22 August 2012

He Said It: Adam Smith

"It is not the actual greatness of national wealth, but its continual increase, which occasions a rise in the wages of labour. It is not, accordingly, in the richest countries, but in the most thriving, or in those which are growing rich the fastest, that the wages of labour are highest. [...] But though North America is not yet so rich as England, it is much more thriving, and advancing with much greater rapidity to the further acquisition of riches." 

--Adam Smith, An Inquiry into the Nature and Causes of the Wealth of Nations (1776), I.viii.22-23

1 comment:

Anonymous said...

Thank you Dr. Otteson for your Adam Smith literary contributions. JR