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

Wages of Labour

Definition

The portion of a commodity's price that compensates workers for their labour, representing the value of the work performed in producing the commodity. This includes both the basic compensation for time spent and allowances for hardship or skill.

Source Chapter

Book I, Chapter 6

Context

One of the three component parts of price, discussed as the reward for labour in early and advanced states of society. Smith distinguishes this from profits and rent, noting that wages are regulated by different principles than profits of stock.

Economic Domain

Distribution

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