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Adam Smith advantages agricultural amount of capital applied Auxiliary capital average business power carpenter causes cent Circulating capital coal commodity corn cultivation demand depends determined Diminishing Return division of labour dose Earnings of Management economic efficiency employed employers employment England equal Expenses of production F. W. Newman factories fall farm farmer Firstly Fixed capital greater growth of population hand income increase Indoor relief industry instance invested kind land landlord Law of Demand Law of Diminishing Law of Normal less machine machinery man's manufacture means nature Normal rate Normal value obtain Octavia Hill Outdoor relief outlay peasant proprietors present railways raise rate of interest rate of profits regard remuneration Remuneratory rent rise saving sell shew skilled labour social Standard of Comfort supply surplus things towns trade unskilled labour wages wanted workmen
Page 172 - After all that has been said of the levity and inconstancy of human nature, it appears evidently from experience, that a man is, of all sorts of luggage, the most difficult to be transported.
Page 20 - The acquisition of such talents, by the maintenance of the acquirer during his education, study, or apprenticeship, always costs a real expense, which is a capital fixed and realized, as it were, in his person. Those talents, as they make a part of his fortune, so do they likewise of that of the society to which he belongs.
Page 50 - That the master manufacturer, by dividing the work . to be executed into different processes, each requiring different degrees of skill and force, can purchase exactly that precise quantity of both which is necessary for each process; whereas, if the whole work were executed by one workman, that person must possess sufficient skill to perform the most difficult, and sufficient strength to execute the most laborious, of the operations...
Page 104 - When any expensive machine is erected, the extraordinary work to be performed by it before it is worn out, it must be expected, will replace the capital laid out upon it, with at least the ordinary profits. A man educated at the expence of much labour and time to any of those employments which require extraordinary dexterity and skill, may be compared to one of those expensive machines.
Page 110 - A tender mother, among the inferior ranks of people, is often afraid to send her son to school at a sea-port town, lest the sight of the ships and the conversation and adventures of the sailors should entice him to go to sea. The distant prospect of hazards from which we can hope to extricate ourselves by courage and address, is not disagreeable to us, and does not raise the wages of labour in any employment.
Page 107 - So complete, indeed, has hitherto been the separation, so strongly marked the line of demarcation, between the different grades of labourers, as to be almost equivalent to an hereditary distinction of caste ; each employment being chiefly recruited from the children of those already employed in it, or in employments of the same rank with it in social estimation, or from the children of persons who, if originally of a lower rank, have succeeded in raising themselves by their exertions.
Page 11 - Without entering into disputable points, it may be asserted without scruple, that the aim of all intellectual training for the mass of the people, should be to cultivate common sense ; to qualify them for forming a sound practical judgment of the circumstances by which they are surrounded.
Page 67 - Originally a market was a public place in a town where provisions and other objects were exposed for sale; but the word has been generalized, so as to mean any body of persons who are in intimate business relations and carry on extensive transactions in any commodity.
Page 41 - ... for his family, or not. Most of those who make such a provision would do so equally whether the rate of interest were low or high. And when a man has once determined to provide a certain annual income, he will find that he has to save more if the rate of interest is low than if it is high. Suppose, for instance, that...
Page 110 - ... lest the sight of the ships and the conversation and adventures of the sailors should entice him to go to sea. The distant prospect of hazards, from which we can hope to extricate ourselves by courage and address, is not disagreeable to us, and does not raise the wages of labour in any employment. It is otherwise with those in which courage and address can be of no avail. In trades which are known to be very unwholesome, the wages of labour are always remarkably high. Unwholesomeness is a species...