...declining condition. These various conditions are reflected in the demand for factors of production. It is not the actual greatness of national wealth,...most thriving or in those which are growing rich the faster, that the wages of labour are highest.27 America is cited as an example of a young and growing...

...assures an equivalent rate of growth of population, and therefore of the work force: "It is not ... in the richest countries, but in the most thriving,...the fastest, that the wages of labour are highest" ([1776] 1937, p. 69). 3 According to the Smithian position, an increase in the (long-run) wage rate...

...employ more productive hands. It is against this background that we can appreciate his famous statement: "It is not the actual greatness of national wealth...continual increase which occasions a rise in the wages of labor."157 In the increase of wages he finds the symptoms of national prosperity.158 He rejects what...

...draws the following inference: It is not the actual greatness of national wealth, but its continued increase, which occasions a rise in the wages of labour....the fastest, that the wages of labour are highest (WN, I.viii.22). Hence, in Smith's view the wages of labor are governed by the general "circumstances...

...consumer price indices for agricultural labourers, 1960-61 = 100. 4. The relevant passage reads: 1t is not the actual greatness of national wealth, but...increase, which occasions a rise in the wages of labour. 1t is not. accordingly, in the richest countries, but in the most thriving, or in those which are growing...

...1960-61 = 100. 4. The relevant passage reads: li is nol the actual greatness of national wealth, bm its continual increase, which occasions a rise in the wages of labour. 1t is not. accordingly, in the richest countries, but in the most tbriving, or in those which are growing...

...11:145. 198 WN.I.xi.p.10. Cf. WN.IV.iii.c.10. 199 WN.I.xi.p.8. 200 WN.I.xi.p.1-5. 201 WN.I.xi.p.9. Cf. 'It is not the actual greatness of national wealth,...increase, which occasions a rise in the wages of labour' (WN.I.viii.22). 202 WN.I.xi.p.9. Cf. WN.I.viii.24. 203 WN.I.xi.p.9. 204 WN.I.xi.p.10. 205 WN.I.xi.p.10....

...the origins of capitalist labor markets themselves. Thus, as Adam Smith ([1776] 1976, 78) observed, "It is not the actual greatness of national wealth,...increase, which occasions a rise in the wages of labour." In the institutional approach to labor markets, exogenous changes in economic conditions affect labor...

...possibly increase without it. The increase of revenue and stock is the increase of national wealth. It is not the actual greatness of national wealth,...not, accordingly, in the richest countries, but in those which are growing rich the fastest, that the wages of labour are highest. England is certainly,...

...reflected in Smith's famous aphorism that it is not the actual greatness of the wealth of a country but its continual increase 'which occasions a rise in the wages of labour'. This rise, it should be noted, is made effective by a multiplication in the number, and an improvement...