SOSC 1520 Lecture 5: SOSC 1520 Wealth of Nations Notes -- For Tutorial
20 Apr 2017
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Wealth of nations r eading notes : pg. L abour that adds value to the related work is called: p roductive l abour. The opposite of which (doesn"t add value) is called: unproductive labour. T he labour of a manufacturer adds value generally (to the product and profit to the owner) A n uns killed worker adds no value to anything. > h owever, the manufacturer gets paid wages by the owner for the labour. > the owner"s expense gets restored through profits (through improved quality products , thanks to the manufacturer) H owever, the cos t of the uns killed (menial) worker is never res tored. T he example is now made of a man who grows rich by employing a multitude of manufacturers. > t hat s ame man would grow poor by maintaining (keeping employed) a multitude of menial s ervants .
