The value which the workmen add to the materials, therefore, resolves itself in this case into two parts, of which the one pays their wages, the othe… - Adam Smith

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The value which the workmen add to the materials, therefore, resolves itself in this case into two parts, of which the one pays their wages, the other the profits of the employer upon the whole stock of materials and wages which he advanced.

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About Adam Smith

Adam Smith (16 June 1723 – 17 July 1790) was a Scottish-born economist and philosopher, widely considered the "father of modern economics".

Also Known As

Alternative Names: Smiths
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Additional quotes by Adam Smith

This great increase of the quantity of work which, in consequence of the division of labour, the same number of people are capable of performing, is owing to three different circumstances; first, to the increase of dexterity in every particular workman; secondly, to the saving of the time which is commonly lost in passing from one species of work to another; and lastly, to the invention of a great number of machines which facilitate and abridge labour, and enable one man to do the work of many.

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Whenever the legislature attempts to regulate the differences between masters and their workmen, its counsellors are always the masters. When the regulation, therefore, is in favor of the workmen, it is always just and equitable; but it is sometimes otherwise when in favor of the masters.

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