Status Updates From Wealth of Nations

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.

1.5
The real value of things can only really be expressed in the Labour it takes.
While gold does not change in value a lot over short time, it does over longer periods due to supply changes.
Corn is relatively stable on the long run, but changes heavily on shorter periods.

1.3
Labour can only really be split up, if there is a certain density of jobs. People living in the vast countryside cannot specialize in one specific thing, as they will not be able to trade.
Rivers and navigable seas massively support the cheap supply of trade, making it easier for people to specialize.