Note 334 — Chapter V

Another illustration of the need of such considerations is given, as has been pointed out, in Adam Smith's famous chapter upon the variation in the rate of wages. He assumes that the highest wages will be paid for the least agreeable employments, whereas, in fact, the least agreeable are generally the worst paid. His doctrine, that is, is only true upon a tacit assumption as to the character and position of the labourer, which must be revised before the rule can be applied.