phelics’s Reviews > Wealth of Nations > Status Update
phelics
is on page 124 of 688
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.
— Feb 14, 2026 04:56AM
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.
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phelics’s Previous Updates
phelics
is on page 63 of 688
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.
— Jan 13, 2026 01:30PM
Monopolies cause the highest prices.
phelics
is on page 53 of 688
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.
— Jan 12, 2026 01:19PM
- rent (from owning land)
- profit (from owning stock)
- wage (from working)
Every price splits up in any or all of these kinds.
phelics
is on page 45 of 688
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.
— Jan 12, 2026 12:51PM
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.
phelics
is 7% done
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.
— Dec 07, 2025 04:45AM
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.
phelics
is 6% done
1.2
Men only act for their own wellbeing. Everyone, like in nature, has to care for themselves, so one only takes up a job, if they can be assured, that trading their product or service brings themselves more what they need for life, than actually getting these things themselves.
— Dec 06, 2025 09:51AM
Men only act for their own wellbeing. Everyone, like in nature, has to care for themselves, so one only takes up a job, if they can be assured, that trading their product or service brings themselves more what they need for life, than actually getting these things themselves.
phelics
is 5% done
1.1: A society is more productive when Labour is split. Everybody should only be employed in 1 very specific task. That way they get better, faster and cheaper. That differs prosperous nations from not so prosperous ones.
That’s not really possible (due to seasons) in agriculture. Therefore their products remain of the same price for equal quality.
— Dec 06, 2025 09:26AM
That’s not really possible (due to seasons) in agriculture. Therefore their products remain of the same price for equal quality.
