updated 4d ago
An Inquiry into the Nature and Causes of the Wealth of Nations
As it is the nominal or money price of goods, therefore, which finally determines the prudence or imprudence of all purchases and sales, and thereby regulates almost the whole business of common life in which price is concerned, we cannot wonder that it should have been so much more attended to than the real price.
from An Inquiry into the Nature and Causes of the Wealth of Nations by Adam Smith
Nathan Nariai added 6mo ago
In this state of things, the distinction between the metal which was the standard, and that which was not the standard, was something more than a nominal distinction.
from An Inquiry into the Nature and Causes of the Wealth of Nations by Adam Smith
Nathan Nariai added 6mo ago
seignorage
from An Inquiry into the Nature and Causes of the Wealth of Nations by Adam Smith
Nathan Nariai added 6mo ago
Nathan Nariai added 6mo ago
The money of any particular country is, at any particular time and place, more or less an accurate measure or value, according as the current coin is more or less exactly agreeable to its standard, or contains more or less exactly the precise quantity of pure gold or pure silver which it ought to contain.
from An Inquiry into the Nature and Causes of the Wealth of Nations by Adam Smith
Nathan Nariai added 6mo ago
In this state of things, the whole produce of labour belongs to the labourer; and the quantity of labour commonly employed in acquiring or producing any commodity, is the only circumstance which can regulate the quantity of labour which it ought commonly to purchase, command, or exchange for.
from An Inquiry into the Nature and Causes of the Wealth of Nations by Adam Smith
Nathan Nariai added 6mo ago
In this state of things, the whole produce of labour does not always belong to the labourer. He must in most cases share it with the owner of the stock which employs him. Neither is the quantity of labour commonly employed in acquiring or producing any commodity, the only circumstance which can regulate the quantity which it ought commonly to purch
... See morefrom An Inquiry into the Nature and Causes of the Wealth of Nations by Adam Smith
Nathan Nariai added 6mo ago
Nathan Nariai added 6mo ago
The profits of stock, it may perhaps be thought, are only a different name for the wages of a particular sort of labour,
from An Inquiry into the Nature and Causes of the Wealth of Nations by Adam Smith
Nathan Nariai added 6mo ago