...of human capital), James S. Coleman, and Maureen Woodhall. 5o. Or, as he put it in a later passage, "the whole annual produce of the land and labour of every country, is, no doubt, ultimately destined for supplying the consumption of its inhabitants" (315-16). 51. In...

...reciprocal relationship between wages and prices, just as there is between mind and body. Smith wrote that the "whole annual produce of the land and labour of every country... naturally divides itself into three parts; the rent of the land, the wages of labour, and the profits...

...essential to the understanding of what follows, the key passage here is worth quoting at some length: "The whole annual produce of the land and labour of every country, or what comes to the same thing, the whole price of that annual produce, naturally divides itself ....

...made up of two of those parts only, the wages of labour, snd the profits of stock : and a very few ia which it consists altogether in one, the wages of...observed, with regard to every particular commodity, token separately; it must be So with regard to all the commodities which compose the whole annual produce...

...particular commodity, taken feparately \ it muft be fo with regard to all. the commodities which compofe the whole annual produce of the land and labour of...price or exchangeable value of that annual produce, muft refoive itfelf into the fame three parts, asd be parcelled out among the different inhabitant!...

...parts; every part of it which goes neither to rent nor to wages, being necessarily profit to some body. pon most occasions, fully equal to that of the advances, it may safely continue labor of every country, taken complexly. The whole price or exchangeable value of that annual produce...