A Quote From Adam Smith
In Book 2, Chapter 3 of The Wealth of Nations, Adam Smith wrote:
"There is one sort of labour which adds to the value of the subject upon which it is bestowed; there is another which has no such effect. The former, as it produces a value, may be called productive; the latter, unproductive labour. Thus the labour of a manufacturer adds, generally, to the value of the materials which he works upon, that of his own maintenance, and of his master's profit. The labour of a menial servant, on the contrary, adds to the value of nothing. Though the manufacturer has his wages advanced to him by his master, he, in reality, costs him no expense, the value of those wages being generally restored, together with a profit, in the improved value of the subject upon which his labour is bestowed. But the maintenance of a menial servant never is restored. A man grows rich by employing a multitude of manufacturers; he grows poor by maintaining a multitude of menial servants. The labour of the latter, however, has its value, and deserves its reward as well" (Andrew Skinner edition 1974, p. 429-430).
Read more about this topic: Productive And Unproductive Labour
Famous quotes containing the words adam smith, quote, adam and/or smith:
“That wealth and greatness are often regarded with the respect and admiration which are due only to wisdom and virtue; and that the contempt, of which vice and folly are the only proper objects, is often unjustly bestowed upon poverty and weakness, has been the complaint of moralists in all ages.”
—Adam Smith (1723–1790)
“We are not a religious people, but we are a nation of politicians. We do not care for the Bible, but we do care for the newspaper. At any meeting of politicians ... how impertinent it would be to quote from the Bible! how pertinent to quote from a newspaper or from the Constitution!”
—Henry David Thoreau (1817–1862)
“Had Adam tenderly reproved his wife, and endeavored to lead her to repentance instead of sharing in her guilt, I should be much more ready to accord to man that superiority which he claims; but as the facts stand disclosed by the sacred historian, it appears to me that to say the least, there was as much weakness exhibited by Adam as by Eve. They both fell from innocence, and consequently from happiness, but not from equality.”
—Sarah M. Grimke (1792–1873)
“Those who talk on the razor-edge of double-meanings pluck the rarest blooms from the precipice on either side.”
—Logan Pearsall Smith (1865–1946)