Posts Tagged ‘the wealth of nationss’

“Our merchants and master-manufacturers complain much of the bad effects of high wages in raising the price, and thereby lessening the sale of their goods both at home and abroad. They say nothing concerning the bad effects of high profits. They are silent with regard to the pernicious effects of their own gains. They complain only of those of other people.”

– Adam Smith, The Wealth of Nations. 1776. Book 1, Chapter IX.

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