Adam Smith's Simplified Wealth of Nations, Book 1, Chapter 10g, Part 2: Profit and wage inequality from policy -- Wage subsidies

Chapter 10g, Part 2: Profit and wage inequality from policy -- Wage subsidies

  1. 88 Secondly, the policy of Europe unnaturally increases the competition in some employments.

89 It was considered very important that a proper number of young people be educated for certain professions.

90 £40 a year is a very good pay for a curate. 91 The great benefices and other ecclesiastical dignities support the church's honour. 92 In professions with no benefices, such as law and medicine, wages would sink if as many people were educated at public expence. 93 Unprosperous men of letters are in the same situation as lawyers and physicians. 94 Before the invention printing, teaching was the only employment of men of letters. 95 In ancient times, the rewards of eminent teachers were greater.
Plato_Aristotle
Plato and Aristotle
96 This inequality is perhaps more advantageous than hurtful to the public.
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Next: Book 1, Chapter 10h: Inequalities by Policy: Restriction on Movement -- Poor Laws