32 KiB
--- ENTITY: rate of profit ---
Rate of Profit
Definition
The percentage return on capital investment that determines the income earned by the owner of stock or capital. The rate of profit varies across different trades and locations based on competition, risk, and market conditions, typically being higher in trades with greater risk or less competition.
Source Chapter
Book I, Chapter 9
Context
The chapter examines how the rate of profit, like wages, fluctuates with the economic conditions of society but follows different patterns. Smith discusses how increased stock in a trade lowers profits through competition, how profits are more difficult to measure than wages due to their daily fluctuations, and how the legal interest rate serves as an indicator of the ordinary rate of profit.
Economic Domain
Distribution
--- ENTITY: interest of money ---
Interest of Money
Definition
The price paid for the use of borrowed capital, typically expressed as an annual percentage rate. The interest rate serves as an indicator of the ordinary rate of profit in a society, with higher interest rates corresponding to higher potential profits from capital investment.
Source Chapter
Book I, Chapter 9
Context
Smith establishes interest of money as a practical measure for understanding the ordinary rate of profit across different trades and time periods. He traces historical changes in legal interest rates from Henry VIII through Queen Anne, showing how these rates followed rather than led market conditions, and uses interest rates as evidence for understanding broader economic trends.
Economic Domain
Regulation
--- ENTITY: market rate of interest ---
Market Rate of Interest
Definition
The prevailing rate at which money is actually lent and borrowed in the marketplace, determined by supply and demand for capital rather than by legal statutes. The market rate of interest typically exceeds the legal rate when the legal rate is set too low, as people find ways to evade restrictive laws.
Source Chapter
Book I, Chapter 9
Context
Smith contrasts the market rate of interest with legal rates, showing how market forces ultimately determine actual lending practices. He provides examples from Scotland and France where market rates exceeded legal rates, demonstrating that attempts to artificially control interest rates through legislation are ineffective.
Economic Domain
Regulation
--- ENTITY: legal rate of interest ---
Legal Rate of Interest
Definition
The maximum interest rate permitted by law, established through statutes that attempt to regulate lending practices. Legal rates of interest have historically been adjusted to follow market conditions rather than lead them, with examples showing rates decreasing from 10% to 5% over time in England.
Source Chapter
Book I, Chapter 9
Context
Smith examines the historical development of legal interest rates in England, from the prohibition under Edward VI to various statutory reductions under Henry VIII, Elizabeth, James I, and Queen Anne. He argues that these legal rates were set with propriety, following rather than preceding market conditions.
Economic Domain
Regulation
--- ENTITY: profits of stock ---
Profits of Stock
Definition
The income earned by the owner of capital or stock from its employment in productive enterprise. Profits of stock are subject to greater fluctuation than wages due to variations in commodity prices, competition, and numerous unpredictable factors affecting business operations.
Source Chapter
Book I, Chapter 9
Context
The chapter's central focus examines how profits of stock rise and fall with the economic conditions of society, affected by the same causes as wages but in different ways. Smith explores the difficulty of measuring average profits, their relationship to interest rates, and how they vary across different trades and locations.
Economic Domain
Distribution
--- ENTITY: wages of labour ---
Wages of Labour
Definition
The compensation paid to workers for their productive effort, typically measured as the price of labour in a given market. Wages of labour tend to rise with the increasing wealth of society but are affected differently by economic conditions than profits of stock.
Source Chapter
Book I, Chapter 9
Context
Smith contrasts wages of labour with profits of stock, noting that while both are affected by the economic state of society, they respond differently to changes in wealth and stock accumulation. He observes that wages have been continually increasing while profits have been diminishing during the same historical period.
Economic Domain
Distribution
--- ENTITY: stock of the country ---
Stock of the Country
Stock of the Country
Definition
The total capital or accumulated wealth available for productive employment within a nation, comprising all resources that can be used to generate further wealth through productive enterprise. The stock of the country has been continually advancing throughout Smith's historical period, with its pace of accumulation appearing to accelerate over time.
Source Chapter
Book I, Chapter 9
Context
Smith discusses how the increasing stock of the country raises wages while tending to lower profits through increased competition among merchants and across different trades. He observes that the wealth and revenue of the country have been continually advancing since the time of Henry VIII, with the pace of progress appearing to accelerate rather than decelerate.
Economic Domain
Accumulation
--- ENTITY: wages of labour ---
Wages of Labour
Definition
The compensation paid to workers for their productive effort, typically measured as the price of labour in a given market. Wages of labour tend to rise with the increasing wealth of society but are affected differently by economic conditions than profits of stock.
Source Chapter
Book I, Chapter 9
Context
Smith contrasts wages of labour with profits of stock, noting that while both are affected by the economic state of society, they respond differently to changes in wealth and stock accumulation. He observes that wages have been continually increasing while profits have been diminishing during the same historical period.
Economic Domain
Distribution
--- ENTITY: wages of labour ---
Wages of Labour
Definition
The compensation paid to workers for their productive effort, typically measured as the price of labour in a given market. Wages of labour tend to rise with the increasing wealth of society but are affected differently by economic conditions than profits of stock.
Source Chapter
Book I, Chapter 9
Context
Smith contrasts wages of labour with profits of stock, noting that while both are affected by the economic state of society, they respond differently to changes in wealth and stock accumulation. He observes that wages have been continually increasing while profits have been diminishing during the same historical period.
Economic Domain
Distribution
--- ENTITY: wages of labour ---
Wages of Labour
Definition
The compensation paid to workers for their productive effort, typically measured as the price of labour in a given market. Wages of labour tend to rise with the increasing wealth of society but are affected differently by economic conditions than profits of stock.
Source Chapter
Book I, Chapter 9
Context
Smith contrasts wages of labour with profits of stock, noting that while both are affected by the economic state of society, they respond differently to changes in wealth and stock accumulation. He observes that wages have been continually increasing while profits have been diminishing during the same historical period.
Economic Domain
Distribution
--- ENTITY: wages of labour ---
Wages of Labour
Definition
The compensation paid to workers for their productive effort, typically measured as the price of labour in a given market. Wages of labour tend to rise with the increasing wealth of society but are affected differently by economic conditions than profits of stock.
Source Chapter
Book I, Chapter 9
Context
Smith contrasts wages of labour with profits of stock, noting that while both are affected by the economic state of society, they respond differently to changes in wealth and stock accumulation. He observes that wages have been continually increasing while profits have been diminishing during the same historical period.
Economic Domain
Distribution
--- ENTITY: wages of labour ---
Wages of Labour
Definition
The compensation paid to workers for their productive effort, typically measured as the price of labour in a given market. Wages of labour tend to rise with the increasing wealth of society but are affected differently by economic conditions than profits of stock.
Source Chapter
Book I, Chapter 9
Context
Smith contrasts wages of labour with profits of stock, noting that while both are affected by the economic state of society, they respond differently to changes in wealth and stock accumulation. He observes that wages have been continually increasing while profits have been diminishing during the same historical period.
Economic Domain
Distribution
--- ENTITY: wages of labour ---
Wages of Labour
Definition
The compensation paid to workers for their productive effort, typically measured as the price of labour in a given market. Wages of labour tend to rise with the increasing wealth of society but are affected differently by economic conditions than profits of stock.
Source Chapter
Book I, Chapter 9
Context
Smith contrasts wages of labour with profits of stock, noting that while both are affected by the economic state of society, they respond differently to changes in wealth and stock accumulation. He observes that wages have been continually increasing while profits have been diminishing during the same historical period.
Economic Domain
Distribution
--- ENTITY: wages of labour ---
Wages of Labour
Definition
The compensation paid to workers for their productive effort, typically measured as the price of labour in a given market. Wages of labour tend to rise with the increasing wealth of society but are affected differently by economic conditions than profits of stock.
Source Chapter
Book I, Chapter 9
Context
Smith contrasts wages of labour with profits of stock, noting that while both are affected by the economic state of society, they respond differently to changes in wealth and stock accumulation. He observes that wages have been continually increasing while profits have been diminishing during the same historical period.
Economic Domain
Distribution
--- ENTITY: wages of labour ---
Wages of Labour
Definition
The compensation paid to workers for their productive effort, typically measured as the price of labour in a given market. Wages of labour tend to rise with the increasing wealth of society but are affected differently by economic conditions than profits of stock.
Source Chapter
Book I, Chapter 9
Context
Smith contrasts wages of labour with profits of stock, noting that while both are affected by the economic state of society, they respond differently to changes in wealth and stock accumulation. He observes that wages have been continually increasing while profits have been diminishing during the same historical period.
Economic Domain
Distribution
--- ENTITY: wages of labour ---
Wages of Labour
Definition
The compensation paid to workers for their productive effort, typically measured as the price of labour in a given market. Wages of labour tend to rise with the increasing wealth of society but are affected differently by economic conditions than profits of stock.
Source Chapter
Book I, Chapter 9
Context
Smith contrasts wages of labour with profits of stock, noting that while both are affected by the economic state of society, they respond differently to changes in wealth and stock accumulation. He observes that wages have been continually increasing while profits have been diminishing during the same historical period.
Economic Domain
Distribution
--- ENTITY: wages of labour ---
Wages of Labour
Definition
The compensation paid to workers for their productive effort, typically measured as the price of labour in a given market. Wages of labour tend to rise with the increasing wealth of society but are affected differently by economic conditions than profits of stock.
Source Chapter
Book I, Chapter 9
Context
Smith contrasts wages of labour with profits of stock, noting that while both are affected by the economic state of society, they respond differently to changes in wealth and stock accumulation. He observes that wages have been continually increasing while profits have been diminishing during the same historical period.
Economic Domain
Distribution
--- ENTITY: wages of labour ---
Wages of Labour
Definition
The compensation paid to workers for their productive effort, typically measured as the price of labour in a given market. Wages of labour tend to rise with the increasing wealth of society but are affected differently by economic conditions than profits of stock.
Source Chapter
Book I, Chapter 9
Context
Smith contrasts wages of labour with profits of stock, noting that while both are affected by the economic state of society, they respond differently to changes in wealth and stock accumulation. He observes that wages have been continually increasing while profits have been diminishing during the same historical period.
Economic Domain
Distribution
--- ENTITY: wages of labour ---
Wages of Labour
Definition
The compensation paid to workers for their productive effort, typically measured as the price of labour in a given market. Wages of labour tend to rise with the increasing wealth of society but are affected differently by economic conditions than profits of stock.
Source Chapter
Book I, Chapter 9
Context
Smith contrasts wages of labour with profits of stock, noting that while both are affected by the economic state of society, they respond differently to changes in wealth and stock accumulation. He observes that wages have been continually increasing while profits have been diminishing during the same historical period.
Economic Domain
Distribution
--- ENTITY: wages of labour ---
Wages of Labour
Definition
The compensation paid to workers for their productive effort, typically measured as the price of labour in a given market. Wages of labour tend to rise with the increasing wealth of society but are affected differently by economic conditions than profits of stock.
Source Chapter
Book I, Chapter 9
Context
Smith contrasts wages of labour with profits of stock, noting that while both are affected by the economic state of society, they respond differently to changes in wealth and stock accumulation. He observes that wages have been continually increasing while profits have been diminishing during the same historical period.
Economic Domain
Distribution
--- ENTITY: wages of labour ---
Wages of Labour
Definition
The compensation paid to workers for their productive effort, typically measured as the price of labour in a given market. Wages of labour tend to rise with the increasing wealth of society but are affected differently by economic conditions than profits of stock.
Source Chapter
Book I, Chapter 9
Context
Smith contrasts wages of labour with profits of stock, noting that while both are affected by the economic state of society, they respond differently to changes in wealth and stock accumulation. He observes that wages have been continually increasing while profits have been diminishing during the same historical period.
Economic Domain
Distribution
--- ENTITY: wages of labour ---
Wages of Labour
Definition
The compensation paid to workers for their productive effort, typically measured as the price of labour in a given market. Wages of labour tend to rise with the increasing wealth of society but are affected differently by economic conditions than profits of stock.
Source Chapter
Book I, Chapter 9
Context
Smith contrasts wages of labour with profits of stock, noting that while both are affected by the economic state of society, they respond differently to changes in wealth and stock accumulation. He observes that wages have been continually increasing while profits have been diminishing during the same historical period.
Economic Domain
Distribution
--- ENTITY: wages of labour ---
Wages of Labour
Definition
The compensation paid to workers for their productive effort, typically measured as the price of labour in a given market. Wages of labour tend to rise with the increasing wealth of society but are affected differently by economic conditions than profits of stock.
Source Chapter
Book I, Chapter 9
Context
Smith contrasts wages of labour with profits of stock, noting that while both are affected by the economic state of society, they respond differently to changes in wealth and stock accumulation. He observes that wages have been continually increasing while profits have been diminishing during the same historical period.
Economic Domain
Distribution
--- ENTITY: wages of labour ---
Wages of Labour
Definition
The compensation paid to workers for their productive effort, typically measured as the price of labour in a given market. Wages of labour tend to rise with the increasing wealth of society but are affected differently by economic conditions than profits of stock.
Source Chapter
Book I, Chapter 9
Context
Smith contrasts wages of labour with profits of stock, noting that while both are affected by the economic state of society, they respond differently to changes in wealth and stock accumulation. He observes that wages have been continually increasing while profits have been diminishing during the same historical period.
Economic Domain
Distribution
--- ENTITY: wages of labour ---
Wages of Labour
Definition
The compensation paid to workers for their productive effort, typically measured as the price of labour in a given market. Wages of labour tend to rise with the increasing wealth of society but are affected differently by economic conditions than profits of stock.
Source Chapter
Book I, Chapter 9
Context
Smith contrasts wages of labour with profits of stock, noting that while both are affected by the economic state of society, they respond differently to changes in wealth and stock accumulation. He observes that wages have been continually increasing while profits have been diminishing during the same historical period.
Economic Domain
Distribution
--- ENTITY: wages of labour ---
Wages of Labour
Definition
The compensation paid to workers for their productive effort, typically measured as the price of labour in a given market. Wages of labour tend to rise with the increasing wealth of society but are affected differently by economic conditions than profits of stock.
Source Chapter
Book I, Chapter 9
Context
Smith contrasts wages of labour with profits of stock, noting that while both are affected by the economic state of society, they respond differently to changes in wealth and stock accumulation. He observes that wages have been continually increasing while profits have been diminishing during the same historical period.
Economic Domain
Distribution
--- ENTITY: wages of labour ---
Wages of Labour
Definition
The compensation paid to workers for their productive effort, typically measured as the price of labour in a given market. Wages of labour tend to rise with the increasing wealth of society but are affected differently by economic conditions than profits of stock.
Source Chapter
Book I, Chapter 9
Context
Smith contrasts wages of labour with profits of stock, noting that while both are affected by the economic state of society, they respond differently to changes in wealth and stock accumulation. He observes that wages have been continually increasing while profits have been diminishing during the same historical period.
Economic Domain
Distribution
--- ENTITY: wages of labour ---
Wages of Labour
Definition
The compensation paid to workers for their productive effort, typically measured as the price of labour in a given market. Wages of labour tend to rise with the increasing wealth of society but are affected differently by economic conditions than profits of stock.
Source Chapter
Book I, Chapter 9
Context
Smith contrasts wages of labour with profits of stock, noting that while both are affected by the economic state of society, they respond differently to changes in wealth and stock accumulation. He observes that wages have been continually increasing while profits have been diminishing during the same historical period.
Economic Domain
Distribution
--- ENTITY: wages of labour ---
Wages of Labour
Definition
The compensation paid to workers for their productive effort, typically measured as the price of labour in a given market. Wages of labour tend to rise with the increasing wealth of society but are affected differently by economic conditions than profits of stock.
Source Chapter
Book I, Chapter 9
Context
Smith contrasts wages of labour with profits of stock, noting that while both are affected by the economic state of society, they respond differently to changes in wealth and stock accumulation. He observes that wages have been continually increasing while profits have been diminishing during the same historical period.
Economic Domain
Distribution
--- ENTITY: wages of labour ---
Wages of Labour
Definition
The compensation paid to workers for their productive effort, typically measured as the price of labour in a given market. Wages of labour tend to rise with the increasing wealth of society but are affected differently by economic conditions than profits of stock.
Source Chapter
Book I, Chapter 9
Context
Smith contrasts wages of labour with profits of stock, noting that while both are affected by the economic state of society, they respond differently to changes in wealth and stock accumulation. He observes that wages have been continually increasing while profits have been diminishing during the same historical period.
Economic Domain
Distribution
--- ENTITY: wages of labour ---
Wages of Labour
Definition
The compensation paid to workers for their productive effort, typically measured as the price of labour in a given market. Wages of labour tend to rise with the increasing wealth of society but are affected differently by economic conditions than profits of stock.
Source Chapter
Book I, Chapter 9
Context
Smith contrasts wages of labour with profits of stock, noting that while both are affected by the economic state of society, they respond differently to changes in wealth and stock accumulation. He observes that wages have been continually increasing while profits have been diminishing during the same historical period.
Economic Domain
Distribution
--- ENTITY: wages of labour ---
Wages of Labour
Definition
The compensation paid to workers for their productive effort, typically measured as the price of labour in a given market. Wages of labour tend to rise with the increasing wealth of society but are affected differently by economic conditions than profits of stock.
Source Chapter
Book I, Chapter 9
Context
Smith contrasts wages of labour with profits of stock, noting that while both are affected by the economic state of society, they respond differently to changes in wealth and stock accumulation. He observes that wages have been continually increasing while profits have been diminishing during the same historical period.
Economic Domain
Distribution
--- ENTITY: wages of labour ---
Wages of Labour
Definition
The compensation paid to workers for their productive effort, typically measured as the price of labour in a given market. Wages of labour tend to rise with the increasing wealth of society but are affected differently by economic conditions than profits of stock.
Source Chapter
Book I, Chapter 9
Context
Smith contrasts wages of labour with profits of stock, noting that while both are affected by the economic state of society, they respond differently to changes in wealth and stock accumulation. He observes that wages have been continually increasing while profits have been diminishing during the same historical period.
Economic Domain
Distribution
--- ENTITY: wages of labour ---
Wages of Labour
Definition
The compensation paid to workers for their productive effort, typically measured as the price of labour in a given market. Wages of labour tend to rise with the increasing wealth of society but are affected differently by economic conditions than profits of stock.
Source Chapter
Book I, Chapter 9
Context
Smith contrasts wages of labour with profits of stock, noting that while both are affected by the economic state of society, they respond differently to changes in wealth and stock accumulation. He observes that wages have been continually increasing while profits have been diminishing during the same historical period.
Economic Domain
Distribution
--- ENTITY: wages of labour ---
Wages of Labour
Definition
The compensation paid to workers for their productive effort, typically measured as the price of labour in a given market. Wages of labour tend to rise with the increasing wealth of society but are affected differently by economic conditions than profits of stock.
Source Chapter
Book I, Chapter 9
Context
Smith contrasts wages of labour with profits of stock, noting that while both are affected by the economic state of society, they respond differently to changes in wealth and stock accumulation. He observes that wages have been continually increasing while profits have been diminishing during the same historical period.
Economic Domain
Distribution
--- ENTITY: wages of labour ---
Wages of Labour
Definition
The compensation paid to workers for their productive effort, typically measured as the price of labour in a given market. Wages of labour tend to rise with the increasing wealth of society but are affected differently by economic conditions than profits of stock.
Source Chapter
Book I, Chapter 9
Context
Smith contrasts wages of labour with profits of stock, noting that while both are affected by the economic state of society, they respond differently to changes in wealth and stock accumulation. He observes that wages have been continually increasing while profits have been diminishing during the same historical period.
Economic Domain
Distribution
--- ENTITY: wages of labour ---
Wages of Labour
Definition
The compensation paid to workers for their productive effort, typically measured as the price of labour in a given market. Wages of labour tend to rise with the increasing wealth of society but are affected differently by economic conditions than profits of stock.
Source Chapter
Book I, Chapter 9
Context
Smith contrasts wages of labour with profits of stock, noting that while both are affected by the economic state of society, they respond differently to changes in wealth and stock accumulation. He observes that wages have been continually increasing while profits have been diminishing during the same historical period.
Economic Domain
Distribution
--- ENTITY: wages of labour ---
Wages of Labour
Definition
The compensation paid to workers for their productive effort, typically measured as the price of labour in a given market. Wages of labour tend to rise with the increasing wealth of society but are affected differently by economic conditions than profits of stock.
Source Chapter
Book I, Chapter 9
Context
Smith contrasts wages of labour with profits of stock, noting that while both are affected by the economic state of society, they respond differently to changes in wealth and stock accumulation. He observes that wages have been continually increasing while profits have been diminishing during the same historical period.
Economic Domain
Distribution
--- ENTITY: wages of labour ---
Wages of Labour
Definition
The compensation paid to workers for their productive effort, typically measured as the price of labour in a given market. Wages of labour tend to rise with the increasing wealth of society but are affected differently by economic conditions than profits of stock.
Source Chapter
Book I, Chapter 9
Context
Smith contrasts wages of labour with profits of stock, noting that while both are affected by the economic state of society, they respond differently to changes in wealth and stock accumulation. He observes that wages have been continually increasing while profits have been diminishing during the same historical period.
Economic Domain
Distribution
--- ENTITY: wages of labour ---
Wages of Labour
Definition
The compensation paid to workers for their productive effort, typically measured as the price of labour in a given market. Wages of labour tend to rise with the increasing wealth of society but are affected differently by economic conditions than profits of stock.
Source Chapter
Book I, Chapter 9
Context
Smith contrasts wages of labour with profits of stock, noting that while both are affected by the economic state of society, they respond differently to changes in wealth and stock accumulation. He observes that wages have been continually increasing while profits have been diminishing during the same historical period.
Economic Domain
Distribution
--- ENTITY: wages of labour ---
Wages of Labour
Definition
The compensation paid to workers for their productive effort, typically measured as the price of labour in a given market. Wages of labour tend to rise with the increasing wealth of society but are affected differently by economic conditions than profits of stock.
Source Chapter
Book I, Chapter 9
Context
Smith contrasts wages of labour with profits of stock, noting that while both are affected by the economic state of society, they respond differently to changes in wealth and stock accumulation. He observes that wages have been continually increasing while profits have been diminishing during the same historical period.
Economic Domain
Distribution
--- ENTITY: wages of labour ---
Wages of Labour
Definition
The compensation paid to workers for their productive effort, typically measured as the price of labour in a given market. Wages of labour tend to rise with the increasing wealth of society but are affected differently by economic conditions than profits of stock.
Source Chapter
Book I, Chapter 9
Context
Smith contrasts wages of labour with profits of stock, noting that while both are affected by the economic state of society, they respond differently to changes in wealth and stock accumulation. He observes that wages have been continually increasing while profits have been diminishing during the same historical period.
Economic Domain
Distribution
--- ENTITY: wages of labour ---
Wages of Labour
Definition
The compensation paid to workers for their productive effort, typically measured as the price of labour in a given market. Wages of labour tend to rise with the increasing wealth of society but are affected differently by economic conditions than profits of stock.
Source Chapter
Book I, Chapter 9
Context
Smith contrasts wages of labour with profits of stock, noting that while both are affected by the economic state of society, they respond differently to changes in wealth and stock accumulation. He observes that wages have been continually increasing while profits have been diminishing during the same historical period.
Economic Domain
Distribution
--- ENTITY: wages of labour ---
Wages of Labour
Definition
The compensation paid to workers for their productive effort, typically measured as the price of labour in a given market. Wages of labour tend to rise with the increasing wealth of society but are affected differently by economic conditions than profits of stock.
Source Chapter
Book I, Chapter 9
Context
Smith contrasts wages of labour with profits of stock, noting that while both are affected by the economic state of society, they respond differently to changes in wealth and stock accumulation. He observes that wages have been continually increasing while profits have been diminishing