...at what he actually said, most of his concrete references were to local markets. Just one example: "If in the same neighbourhood, there was any employment...evidently either more or less advantageous than the rest . . .",15 then a suitable average wage would emerge. Smith saw the self-balancing market in a simple...

...explains how honor — a nonpecuniary aspect of employment — can compensate for the pecuniary aspects: The whole of the advantages and disadvantages of the...and stock must, in the same neighbourhood, be either per24. "In the passage of The Theory of Moral Sentiments that was cited above, Adam Smith then takes...

...by Adam Smith, who 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 (1991 ) has noted: K Competitive theory predicts that the forces of supply in the market...

...number than would otherwise be disposed to enter into them, occasions a very important inequality in the whole of the advantages and disadvantages of the different employments of labour... (p. 129) It frequently happens that while high wages are given to the workmen in one manufacture, those...

...accept risky jobs for higher pay, they implicitly consent to the hazards. As Adam Smith expressed it, "the whole of the advantages and disadvantages of the different employments of labor" continually tend toward equality because the wages vary according to the hardship of the occupation.'...

...attractiveness and that any short-run differences in attractiveness would disappear in the long run: 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,...

...Ricardo's Works, Principles of Political Economy, chap. i. 12 In order that this equality may take place in the whole of the advantages and disadvantages of the different employments of labour and stock, three things are requisite, even where there is the most perfect freedom. First, the employments must...

...labourer ten times the amount necessary for the subsistence of a family. Adam Smith has laid down, that "the whole of the advantages and disadvantages of the different employments of labour and capital must, in the same neighbourhood, be either perfectly equal or continually tending to equality....

...general principle, that 'the whole of the advantages and disadvantages of different employments of labour must, in the same neighbourhood, be either perfectly equal or continually tending to equality, in a society where every man was perfectly free to choose what occupation he thought proper, and to...

...et al. (Indianapolis, Ind.: Liberty Classics, l978), i.l4, v.l42. l4. This is because. Smith argues, "the whole of the advantages and disadvantages of the different employments of labour and stock ... be either perfectly equal or continually tending to equality" ( The Wealth of Nations, Ixal). l5....