...employment and from place to place. First, the policy of Europe occasions a very important inequality in the whole of the advantages and disadvantages of the different employments of labour and stock, by restraining the competition in some employments to a smaller number than might otherwise be disposed...

...old as modern economic science itself. Adam Smith, the founding father of this idea, described how '...the whole of the advantages and disadvantages of the different employments of labor and stock must, in the same neighborhood, be either perfectly equal or continually tending toward...

...those pursuits are driven down until, at some point, the returns from all opportunities are equalized. The whole of the advantages and disadvantages of the...perfectly equal or continually tending to equality.... This at least would be the case in a society... where there was perfect liberty.... Every man's interest...

...years ago when he wrote that: 'The whole of the advantages and disadvantages of different employments and stock must, in the same neighbourhood, be either...perfectly equal or continually tending to equality.' As Elliott (3) has noted: 'Competitive theory predicts that the forces of supply in the market as a...

...competition beyond what it naturally would be, occasions another inequality, of an opposite kind, in the whole of the advantages and disadvantages of the different employments of labour and stock. In professions such as law and physic, if an equal proportion of people were educated at the public...

...labor theory of value; his exposition applies to the rate of profit equally with the wage structure:41 The whole of the advantages and disadvantages of the...employments of labour and stock must, in the same neighborhood, be either perfectly equal or continually tending to equality. If in the same neighborhood,...

...in natural rates are usually common to all sectors. Granted the condition of 'perfect liberty' and the 'whole of the advantages and disadvantages of the different employments of labour and stock' (Wealth, Book I, Chapter X), this implies that at any moment there is a single 'ordinary or average'...

...well known, the competition reduces. them to the level of other trades. SBCONIILV, This equality in the whole of the advantages and disadvantages of the different employments of labour and ftock, can take place Only in the ordinary, or what may be called the natural Rate of thofe employments....

...employments beyond what it naturally would be, occasions another inequality, of an opposite kind, in ber of lectures in the week, or in the year. What those lectures shall be, mu labor and stock. It has been considered as of so much importance that a proper number of young people...

...which, however obvious it might appear in France, was quite untenable in Scotland. He declares that the whole of the advantages and disadvantages of the different employments of labour and stock must either be practically equal or continually tending towards equality ; but that rent stands on a different...