Adam Smith Quotes
Labor was the first price, the original purchase - money that was paid for all things.
Smith, Adam. An Inquiry into the Nature and Causes of the Wealth of Nations. W. Strahan and T. Cadell, 1776.
He had squads of thugs that he would “rent” out to other gangsters for their enforcement activities and to unions to protect themselves from goons and intimidate non union workers. However, he would not let his men work as goons and strike busters or for companies—despite huge pay offers—to keep their workers in line, a common practice at the time.
The “bread box” was a metal box used in most homes to keep bread fresh before refrigerators were so large and prevalent.
At the time, the mine owners and operators claimed that they had NO obligations to their workers—not even to ensure a safe mine. There was no OSHA and workers died and were maimed on the job much more frequently than they do today. Many mine owners now accept that they have obligations to the workers, and the rest are required to have responsible and safe working conditions by law and OSHA regulations.
Steel workers were then paid $1.75 for a 9 hour day. This was earthshaking.
Adam Smith FRSA was a Scottish economist, philosopher as well as a moral philosopher, a pioneer of political economy, and a key figure during the Scottish Enlightenment, also known as ''The Father of Economics'' or ''The Father of Capitalism''. Smith wrote two classic works, The Theory of Moral Sentiments (1759) and An Inquiry into the Nature and Causes of the Wealth of Nations (1776). The latter, often abbreviated as The Wealth of Nations, is considered his magnum opus and the first modern work of economics. In his work, Adam Smith introduced his theory of absolute advantage.
