Wednesday, October 31, 2012

Capitalist Quote of the Day

from THE WEALTH OF NATIONS, with formatting by Gozo:

Merchants and Manufacturers Complain of High Wages

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,
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.
—Adam Smith, “Of the Profits of Stock,”The Wealth of Nations (Book 1, Ch. 9, Par. 24)

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