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above their natural rate。
Such enhancements of the market price may last as long as
the regulations of police which give occasion to them。
The market price of any particular commodity； though it may
continue long above； can seldom continue long below its natural
price。 Whatever part of it was paid below the natural rate； the
persons whose interest it affected would immediately feel the
loss； and would immediately withdraw either so much land； or so
much labour； or so much stock； from being employed about it； that
the quantity brought to market would soon be no more than
sufficient to supply the effectual demand。 Its market price；
therefore； would soon rise to the natural price。 This at least
would be the case where there was perfect liberty。
The same statutes of apprenticeship and other corporation
laws indeed； which； when a manufacture is in prosperity； enable
the workman to raise his wages a good deal above their natural
rate； sometimes oblige him； when it decays； to let them down a
good deal below it。 As in the one case they exclude many people
from his employment； so in the other they exclude him from many
employments。 The effect of such regulations； however； is not near
so durable in sinking the workman's wages below； as in raising
them above their natural rate。 Their operation in the one way may
endure for many centuries； but in the other it can last no longer
than the lives of some of the workmen who were bred to the
business in the time of its prosperity。 When they are gone； the
number of those who are afterwards educated to the trade will
naturally suit itself to the effectual demand。 The police must be
as violent as that of Indostan or ancient Egypt （where every man
was bound by a principle of religion to follow the occupation of
his father； and was supposed to commit the most horrid sacrilege
if he changed it for another）； which can in any particular
employment； and for several generations together； sink either the
wages of labour or the profits of stock below their natural rate。
This is all that I think necessary to be observed at present
concerning the deviations； whether occasional or permanent； of
the market price of commodities from the natural price。
The natural price itself varies with the natural rate of
each of its component parts； of wages； profit； and rent； and in
every society this rate varies according to their circumstances；
according to their riches or poverty； their advancing；
stationary； or declining condition。 I shall； in the four
following chapters； endeavour to explain； as fully and distinctly
as I can； the causes of those different variations。
First； I shall endeavour to explain what are the
circumstances which naturally determine the rate of wages； and in
what manner those circumstances are affected by the riches or
poverty； by the advancing； stationary； or declining state of the
society。
Secondly； I shall endeavour to show what are the
circumstances which naturally determine the rate of profit； and
in what manner； too； those circumstances are affected by the like
variations in the state of the society。
Though pecuniary wages and profit are very different in the
different employments of labour and stock； yet a certain
proportion seems commonly to take place between both the
pecuniary wages in all the different employments of labour； and
the pecuniary profits in all the different employments of stock。
This proportion； it will appear hereafter； depends partly upon
the nature of the different employments； and partly upon the
different laws and policy of the society in which they are
carried on。 But though in many respects dependent upon the laws
and policy； this proportion seems to be little affected by the
riches or poverty of that society； by its advancing； stationary；
or declining condition； but to remain the same or very nearly the
same in all those different states。 I shall； in the third place；
endeavour to explain all the different circumstances which
regulate this proportion。
In the fourth and last place； I shall endeavour to show what
are the circumstances which regulate the rent of land； and which
either raise or lower the real price of all the different
substances which it produces。
CHAPTER VIII
Of the Wages of Labour
THE produce of labour constitutes the natural recompense or
wages of labour。
In that original state of things； which precedes both the
appropriation of land and the accumulation of stock； the whole
produce of labour belongs to the labourer。 He has neither
landlord nor master to share with him。
Had this state continued； the wages of labour would have
augmented with all those improvements in its productive powers to
which the division of labour gives occasion。 All things would
gradually have become cheaper。 They would have been produced by a
smaller quantity of labour； and as the commodities produced by
equal quantities of labour would naturally in this state of
things be exchanged for one another； they would have been
purchased likewise with the produce of a smaller quantity。
But though all things would have become cheaper in reality；
in appearance many things might have become dearer than before；
or have been exchanged for a greater quantity of other goods。 Let
us suppose； for example； that in the greater part of employments
the productive powers of labour had been improved to ten fold； or
that a day's labour could produce ten times the quantity of work
which it had done originally； but that in a particular employment
they had been improved； only to double； or that a day's labour
could produce only twice the quantity of work which it had done
before。 In exchanging the produce of a day's labour in the
greater part of employments for that of a day's labour in this
particular one； ten times the original quantity of work in them
would purchase only twice the original quantity in it。 Any
particular quantity in it； therefore； a pound weight； for
example； would appear to be five times dearer than before。 In
reality； however； it would be twice as cheap。 Though it required
five times the quantity of other goods to purchase it； it would
require only half the quantity of labour either to purchase or to
produce it。 The acquisition； therefore； would be twice as easy as
before。
But this original state of things； in which the labourer
enjoyed the whole produce of his own labour； could not last
beyond the first introduction of the appropriation of land and
the accumulation of stock。 It was at an end； therefore； long
before the most considerable improvements were made in the
productive powers of labour； and it would be to no purpose to
trace further what might have been its effects upon the
recompense or wages of labour。
As soon as land becomes private property； the landlord
demands a share of almost all the pr