Adam Smith's Simplified Wealth of Nations, Book 1, Chapter 8c: Real Wages

Chapter 8c: Real Wages

27 In Great Britain, wages are in excess of what is needed to bring up a family.
  1. 28 Summer wages are different from winter wages in Great Britain.
  1. 29 Wages in Great Britain do not fluctuate with the price of goods which vary monthly and yearly.
  1. 30 The price of goods varies more yearly than wages.
  1. 31 The variations in wages are opposite with the price of provisions both in place and in time.
32  Grain is the food of common people. 33 In the last century, grain was dearer in both Scotland and England than at present.
Sir_Matthew_Hale
Sir Matthew Hale

34The real compensation of labour is the real quantity of the necessaries and conveniencies of life it can procure to the labourer.


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Next: Chapter 8d: Poverty and Maximum Wages