“ The market is understocked with commodities, not with labour, with work done, not with work to be done. ”
Adam Smith, The Wealth of Nations (1776). copy citation
| Author | Adam Smith |
|---|---|
| Source | The Wealth of Nations |
| Topic | work market |
| Date | 1776 |
| Language | English |
| Reference | An Inquiry into the Nature and Causes of the Wealth of Nations |
| Note | |
| Weblink | http://www.gutenberg.org/files/3300/3300-h/3300-h.htm |
Context
“(with which the market is almost always understocked upon such occasions) , and augments the profits of the merchants who possess any considerable quantity of it. It has no effect upon the wages of the weavers. The market is understocked with commodities, not with labour, with work done, not with work to be done. It raises the wages of journeymen tailors. The market is here understocked with labour. There is an effectual demand for more labour, for more work to be done, than can be had. It sinks the price of coloured silks and cloths, and thereby reduces the profits of the merchants who have any considerable quantity of them upon hand.”
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