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usual profit。 In a country where the ordinary rate of clear
profit is eight or ten per cent； it may be reasonable that one
half of it should go to interest； wherever business is carried on
with borrowed money。 The stock is at the risk of the borrower；
who； as it were； insures it to the lender； and four or five per
cent may； in the greater part of trades； be both a sufficient
profit upon the risk of this insurance； and a sufficient
recompense for the trouble of employing the stock。 But the
proportion between interest and clear profit might not be the
same in countries where the ordinary rate of profit was either a
good deal lower； or a good deal higher。 If it were a good deal
lower； one half of it perhaps could not be afforded for interest；
and more might be afforded if it were a good deal higher。
In countries which are fast advancing to riches； the low
rate of profit may； in the price of many commodities； compensate
the high wages of labour； and enable those countries to sell as
cheap as their less thriving neighbours； among whom the wages of
labour may be lower。
In reality high profits tend much more to raise the price of
work than high wages。 If in the linen manufacture； for example；
the wages of the different working people； the flax…dressers； the
spinners； the weavers； etc。； should； all of them； be advanced
twopence a day； it would be necessary to heighten the price of a
piece of linen only by a number of twopences equal to the number
of people that had been employed about it； multiplied by the
number of days during which they had been so employed。 That part
of the price of the commodity which resolved itself into wages
would； through all the different stages of the manufacture； rise
only in arithmetical proportion to this rise of wages。 But if the
profits of all the different employers of those working people
should be raised five per cent； that part of the price of the
commodity which resolved itself into profit would； through all
the different stages of the manufacture； rise in geometrical
proportion to this rise of profit。 The employer of the
flaxdressers would in selling his flax require an additional five
per cent upon the whole value of the materials and wages which he
advanced to his workmen。 The employer of the spinners would
require an additional five per cent both upon the advanced price
of the flax and upon the wages of the spinners。 And the employer
of the weavers would require a like five per cent both upon the
advanced price of the linen yarn and upon the wages of the
weavers。 In raising the price of commodities the rise of wages
operates in the same manner as simple interest does in the
accumulation of debt。 The rise of profit operates like compound
interest。 Our merchants and master…manufacturers complain much of
the bad effects of high wages in raising the price； and thereby
lessening the sale of their goods both at home and abroad。 They
say nothing concerning the bad effects of high profits。 They are
silent with regard to the pernicious effects of their own gains。
They complain only of those of other people。
CHAPTER X
Of Wages and Profit in the different Employments of Labour and
Stock
THE whole of the advantages and disadvantages of the
different employments of labour and stock must； in the same
neighbourhood； be either perfectly equal or continually tending
to equality。 If in the same neighbourhood； there was any
employment evidently either more or less advantageous than the
rest； so many people would crowd into it in the one case； and so
many would desert it in the other； that its advantages would soon
return to the level of other employments。 This at least would be
the case in a society where things were left to follow their
natural course； where there was perfect liberty； and where every
man was perfectly free both to choose what occupation he thought
proper； and to change it as often as he thought proper。 Every
man's interest would prompt him to seek the advantageous； and to
shun the disadvantageous employment。
Pecuniary wages and profit； indeed； are everywhere in Europe
extremely different according to the different employments of
labour and stock。 But this difference arises partly from certain
circumstances in the employments themselves； which； either
really； or at least in the imaginations of men； make up for a
small pecuniary gain in some； and counterbalance a great one in
others； and partly from the policy of Europe； which nowhere
leaves things at perfect liberty。
The particular consideration of those circumstances and of
that policy will divide this chapter into two parts。
PART 1 Inequalities arising
from the Nature of the Employments themselves
THE five following are the principal circumstances which； so
far as I have been able to observe； make up for a small pecuniary
gain in some employments； and counterbalance a great one in
others： first； the agreeableness or disagreeableness of the
employments themselves； secondly； the easiness and cheapness； or
the difficulty and expense of learning them； thirdly； the
constancy or inconstancy of employment in them； fourthly； the
small or great trust which must be reposed in those who exercise
them； and； fifthly； the probability or improbability of success
in them。
First； the wages of labour vary with the ease or hardship；
the cleanliness or dirtiness； the honourableness or
dishonourableness of the employment。 Thus in most places； take
the year round； a journeyman tailor earns less than a journeyman
weaver。 His work is much easier。 A journeyman weaver earns less
than a journeyman smith。 His work is not always easier； but it is
much cleanlier。 A journeyman blacksmith； though an artificer；
seldom earns so much in twelve hours as a collier； who is only a
labourer； does in eight。 His work is not quite so dirty； is less
dangerous； and is carried on in daylight； and above ground。
Honour makes a great part of the reward of all honourable
professions。 In point of pecuniary gain； all things considered；
they are generally under…recompensed； as I shall endeavour to
show by and by。 Disgrace has the contrary effect。 The trade of a
butcher is a brutal and an odious business； but it is in most
places more profitable than the greater part of common trades。
The most detestable of all employments； that of public
executioner； is； in proportion to the quantity of work done；
better paid than any common trade whatever。
Hunting and fishing； the most important employments of
mankind in the rude state of society； become in its advanced
state their most agreeable amusements； and they pursue for
pleasure what they once followed from necessity。 In the advanced
state of society； therefore； they are all very poor people who
follow as a trade what other people pursue as a pastime。
Fishermen have been so since the time of Theocritus。