...merchants are turned into the same trade, their mutual competition naturally tends to lower its profit, and when there is a like increase of stock in all...competition must produce the same effect in them all' (Smith, 1910, Vol. I, p. 78). 7. Cf. the passage by Hollander quoted in para. 1.1 above. 8. Our italics....

...merchants are turned into the same trade, then mutual competition naturally tends to lower its profit; and when there is a like increase of stock in all...same competition must produce the same effect in them all.3 Accumulation thus raises wages and lowers profits. This proposition of Adam Smith concerning...

...merchants are turned into the same trade, their mutual competition naturally tends to lower its profit; and when there is a like increase of stock in all...competition must produce the same effect in them all (WN, I.ix.2). This explanation of a falling tendency of the rate of profit in terms of "competition"...

...in view. His words in the chapter on Profits of Stock' are, "When the stocks of many rich merchants are turned into the same trade, their mutual competition...competition must produce the same effect in them all." This passage would lead us to infer that, in Adam Smith's opinion, the manner in which the competition...

...determination of profit by the difference between total product and 17 'When the stocks of many rich merchants are turned into the same trade, their mutual competition...competition must produce the same effect in them all' (Smith, [1776] 1960, p. 105). The passage begins with 'the increase of stock, which raises wages, tends...

...merchants are turned into the same trade, their mutual competition naturally tends to lower its profit: and when there is a like increase of stock in all...the same competition must produce the same effect in all.' Adam Smith speaks here of a rise of wages, but it is of a temporary rise, proceeding from increased...

...many rich merchants are turned into the same trade, their mutual competition tends to lower profit; and when there is a like increase of stock in all...competition must produce the same effect in them all.' Were this reasoning correct, profit must inevitably decline in every prosperous country. But there...

...merchants are turned into the same trade, their mutual competition naturally tends to lower its profit; and when there is a like increase of stock in all...same competition must produce the same effect in them all."23 "It generally requires a greater stock," says he further, "to carry on any sort of trade in...

...merchants are turned into the same trade, their mutual competition naturally tends to lower its profit; and when there is a like increase of stock in all...competition must produce the same effect in them all (Smith 1776,100). The province of Holland, on the other hand, in proportion to the extent of its territory...

...merchants are turned into the same trade, their mutual competition naturally tends to lower its profit; and when there is a like increase of stock in all...competition must produce the same effect in them all. (Wealth, Book I, Chapter IX, p. 105) Finally, a third fragment qualifies the fall of profits in particular...