There had hardly ever been a period when food had been so dear, when wages had been so low, when poverty had been so widespread, and the condition of the lower orders so depraved and so hopeless, as in the early years of the queens reign.
Ricardo states in this essay a set of propositions, most of them deductions from the theory of rent, which are in substance the same as those afterwards embodied in the Principles, and regarded as characteristic of his system, such as that increase of wages does not raise prices; that profits can be raised only by a fall in wages and diminished only by a rise in wages; and that profits, in the whole progress of society, are determined by the cost of the production of the food which is raised at the greatest expense.
This was the planting of a colony of communistic per week for which such wages are payable, with the rates for overtime when those hours are exceeded.
Yet pecuniary wages and profits are very different in different employments - either from certain circumstances affecting.
When work restarted after the war, the mine owners offered the Kaffir workmen little more than half the wages paid in 1898; but this effort at economy was abandoned, and the old rates of pay were restored in January 1903.
So important is this crop that the rate of wages to labourers in the banana districts is nearly 3s.
The Additional Month Was Called Mercedinus:Or Mercedonius, From Merces, Wages, Probably Because The Wages Of Workmen And Domestics Were Usually Paid At This Season Of The Year.
Here follows Smith's admirable exposition of the causes which produce the inequalities in wages and profits just referred to, a passage affording ample evidence of his habits of nice observation of the less obvious traits in human nature, and also of the operation both of these and of social institutions on economic facts.
These may be called the natural rates at the time when and the place where they prevail; and the natural price of a commodity is what is sufficient to pay for the rent of the land, the wages of the labour, and the profit of the stock necessary for bringing the commodity to market.
The wages weren't all that great, but deducting rent, utilities and groceries from her present salary, it wound up being a good deal more.