Status Updates From Wealth of Nations

The wear and tear of a slave, it has been said, is at the expense of his master; but that of a free servant is at his own expense. The wear and tear of the latter, however, is, in reality, as much at the expense of his master as that of the former.

Labour, therefore, is the real measure of the exchangeable value of all commodities. The real price of everything, what every thing really costs to the man who wants to acquire it, is the toil and trouble of acquiring it.

Labour, therefore, is the real measure of the exchangeable value of all commodities. The real price of everything, what every thing really costs to the man who wants to acquire it, is the toil and trouble of acquiring it.

Labour, therefore, is the real measure of the exchangeable value of all commodities. The real price of everything, what every thing really costs to the man who wants to acquire it, is the toil and trouble of acquiring it.

10.
In Smiths time, apprenticeship had to last around seven years. Smith heavily criticizes this. He thinks, that it is not necessary to teach rather simply things for such a long time. This 7-year-Regulation leads to less workmen -> less output -> under stocked markets. The regulation also helps employers save money.
He states, that the regulation doesn’t ensure loss of quality, as it derives from fraud mainly.

1.7 the natural price of goods is the combination of the rent, wages and profit behind it. The market price can either be above (over demand), below (over supply) or level with it.
Monopolies cause the highest prices.

1.6 there are 3 forms of revenue:
- rent (from owning land)
- profit (from owning stock)
- wage (from working)

Every price splits up in any or all of these kinds.