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servants who leave their masters become independent labourers。
The women return to their parents； and commonly spin in order to
make clothes for themselves and their families。 Even the
independent workmen do not always work for public sale； but are
employed by some of their neighbours in manufactures for family
use。 The produce of their labour； therefore； frequently makes no
figure in those public registers of which the records are
sometimes published with so much parade； and from which our
merchants and manufacturers would often vainly pretend to
announce the prosperity or declension of the greatest empires。
Though the variations in the price of labour not only do not
always correspond with those in the price of provisions； but are
frequently quite opposite； we must not； upon this account；
imagine that the price of provisions has no influence upon that
of labour。 The money price of labour is necessarily regulated by
two circumstances； the demand for labour； and the price of the
necessaries and conveniences of life。 The demand for labour；
according as it happens to be increasing； stationary； or
declining； or to require an increasing； stationary； or declining
population； determines the quantity of the necessaries and
conveniencies of life which must be given to the labourer； and
the money price of labour is determined by what is requisite for
purchasing this quantity。 Though the money price of labour；
therefore； is sometimes high where the price of provisions is
low； it would be still higher； the demand continuing the same； if
the price of provisions was high。
It is because the demand for labour increases in years of
sudden and extraordinary plenty； and diminishes in those of
sudden and extraordinary scarcity； that the money price of labour
sometimes rises in the one and sinks in the other。
In a year of sudden and extraordinary plenty； there are
funds in the hands of many of the employers of industry
sufficient to maintain and employ a greater number of industrious
people than had been employed the year before； and this
extraordinary number cannot always be had。 Those masters；
therefore； who want more workmen bid against one another； in
order to get them； which sometimes raises both the real and the
money price of their labour。
The contrary of this happens in a year of sudden and
extraordinary scarcity。 The funds destined for employing industry
are less than they had been the year before。 A considerable
number of people are thrown out of employment； who bid against
one another； in order to get it； which sometimes lowers both the
real and the money price of labour。 In 1740； a year of
extraordinary scarcity； many people were willing to work for bare
subsistence。 In the succeeding years of plenty； it was more
difficult to get labourers and servants。
The scarcity of a dear year； by diminishing the demand for
labour； tends to lower its price； as the high price of provisions
tends to raise it。 The plenty of a cheap year； on the contrary；
by increasing the demand； tends to raise the price of labour； as
the cheapness of provisions tends to lower it。 In the ordinary
variations of the price of provisions those two opposite causes
seem to counterbalance one another； which is probably in part the
reason why the wages of labour are everywhere so much more steady
and permanent than the price of provisions。
The increase in the wages of labour necessarily increases
the price of many commodities； by increasing that part of it
which resolves itself into wages； and so far tends to diminish
their consumption both at home and abroad。 The same cause；
however； which raises the wages of labour； the increase of stock；
tends to increase its productive powers； and to make a smaller
quantity of labour produce a greater quantity of work。 The owner
of the stock which employs a great number of labourers；
necessarily endeavours； for his own advantage； to make such a
proper division and distribution of employment that they may be
enabled to produce the greatest quantity of work possible。 For
the same reason； he endeavours to supply them with the best
machinery which either he or they can think of。 What takes place
among the labourers in a particular workhouse takes place； for
the same reason； among those of a great society。 The greater
their number； the more they naturally divide themselves into
different classes and subdivisions of employment。 More heads are
occupied in inventing the most proper machinery for executing the
work of each； and it is； therefore； more likely to be invented。
There are many commodities； therefore； which； in consequence of
these improvements； come to be produced by so much less labour
than before that the increase of its price is more than
compensated by the diminution of its quantity。
CHAPTER IX
Of the Profits of Stock
THE rise and fall in the profits of stock depend upon the
same causes with the rise and fall in the wages of labour； the
increasing or declining state of the wealth of the society； but
those causes affect the one and the other very differently。
The increase of stock； which raises wages； tends to lower
profit。 When the stocks of many rich 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
different trades carried on in the same society； the same
competition must produce the same effect in them all。
It is not easy； it has already been observed； to ascertain
what are the average wages of labour even in a particular place；
and at a particular time。 We can； even in this case； seldom
determine more than what are the most usual wages。 But even this
can seldom be done with regard to the profits of stock。 Profit is
so very fluctuating that the person who carries on a particular
trade cannot always tell you himself what is the average of his
annual profit。 It is affected not only by every variation of
price in the commodities which he deals in； but by the good or
bad fortune both of his rivals and of his customers； and by a
thousand other accidents to which goods when carried either by
sea or by land； or even when stored in a warehouse； are liable。
It varies； therefore； not only from year to year； but from day to
day； and almost from hour to hour。 To ascertain what is the
average profit of all the different trades carried on in a great
kingdom must be much more difficult； and to judge of what it may
have been formerly； or in remote periods of time； with any degree
of precision； must be altogether impossible。
But though it may be impossible to determine； with any
degree of precision； what are or were the average profits of
stock； either in the present or in ancient times； some notion may
be formed of them from the interest of money。 It may be laid down
as a maxim； that wherever