Explore "The Wealth of Nations" by Adam Smith on Textopian. Read with annotations and highlights.
There is in every society or neighbourhood an ordinary or average rate both of wages and profit in every different employment of labour and stock. This rate is naturally regulated, as I shall show hereafter,247 partly by the general circumstances of the society, their riches or poverty, their advancing, stationary, or declining condition; and partly by the particular nature of each employment.
There is likewise in every society or neighbourhood an ordinary or average rate of rent, which is regulated too, as I shall show hereafter,248 partly by the general circumstances of the society or neighbourhood in which the land is situated, and partly by the natural or improved fertility of the land.