...he tends to overlook Adam Smith's argument that the market allocates labor among occupations so that "The whole of the advantages and disadvantages of the different employments of labor and stock must, in the same neighborhood, be either perfectly equal or continually tending to...

...competition under a natural order of liberty he believes that there will result an equalization of profits. " The whole of the advantages and disadvantages of the different employments of labor and stock must in the same neigborhood be perfectly equal or continually tending to equality."...

...continuing the same." I. 36-37. 43. "The policy of Europe occasions a very important inequality in the whole, of the advantages and disadvantages of the different employments of labor and stock. "The exclusive privileges of corporations are the principal means it makes use of...

...toward a uniform rate for all. The principle was enunciated by Adam Smith in a well-known passage: The whole of the advantages and disadvantages of the different employments of labor . . . must, in the same neighborhood, be either perfectly equal or continually tending to equality....

...trades, under ordinary conditions, in the same neighbourhood, and apart from interference of government, "the whole of the advantages and disadvantages of the different employments of labour and stock must be either perfectly equal or continually tending towards equality " (I. x. 45, 2, cp. 58, 2) ; but...

...where every man was perfectly free to chose what occupation he thought proper, and to change it ... the whole of the advantages and disadvantages of the...perfectly equal, or continually tending to equality". Manifestly, "if in the same neighbourhood there was any employment evidently either more or less advantageous...

...with those of other economic classes.102 Guild regulations occasion "a very important inequality in the whole of the advantages and disadvantages of the different employments of labour and stock,"103 ie, they benefit a small group at the expense of a larger. Combinations of employers, facilitated...

...particular caution. Notes 1. The standard reference in this area, of course, is Adam Smith-s statement that "the whole of the advantages and disadvantages of the different employments of labor and stock must, in the same neighborhood, be either perfectly equal or continually tending toward...

...because this "policy of Europe, by not leaving things at perfect liberty," occasioned "inequalities in the whole of the advantages and disadvantages of the different employments of labour and stock . . . First, by restraining the competition in some employments to a smaller number than would otherwise...

...accept risky jobs for higher pay, they implicitly consent to the hazards. As Adam Smith expressed it, "the whole of the advantages and disadvantages of the different employments of labor" continually tend toward equality, because the wages vary according to the hardship of the occupation.37...