What determines wages? | Chapter 8, Book 1

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5 жыл бұрын

This video covers Chapter 8 - 'Of the Wages of Labor' of The Wealth of Nations Book 1 by Adam Smith. In this chapter, Adam Smith explains, which factors determine the wages of labor.
pages summarized: 24

Пікірлер: 12

@stephenhemingway9435 4 жыл бұрын

As I go through this series and the series on Marx, I see a lot of Smith in Marx.

@ChapterbyChapter 4 жыл бұрын

Yeah, Marx definitely read Smith and in writing Das Kapital built on a lot of his ideas, sometimes agreeing, sometimes disagreeing with his points. There are tons of Quotes from The Wealth of Nations in the footnotes of Das Kapital.

@mikael2751 Жыл бұрын

@@ChapterbyChapter I imagine Marx added to the bare subsistence of wages, the component of capitalism transformimg all other classes into either proletarians (huge majority) or bourgeoisie (tiny group) --》revolution or the end of both classes ("common ruin") Would that be correct? Thanks for the video!

@MereMortalsBookReviews 4 жыл бұрын

Never realised that it was the growth of the nation that dictated wage rises, really enjoying this series!

@kaseywoody4951 4 жыл бұрын

Job is an acronym. It stands for Just Over Broke.

@alexy7 3 жыл бұрын

Thank you for posting these videos, they are very clear and easy to understand : )

@SotovisionHD 4 жыл бұрын

Thanks for this, I've been reading the wealth of the nations just for a few days, but I'm struggling with this concepts a lot. I'll check your video after I finished reading the chapter 8. But I guess I didn't quite get the idea of chapter 5, so I'll check your chapter 5 video as well. In the mean time...Thx 😁

@SAlam-bo3ww 2 жыл бұрын

Love this video! Please make more!

@kinghassy334 3 жыл бұрын

I'm not sure if I understand the original point, if the production power increases and things become easier to make with technology, wouldn't the workers wages still stay the same because the supply of their commodities increases and thus the price drops?