markitect-main/examples/infospace-with-history/output/entities/wages-of-a-journeyman.md

Wages of a Journeyman

Definition

The payment received by skilled workers who labour under the direction of a master craftsman or manufacturer. This represents the compensation for manual labour distinct from the profits earned by the employer.

Source Chapter

Book I, Chapter 6

Context

Used to illustrate how independent manufacturers can earn both wages and profits. Smith explains that such individuals gain both the wages of a journeyman and the profit that a master would make, though this combined income is commonly called profit.

Economic Domain

Distribution

---