...merchants are turned into the same trade, their mutual competition naturally tends to lower its profit ; and when there is a like increase of stock in all...competition must produce the same effect in them all. It is not easy, it has already been observed, to as-' certain what are the average wages of labour,...

...merchants are turned into the same trade, their mutual competition naturally tends to lower its profit ; and when there is a like increase of stock in all...the same competition must produce the same effect in all." Adam Smith speaks here of a rise of wages, but it is of a temporary rise, proceeding from increased...

...merchants are turned into the same trade, their mutual competition naturally tends to lower its profit ; and when there is a like increase of stock in all...competition must produce the same effect in them all."* • " It generally requires a greater stock," says he further, " to carry on any sort of trade in a...

...objections made to it by the Ricardo economists, together with their new doctrine at the same time. a like increase of stock in all the different trades...competition must produce the same effect in them all."* " It generally requires a greater stock/' says he further, " to carry on any sort of trade in a great...

...other way. the same trade, their mutual competition tends to lower its profit ; and when there is the like increase of stock in all the different trades...the same competition must produce the same effect in all." Mr. Macculloch denies this doctrine, and contends that accumulation creates its own demand, provided...

...merchants are turned into the same trade, their mutual competition naturally tends to lower its profit ; and when there is a like increase of stock in all...competition must produce the same effect in them all." This passage would lead us to infer that, in Adam Smith's opinion, the manner in which the competition...

...in view. His words in the chapter on Profits of Stock* are, " When the stocks of many rich merchants are turned into the same trade, their mutual competition...competition must produce the same effect in them all." This passage would lead us to infer that, in Adam Smith's opinion, the manner in which the competition...

...trade, their mutual competition must tend to lower its profits; and, in like manner, when there is an increase of stock in all the different trades carried...competition must produce the same effect in them all. It is farther evident, that the prcemium given by a merchant for the use of money, will be proportioned...

...trade, their mutual competition must tend to lower its profits; and, in like manner, when there is an increase of stock in all the different trades carried...competition must produce the same effect in them all. It is farther evident, that the jwcemium given by a merchant for the use of money, will be proportioned...

...trade, their mutual competition must tend to lower its profits; and, in like manner, when there is an increase of stock in all the different trades carried...competition must produce the same effect in them all. It is farther evident, that the prcemium given by a merchant for the use of money, will be proportioned...