasion, he is obliged to attempt it, will scarce, I am assured, be able to make above two or three hundred nails in a day, and those too very bad ones. A smith who has been accustomed to make nails, but whose sole or principal business has not been that of a nailer, can seldom, with his utmost diligence, make more than eight hundred or a thousand nails in a day.