Adam Smith's Simplified Wealth of Nations, Book 1, Chapter 10c, Part 1: Profit and wage inequality from the nature of the job or business itself -- Risk

Chapter 10c, Part 1: Profit and wage inequality in different Occupations and Businesses -- Risk

Insurance Risk

31 The chance of loss is frequently under-valued and rarely valued more than it is worth. 32 The contempt of risk and the presumptuous hope of success, are most active at the age when young people choose their professions. 33 Young volunteers enlist most readily at the start of a new war. 34 The lottery of the sea is not so disadvantageous as that of the army. 35 The dangers of adventures seem to encourage instead of discourage people. 36 In all employments, the ordinary profit rate varies with the certainty or uncertainty of the returns. 37 Only two of the five circumstances affect profits: There is little difference in most employments of stock in terms of agreeableness or disagreeableness.

Wages in the Pharmaceutical Industry [Apothecaries]

38 'Pharmaceutical profit' denotes something uncommonly extravagant.

Groceries and Retail

39 In a small sea-port town, a little grocer will make 40-50% from a stock of 100 pounds. 40 There is less difference between the apparent profits in retail and wholesale in big cities than small towns. 41 Though profits in both wholesale and retail trade are generally less in big than in small towns, great fortunes are frequently gained from small beginnings in big cities and rarely in small towns.
Next: Chapter 10d: Creating equality
Words: 1840