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5.Making and workinglocked

  • Christopher J. Berry


‘Making and working’ describes the organization of the Wealth of Nations, which provides an account of economic growth or development that also accounts for the increase in social and individual well-being. Smith identified four types of society, developing through hunter, shepherd, agricultural, and commercial stages. The division of labour is discussed, along with the relation between price and value. Labour, land, and stock comprise the three components of the natural price. In the form of wages, rent, and profit this provides Smith with a basic division of income sources, establishing three corresponding ‘orders of people’—workers, merchants or manufacturers, and renters/farmers—each an equal component of society, but with differing relationships to the public or general interest.

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