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Adam Smith only mentions markets in the context of a free labor market. It’s the only supply and demand metric he ever describes. It was generalized into ever
by oicU00 4y ago
Adam Smith only mentions markets in the context of a free labor market.
It’s the only supply and demand metric he ever describes.
It was generalized into everything is a market, with jargon cottage industry springing up around everything; market is a hammer, and we pound nails.
- gweinberg 4y agoThat's not true at all. He talks a lot about land rent, and argues that at the end of the day a farmer who rents crappy land and a farmer that rents good land should make about the same, since the difference in rents will about balance the difference in yields. A tenant farmer is a small businessman, not an employee.