Themostdetestableofallemployments，thatofpublicexecutioner，is，inproportiontothequantityofworkdone，betterpaidthananycommontradewhatever。
　　Huntingandfishing，themostimportantemploymentsofmankindintherudestateofsociety，becomeinitsadvancedstatetheirmostagreeableamusements，andtheypursueforpleasurewhattheyoncefollowedfromnecessity。Intheadvancedstateofsociety，therefore，theyareallverypoorpeoplewhofollowasatradewhatotherpeoplepursueasapastime。
　　FishermenhavebeensosincethetimeofTheocritus。ApoacheriseverywhereaverypoormaninGreatBritain。Incountrieswheretherigourofthelawsuffersnopoachers，thelicensedhunterisnotinamuchbettercondition。Thenaturaltasteforthoseemploymentsmakesmorepeoplefollowthemthancanlivecomfortablybythem，andtheproduceoftheirlabour，inproportiontoitsquantity，comesalwaystoocheaptomarkettoaffordanythingbutthemostscantysubsistencetothelabourers。
　　Disagreeablenessanddisgraceaffecttheprofitsofstockinthesamemannerasthewagesoflabour。Thekeeperofaninnortavern，whoisnevermasterofhisownhouse，andwhoisexposedtothebrutalityofeverydrunkard，exercisesneitheraveryagreeablenoraverycreditablebusiness。Butthereisscarceanycommontradeinwhichasmallstockyieldssogreataprofit。
　　Secondly，thewagesoflabourvarywiththeeasinessandcheapness，orthedifficultyandexpenseoflearningthebusiness。
　　Whenanyexpensivemachineiserected，theextraordinaryworktobeperformedbyitbeforeitiswornout，itmustbeexpected，willreplacethecapitallaidoutuponit，withatleasttheordinaryprofits。Amaneducatedattheexpenseofmuchlabourandtimetoanyofthoseemploymentswhichrequireextraordinarydexterityandskill，maybecomparedtooneofthoseexpensivemachines。Theworkwhichhelearnstoperform，itmustbeexpected，overandabovetheusualwagesofcommonlabour，willreplacetohimthewholeexpenseofhiseducation，withatleasttheordinaryprofitsofanequallyvaluablecapital。Itmustdothis，too，inareasonabletime，regardbeinghadtotheveryuncertaindurationofhumanlife，inthesamemannerastothemorecertaindurationofthemachine。
　　Thedifferencebetweenthewagesofskilledlabourandthoseofcommonlabourisfoundeduponthisprinciple。
　　ThepolicyofEuropeconsidersthelabourofallmechanics，artificers，andmanufacturers，asskilledlabour;andthatofallcountrylabourersascommonlabour。Itseemstosupposethatoftheformertobeofamoreniceanddelicatenaturethanthatofthelatter。Itissoperhapsinsomecases;butinthegreaterpartisitquiteotherwise，asIshallendeavourtoshowbyandby。ThelawsandcustomsofEurope，therefore，inordertoqualifyanypersonforexercisingtheonespeciesoflabour，imposethenecessityofanapprenticeship，thoughwithdifferentdegreesofrigourindifferentplaces。Theyleavetheotherfreeandopentoeverybody。Duringthecontinuanceoftheapprenticeship，thewholelabouroftheapprenticebelongstohismaster。Inthemeantimehemust，inmanycases，bemaintainedbyhisparentsorrelations，andinalmostallcasesmustbeclothedbythem。Somemoney，too，iscommonlygiventothemasterforteachinghimhistrade。Theywhocannotgivemoneygivetime，orbecomeboundformorethantheusualnumberofyears;aconsiderationwhich，thoughitisnotalwaysadvantageoustothemaster，onaccountoftheusualidlenessofapprentices，isalwaysdisadvantageoustotheapprentice。Incountrylabour，onthecontrary，thelabourer，whileheisemployedabouttheeasier，learnsthemoredifficultpartsofhisbusiness，andhisownlabourmaintainshimthroughallthedifferentstagesofhisemployment。Itisreasonable，therefore，thatinEuropethewagesofmechanics，artificers，andmanufacturers，shouldbesomewhathigherthanthoseofcommonlabourers。Theyaresoaccordingly，andtheirsuperiorgainsmaketheminmostplacesbeconsideredasasuperiorrankofpeople。Thissuperiority，however，isgenerallyverysmall;thedailyorweeklyearningsofjourneymeninthemorecommonsortsofmanufactures，suchasthoseofplainlinenandwoollencloth，computedatanaverage，are，inmostplaces，verylittlemorethanthedaywagesofcommonlabourers。
　　Theiremployment，indeed，ismoresteadyanduniform，andthesuperiorityoftheirearnings，takingthewholeyeartogether，maybesomewhatgreater。Itseemsevidently，however，tobenogreaterthanwhatissufficienttocompensatethesuperiorexpenseoftheireducation。
　　Educationintheingeniousartsandintheliberalprofessionsisstillmoretediousandexpensive。Thepecuniaryrecompense，therefore，ofpaintersandsculptors，oflawyersandphysicians，oughttobemuchmoreliberal;anditissoaccordingly。
　　Theprofitsofstockseemtobeverylittleaffectedbytheeasinessordifficultyoflearningthetradeinwhichitisemployed。Allthedifferentwaysinwhichstockiscommonlyemployedingreattownsseem，inreality，tobealmostequallyeasyandequallydifficulttolearn。Onebrancheitherofforeignordomestictradecannotwellbeamuchmoreintricatebusinessthananother。
　　Thirdly，thewagesoflabourindifferentoccupationsvarywiththeconstancyorinconstancyofemployment。
　　Employmentismuchmoreconstantinsometradesthaninothers。Inthegreaterpartofmanufacturers，ajourneymanmaybeprettysureofemploymentalmosteverydayintheyearthatheisabletowork。Amasonorbricklayer，onthecontrary，canworkneitherinhardfrostnorinfoulweather，andhisemploymentatallothertimesdependsupontheoccasionalcallsofhiscustomers。Heisliable，inconsequence，tobefrequentlywithoutany。Whatheearns，therefore，whileheisemployed，mustnotonlymaintainhimwhileheisidle，butmakehimsomecompensationforthoseanxiousanddespondingmomentswhichthethoughtofsoprecariousasituationmustsometimesoccasion。
　　Wherethecomputedearningsofthegreaterpartofmanufacturers，accordingly，arenearlyuponalevelwiththedaywagesofcommonlabourers，thoseofmasonsandbricklayersaregenerallyfromonehalfmoretodoublethosewages。Wherecommonlabourersearnfourandfiveshillingsaweek，masonsandbricklayersfrequentlyearnsevenandeight;wheretheformerearnsix，thelatteroftenearnnineandten;andwheretheformerearnnineandten，asinLondon，thelattercommonlyearnfifteenandeighteen。Nospeciesofskilledlabour，however，seemsmoreeasytolearnthanthatofmasonsandbricklayers。ChairmeninLondon，duringthesummerseason，aresaidsometimestobeemployedasbricklayers。Thehighwagesofthoseworkmen，therefore，arenotsomuchtherecompenseoftheirskill，asthecompensationfortheinconstancyoftheiremployment。
　　Ahousecarpenterseemstoexerciseratheranicerandmoreingenioustradethanamason。Inmostplaces，however，foritisnotuniversallyso，hisday—wagesaresomewhatlower。Hisemployment，thoughitdependsmuch，doesnotdependsoentirelyupontheoccasionalcallsofhiscustomers;anditisnotliabletobeinterruptedbytheweather。
　　Whenthetradeswhichgenerallyaffordconstantemploymenthappeninaparticularplacenottodoso，thewagesoftheworkmenalwaysriseagooddealabovetheirordinaryproportiontothoseofcommonlabour。InLondonalmostalljourneymenartificersareliabletobecalleduponanddismissedbytheirmastersfromdaytoday，andfromweektoweek，inthesamemannerasday—labourersinotherplaces。Thelowestorderofartificers，journeymentailors，accordingly，earntherehalfacrowna—day，thougheighteenpencemaybereckonedthewagesofcommonlabour。Insmalltownsandcountryvillages，thewagesofjourneymentailorsfrequentlyscarceequalthoseofcommonlabour;butinLondontheyareoftenmanyweekswithoutemployment，particularlyduringthesummer。
　　Whentheinconstancyofemploymentiscombinedwiththehardship，disagreeablenessanddirtinessofthework，itsometimesraisesthewagesofthemostcommonlabourabovethoseofthemostskilfulartificers。Acollierworkingbythepieceissupposed，atNewcastle，toearncommonlyaboutdouble，andinmanypartsofScotlandaboutthreetimesthewagesofcommonlabour。Hishighwagesarisealtogetherfromthehardship，disagreeableness，anddirtinessofhiswork。Hisemploymentmay，uponmostoccasions，beasconstantashepleases。Thecoal—heaversinLondonexerciseatradewhichinhardship，dirtiness，anddisagreeableness，almostequalsthatofcolliers;
　　andfromtheunavoidableirregularityinthearrivalsofcoal—ships，theemploymentofthegreaterpartofthemisnecessarilyveryinconstant。Ifcolliers，therefore，commonlyearndoubleandtriplethewagesofcommonlabour，itoughtnottoseemunreasonablethatcoal—heaversshouldsometimesearnfourandfivetimesthosewages。Intheinquirymadeintotheirconditionafewyearsago，itwasfoundthatattherateatwhichtheywerethenpaid，theycouldearnfromsixtotenshillingsaday。SixshillingsareaboutfourtimesthewagesofcommonlabourinLondon，andineveryparticulartradethelowestcommonearningsmayalwaysbeconsideredasthoseofthefargreaternumber。Howextravagantsoeverthoseearningsmayappear，iftheyweremorethansufficienttocompensateallthedisagreeablecircumstancesofthebusiness，therewouldsoonbesogreatanumberofcompetitorsas，inatradewhichhasnoexclusiveprivilege，wouldquicklyreducethemtoalowerrate。
　　Theconstancyorinconstancyofemploymentcannotaffecttheordinaryprofitsofstockinanyparticulartrade。Whetherthestockisorisnotconstantlyemployeddepends。notuponthetrade，butthetrader。
　　Fourthly，thewagesoflabourvaryaccordinglytothesmallorgreattrustwhichmustbereposedintheworkmen。
　　Thewagesofgoldsmithsandjewellersareeverywheresuperiortothoseofmanyotherworkmen，notonlyofequal，butofmuchsuperioringenuity，onaccountofthepreciousmaterialswithwhichtheyareintrusted。
　　Wetrustourhealthtothephysician:ourfortuneandsometimesourlifeandreputationtothelawyerandattorney。
　　Suchconfidencecouldnotsafelybereposedinpeopleofaverymeanorlowcondition。Theirrewardmustbesuch，therefore，asmaygivethemthatrankinthesocietywhichsoimportantatrustrequires。Thelongtimeandthegreatexpensewhichmustbelaidoutintheireducation，whencombinedwiththiscircumstance，necessarilyenhancestillfurtherthepriceoftheirlabour。
　　Whenapersonemploysonlyhisownstockintrade，thereisnotrust;andthecreditwhichhemaygetfromotherpeopledepends，notuponthenatureofhistrade，butupontheiropinionofhisfortune，probity，andprudence。Thedifferentratesofprofit，therefore，inthedifferentbranchesoftrade，cannotarisefromthedifferentdegreesoftrustreposedinthetraders。
　　Fifthly，thewagesoflabourindifferent。employmentsvaryaccordingtotheprobabilityorimprobabilityofsuccessinthem。
　　Theprobabilitythatanyparticularpersonshalleverbequalifiedfortheemploymenttowhichheiseducatedisverydifferentindifferentoccupations。Inthegreaterpartofmechanictrades，successisalmostcertain;butveryuncertainintheliberalprofessions。Putyoursonapprenticetoashoemaker，thereislittledoubtofhislearningtomakeapairofshoes;
　　butsendhimtostudythelaw，itisatleasttwentytooneifeverhemakessuchproficiencyaswillenablehimtolivebythebusiness。Inaperfectlyfairlottery，thosewhodrawtheprizesoughttogainallthatislostbythosewhodrawtheblanks。Inaprofessionwheretwentyfailforonethatsucceeds，thatoneoughttogainallthatshouldhavebeengainedbytheunsuccessfultwenty。Thecounsellor—at—lawwho，perhaps，atnearfortyyearsofage，beginstomakesomethingbyhisprofession，oughttoreceivetheretribution，notonlyofhisownsotediousandexpensiveeducation，butthatofmorethantwentyotherswhoareneverlikelytomakeanythingbyit。Howextravagantsoeverthefeesofcounsellors—at—lawmaysometimesappear，theirrealretributionisneverequaltothis。Computeinanyparticularplacewhatislikelytobeannuallygained，andwhatislikelytobeannuallyspent，byallthedifferentworkmeninanycommontrade，suchasthatofshoemakersorweavers，andyouwillfindthattheformersumwillgenerallyexceedthelatter。Butmakethesamecomputationwithregardtoallthecounsellorsandstudentsoflaw，inallthedifferentinnsofcourt，andyouwillfindthattheirannualgainsbearbutaverysmallproportiontotheirannualexpense，eventhoughyouratetheformerashigh，andthelatteraslow，ascanwellbedone。Thelotteryofthelaw，therefore，isveryfarfrombeingaperfectlyfairlottery;
　　andthat，aswellasmanyotherliberalandhonourableprofessions，are，inpointofpecuniarygain，evidentlyunder—recompensed。
　　Thoseprofessionskeeptheirlevel，however，withotheroccupations，and，notwithstandingthesediscouragements，allthemostgenerousandliberalspiritsareeagertocrowdintothem。
　　Twodifferentcausescontributetorecommendthem。First，thedesireofthereputationwhichattendsuponsuperiorexcellenceinanyofthem;and，secondly，thenaturalconfidencewhicheverymanhasmoreorless，notonlyinhisownabilities，butinhisowngoodfortune。
　　Toexcelinanyprofession，inwhichbutfewarriveatmediocrity，isthemostdecisivemarkofwhatiscalledgeniusorsuperiortalents。Thepublicadmirationwhichattendsuponsuchdistinguishedabilitiesmakesalwaysapartoftheirreward;agreaterorsmallerinproportionasitishigherorlowerindegree。Itmakesaconsiderablepartofthatrewardintheprofessionofphysic;astillgreaterperhapsinthatoflaw;inpoetryandphilosophyitmakesalmostthewhole。
　　Therearesomeveryagreeableandbeautifultalentsofwhichthepossessioncommandsacertainsortofadmiration;butofwhichtheexerciseforthesakeofgainisconsidered，whetherfromreasonorprejudice，asasortofpublicprostitution。Thepecuniaryrecompense，therefore，ofthosewhoexercisetheminthismannermustbesufficient，notonlytopayforthetime，labour，andexpenseofacquiringthetalents，butforthediscreditwhichattendstheemploymentofthemasthemeansofsubsistence。Theexorbitantrewardsofplayers，opera—singers，opera—dancers，etc。，arefoundeduponthosetwoprinciples;therarityandbeautyofthetalents，andthediscreditofemployingtheminthismanner。Itseemsabsurdatfirstsightthatweshoulddespisetheirpersonsandyetrewardtheirtalentswiththemostprofuseliberality。Whilewedotheone，however，wemustofnecessitydotheother。Shouldthepublicopinionorprejudiceeveralterwithregardtosuchoccupations，theirpecuniaryrecompensewouldquicklydiminish。Morepeoplewouldapplytothem，andthecompetitionwouldquicklyreducethepriceoftheirlabour。Suchtalents，thoughfarfrombeingcommon，arebynomeanssorareasisimagined。Manypeoplepossessthemingreatperfection，whodisdaintomakethisuseofthem;andmanymorearecapableofacquiringthem，ifanythingcouldbemadehonourablybythem。
　　Theoverweeningconceitwhichthegreaterpartofmenhaveoftheirownabilitiesisanancientevilremarkedbythephilosophersandmoralistsofallages。Theirabsurdpresumptionintheirowngoodfortunehasbeenlesstakennoticeof。Itis，however，ifpossible，stillmoreuniversal。Thereisnomanlivingwho，whenintolerablehealthandspirits，hasnotsomeshareofit。Thechanceofgainisbyeverymanmoreorlessovervalued，andthechanceoflossisbymostmenundervalued，andbyscarceanyman，whoisintolerablehealthandspirits，valuedmorethanitisworth。
　　Thatthechanceofgainisnaturallyovervalued，wemaylearnfromtheuniversalsuccessoflotteries。Theworldneithereversaw，noreverwillsee，aperfectlyfairlottery;oroneinwhichthewholegaincompensatedthewholeloss;becausetheundertakercouldmakenothingbyit。Inthestatelotteriestheticketsarereallynotworththepricewhichispaidbytheoriginalsubscribers，andyetcommonlysellinthemarketfortwenty，thirty，andsometimesfortypercentadvance。Thevainhopeofgainingsomeofthegreatprizesisthesolecauseofthisdemand。Thesoberestpeoplescarcelookuponitasafollytopayasmallsumforthechanceofgainingtenortwentythousandpounds;thoughtheyknowthateventhatsmallsumisperhapstwentyorthirtypercentmorethanthechanceisworth。
　　Inalotteryinwhichnoprizeexceededtwentypounds，thoughinotherrespectsitapproachedmuchnearertoaperfectlyfaironethanthecommonstatelotteries，therewouldnotbethesamedemandfortickets。Inordertohaveabetterchanceforsomeofthegreatprizes，somepeoplepurchaseseveraltickets，andothers，smallshareinastillgreaternumber。Thereisnot，however，amorecertainpropositioninmathematicsthanthatthemoreticketsyouadventureupon，themorelikelyyouaretobealoser。Adventureuponalltheticketsinthelottery，andyouloseforcertain;andthegreaterthenumberofyourticketstheneareryouapproachtothiscertainty。
　　Thatthechanceoflossisfrequentlyundervalued，andscarceevervaluedmorethanitisworth，wemaylearnfromaverymoderateprofitofinsurers。Inordertomakeinsurance，eitherfromfireorsea—risk，atradeatall，thecommonpremiummustbesufficienttocompensatethecommonlosses，topaytheexpenseofmanagement，andtoaffordsuchaprofitasmighthavebeendrawnfromanequalcapitalemployedinanycommontrade。
　　Thepersonwhopaysnomorethanthisevidentlypaysnomorethantherealvalueoftherisk，orthelowestpriceatwhichhecanreasonablyexpecttoinsureit。Butthoughmanypeoplehavemadealittlemoneybyinsurance，veryfewhavemadeagreatfortune;
　　andfromthisconsiderationalone，itseemsevidentenoughthattheordinarybalanceofprofitandlossisnotmoreadvantageousinthisthaninothercommontradesbywhichsomanypeoplemakefortunes。Moderate，however，asthepremiumofinsurancecommonlyis，manypeopledespisetherisktoomuchtocaretopayit。
　　Takingthewholekingdomatanaverage，nineteenhousesintwenty，orratherperhapsninety—nineinahundred，arenotinsuredfromfire。Seariskismorealarmingtothegreaterpartofpeople，andtheproportionofshipsinsuredtothosenotinsuredismuchgreater。Manyfail，however，atallseasons，andevenintimeofwar，withoutanyinsurance。Thismaysometimesperhapsbedonewithoutanyimprudence。Whenagreatcompany，orevenagreatmerchant，hastwentyorthirtyshipsatsea，theymay，asitwere，insureoneanother。Thepremiumsaveduponthemallmaymorethancompensatesuchlossesastheyarelikelytomeetwithinthecommoncourseofchances。Theneglectofinsuranceuponshipping，however，inthesamemannerasuponhouses，is，inmostcases，theeffectofnosuchnicecalculation，butofmerethoughtlessrashnessandpresumptuouscontemptoftherisk。
　　Thecontemptofriskandthepresumptuoushopeofsuccessareinnoperiodoflifemoreactivethanattheageatwhichyoungpeoplechoosetheirprofessions。HowlittlethefearofmisfortuneisthencapableofbalancingthehopeofgoodluckappearsstillmoreevidentlyinthereadinessofthecommonPeopletoenlistassoldiers，ortogotosea，thanintheeagernessofthoseofbetterfashiontoenterintowhatarecalledtheliberalprofessions。
　　Whatacommonsoldiermayloseisobviousenough。Withoutregardingthedanger，however，youngvolunteersneverenlistsoreadilyasatthebeginningofanewwar;andthoughtheyhavescarceanychanceofpreferment，theyfiguretothemselves，intheiryouthfulfancies，athousandoccasionsofacquiringhonouranddistinctionwhichneveroccur。Theseromantichopesmakethewholepriceoftheirblood。Theirpayislessthanthatofcommonlabourers，andinactualservicetheirfatiguesaremuchgreater。
　　Thelotteryoftheseaisnotaltogethersodisadvantageousasthatofthearmy。Thesonofacreditablelabourerorartificermayfrequentlygotoseawithhisfather’sconsent;butifheenlistsasasoldier，itisalwayswithoutit。Otherpeopleseesomechanceofhismakingsomethingbytheonetrade:nobodybuthimselfseesanyofhismakinganythingbytheother。Thegreatadmiralislesstheobjectofpublicadmirationthanthegreatgeneral，andthehighestsuccessintheseaservicepromisesalessbrilliantfortuneandreputationthanequalsuccessintheland。Thesamedifferencerunsthroughalltheinferiordegreesofprefermentinboth。Bytherulesofprecedencyacaptaininthenavyrankswithacolonelinthearmy;buthedoesnotrankwithhiminthecommonestimation。Asthegreatprizesinthelotteryareless，thesmalleronesmustbemorenumerous。Commonsailors，therefore，morefrequentlygetsomefortuneandprefermentthancommonsoldiers;andthehopeofthoseprizesiswhatprincipallyrecommendsthetrade。Thoughtheirskillanddexterityaremuchsuperiortothatofalmostanyartificers，andthoughtheirwholelifeisonecontinualsceneofhardshipanddanger，yetforallthisdexterityandskill，forallthosehardshipsanddangers，whiletheyremainintheconditionofcommonsailors，theyreceivescarceanyotherrecompensebutthepleasureofexercisingtheoneandofsurmountingtheother。Theirwagesarenotgreaterthanthoseofcommonlabourersattheportwhichregulatestherateofseamen’swages。Astheyarecontinuallygoingfromporttoport，themonthlypayofthosewhosailfromallthedifferentportsofGreatBritainismorenearlyuponalevelthanthatofanyotherworkmeninthosedifferentplaces;andtherateoftheporttoandfromwhichthegreatestnumbersail，thatistheportofLondon，regulatesthatofalltherest。AtLondonthewagesofthegreaterpartofthedifferentclassesofworkmenareaboutdoublethoseofthesameclassesatEdinburgh。ButthesailorswhosailfromtheportofLondonseldomearnabovethreeorfourshillingsamonthmorethanthosewhosailfromtheportofLeith，andthedifferenceisfrequentlynotsogreat。Intimeofpeace，andinthemerchantservice，theLondonpriceisfromaguineatoaboutseven—and—twentyshillingsthecalendarmonth。A
　　commonlabourerinLondon，attherateofnineortenshillingsaweek，mayearninthecalendarmonthfromfortytofive—and—fortyshillings。Thesailor，indeed，overandabovehispay，issuppliedwithprovisions。Theirvalue，however，maynotperhapsalwaysexceedthedifferencebetweenhispayandthatofthecommonlabourer;andthoughitsometimesshould，theexcesswillnotbecleargaintothesailor，becausehecannotshareitwithhiswifeandfamily，whomhemustmaintainoutofhiswagesathome。
　　Thedangersandhairbreadthescapesofalifeofadventures，insteadofdishearteningyoungpeople，seemfrequentlytorecommendatradetothem。Atendermother，amongtheinferiorranksofpeople，isofafraidtosendhersontoschoolataseaporttown，lestthesightoftheshipsandtheconversationandadventuresofthesailorsshouldenticehimtogotosea。Thedistantprospectofhazards，fromwhichwecanhopetoextricateourselvesbycourageandaddress，isnotdisagreeabletous，anddoesnotraisethewagesoflabourinanyemployment。Itisotherwisewiththoseinwhichcourageandaddresscanbeofnoavail。Intradeswhichareknowntobeveryunwholesome，thewagesoflabourarealwaysremarkablyhigh。Unwholesomenessisaspeciesofdisagreeableness，anditseffectsuponthewagesoflabouraretoberankedunderthatgeneralhead。
　　Inallthedifferentemploymentsofstock，theordinaryrateofprofitvariesmoreorlesswiththecertaintyoruncertaintyofthereturns。Theseareingenerallessuncertainintheinlandthanintheforeigntrade，andinsomebranchesofforeigntradethaninothers;inthetradetoNorthAmerica，forexample，thaninthattoJamaica。Theordinaryrateofprofitalwaysrisesmoreorlesswiththerisk。Itdoesnot，however，seemtoriseinproportiontoit，orsoastocompensateitcompletely。
　　Bankruptciesaremostfrequentinthemosthazardoustrades。Themosthazardousofalltrades，thatofasmuggler，thoughwhentheadventuresucceedsitislikewisethemostprofitable，istheinfallibleroadtobankruptcy。Thepresumptuoushopeofsuccessseemstoacthereasuponallotheroccasions，andtoenticesomanyadventurersintothosehazardoustrades，thattheircompetitionreducestheirprofitbelowwhatissufficienttocompensatetherisk。Tocompensateitcompletely，thecommonreturnsought，overandabovetheordinaryprofitsofstock，notonlytomakeupforalloccasionallosses，buttoaffordasurplusprofittotheadventurersofthesamenaturewiththeprofitofinsurers。Butifthecommonreturnsweresufficientforallthis，bankruptcieswouldnotbemorefrequentinthesethaninothertrades。
　　Ofthefivecircumstances，therefore，whichvarythewagesoflabour，twoonlyaffecttheprofitsofstock;theagreeablenessordisagreeablenessofthebusiness，andtheriskorsecuritywithwhichitisattended。Inpointofagreeableness，thereislittleornodifferenceinthefargreaterpartofthedifferentemploymentsofstock;butagreatdealinthoseoflabour;andtheordinaryprofitofstock，thoughitriseswiththerisk，doesnotalwaysseemtoriseinproportiontoit。Itshouldfollowfromallthis，that，inthesamesocietyorneighbourhood，theaverageandordinaryratesofprofitinthedifferentemploymentsofstockshouldbemorenearlyuponalevelthanthepecuniarywagesofthedifferentsortsoflabour。Theyaresoaccordingly。Thedifferencebetweentheearningsofacommonlabourerandthoseofawellemployedlawyerorphysician，isevidentlymuchgreaterthanthatbetweentheordinaryprofitsinanytwodifferentbranchesoftrade。Theapparentdifference，besides，intheprofitsofdifferenttrades，isgenerallyadeceptionarisingfromournotalwaysdistinguishingwhatoughttobeconsideredaswages，fromwhatoughttobeconsideredasprofit。
　　Apothecaries’profitisbecomeabye—word，denotingsomethinguncommonlyextravagant。Thisgreatapparentprofit，however，isfrequentlynomorethanthereasonablewagesoflabour。Theskillofanapothecaryisamuchnicerandmoredelicatematterthanthatofanyartificerwhatever;andthetrustwhichisreposedinhimisofmuchgreaterimportance。Heisthephysicianofthepoorinallcases，andoftherichwhenthedistressordangerisnotverygreat。Hisreward，therefore，oughttobesuitabletohisskillandhistrust，anditarisesgenerallyfromthepriceatwhichhesellshisdrugs。Butthewholedrugswhichthebestemployedapothecary，inalargemarkettown，willsellinayear，maynotperhapscosthimabovethirtyorfortypounds。Thoughheshouldsellthem，therefore，forthreeorfourhundred，oratathousandpercentprofit，thismayfrequentlybenomorethanthereasonablewagesofhislabourcharged，intheonlywayinwhichhecanchargethem，uponthepriceofhisdrugs。Thegreaterpartoftheapparentprofitisrealwagesdisguisedinthegarbofprofit。
　　Inasmallseaporttown，alittlegrocerwillmakefortyorfiftypercentuponastockofasinglehundredpounds，whileaconsiderablewholesalemerchantinthesameplacewillscarcemakeeightortenpercentuponastockoftenthousand。Thetradeofthegrocermaybenecessaryfortheconveniencyoftheinhabitants，andthenarrownessofthemarketmaynotadmittheemploymentofalargercapitalinthebusiness。Theman，however，mustnotonlylivebyhistrade，butlivebyitsuitablytothequalificationswhichitrequires。Besidespossessingalittlecapital，hemustbeabletoread，write，andaccount，andmustbeatolerablejudgetooof，perhaps，fiftyorsixtydifferentsortsofgoods，theirprices，qualities，andthemarketswheretheyaretobehadcheapest。Hemusthavealltheknowledge，inshort，thatisnecessaryforagreatmerchant，whichnothinghindershimfrombecomingbutthewantofasufficientcapital。ThirtyorfortypoundsayearcannotbeconsideredastoogreatarecompenseforthelabourofapersonsoAccomplished。Deductthisfromtheseeminglygreatprofitsofhiscapital，andlittlemorewillremain，perhaps，thantheordinaryprofitsofstock。
　　Thegreaterpartoftheapparentprofitis，inthiscasetoo，realwages。
　　Thedifferencebetweentheapparentprofitoftheretailandthatofthewholesaletrade，ismuchlessinthecapitalthaninsmalltownsandcountryvillages。Wheretenthousandpoundscanbeemployedinthegrocerytrade，thewagesofthegrocer’slabourmakebutaverytriflingadditiontotherealprofitsofsogreatastock。Theapparentprofitsofthewealthyretailer，therefore，aretheremorenearlyuponalevelwiththoseofthewholesalemerchant。Itisuponthisaccountthatgoodssoldbyretailaregenerallyascheapandfrequentlymuchcheaperinthecapitalthaninsmalltownsandcountryvillages。Grocerygoods，forexample，aregenerallymuchcheaper;breadandbutcher’smeatfrequentlyascheap。Itcostsnomoretobringgrocerygoodstothegreattownthantothecountryvillage;butitcostsagreatdealmoretobringcornandcattle，asthegreaterpartofthemmustbebroughtfromamuchgreaterdistance。Theprimecostofgrocerygoods，therefore，beingthesameinbothplaces，theyarecheapestwheretheleastprofitischargeduponthem。Theprimecostofbreadandbutcher’smeatisgreaterinthegreattownthaninthecountryvillage;andthoughtheprofitisless，therefore，theyarenotalwayscheaperthere，butoftenequallycheap。Insucharticlesasbreadandbutcher’smeat，thesamecause，whichdiminishesapparentprofit，increasesprimecost。
　　Theextentofthemarket，bygivingemploymenttogreaterstocks，diminishesapparentprofit;butbyrequiringsuppliesfromagreaterdistance，itincreasesprimecost。Thisdiminutionoftheoneandincreaseoftheotherseem，inmostcases，nearlytocounterbalanceoneanother，whichisprobablythereasonthat，thoughthepricesofcornandcattlearecommonlyverydifferentindifferentpartsofthekingdom，thoseofbreadandbutcher’smeataregenerallyverynearlythesamethroughthegreaterpartofit。
　　Thoughtheprofitsofstockbothinthewholesaleandretailtradearegenerallylessinthecapitalthaninsmalltownsandcountryvillages，yetgreatfortunesarefrequentlyacquiredfromsmallbeginningsintheformer，andscarceeverinthelatter。Insmalltownsandcountryvillages，onaccountofthenarrownessofthemarket，tradecannotalwaysbeextendedasstockextends。Insuchplaces，therefore，thoughtherateofaparticularperson’sprofitsmaybeveryhigh，thesumoramountofthemcanneverbeverygreat，norconsequentlythatofhisannualaccumulation。Ingreattowns，onthecontrary，tradecanbeextendedasstockincreases，andthecreditofafrugalandthrivingmanincreasesmuchfasterthanhisstock。Histradeisextendedinproportiontotheamountofboth，andthesumoramountofhisprofitsisinproportiontotheextentofhistrade，andhisannualaccumulationinproportiontotheamountofhisprofits。Itseldomhappens，however，thatgreatfortunesaremadeeveningreattownsbyanyoneregular，established，andwell—knownbranchofbusiness，butinconsequenceofalonglifeofindustry，frugality，andattention。Suddenfortunes，indeed，aresometimesmadeinsuchplacesbywhatiscalledthetradeofspeculation。Thespeculativemerchantexercisesnooneregular，established，orwell—knownbranchofbusiness。Heisacornmerchantthisyear，andawinemerchantthenext，andasugar，tobacco，orteamerchanttheyearafter。Heentersintoeverytradewhenheforeseesthatitislikelytobemorethancommonlyprofitable，andhequitsitwhenheforeseesthatitsprofitsarelikelytoreturntothelevelofothertrades。Hisprofitsandlosses，therefore，canbearnoregularproportiontothoseofanyoneestablishedandwell—knownbranchofbusiness。Aboldadventurermaysometimesacquireaconsiderablefortunebytwoorthreesuccessfulspeculations;butisjustaslikelytoloseonebytwoorthreeunsuccessfulones。Thistradecanbecarriedonnowherebutingreattowns。Itisonlyinplacesofthemostextensivecommerceandcorrespondencethattheintelligencerequisiteforitcanbehad。
　　Thefivecircumstancesabovementioned，thoughtheyoccasionconsiderableinequalitiesinthewagesoflabourandprofitsofstock，occasionnoneinthewholeoftheadvantagesanddisadvantages，realorimaginary，ofthedifferentemploymentsofeither。Thenatureofthosecircumstancesissuchthattheymakeupforasmallpecuniarygaininsome，andcounterbalanceagreatoneinothers。
　　Inorder，however，thatthisequalitymaytakeplaceinthewholeoftheiradvantagesordisadvantages，threethingsarerequisiteevenwherethereisthemostperfectfreedom。First，theemploymentsmustbewellknownandlongestablishedintheneighbourhood;secondly，theymustbeintheirordinary，orwhatmaybecalledtheirnaturalstate;and，thirdly，theymustbethesoleorprincipalemploymentsofthosewhooccupythem。
　　First，thisequalitycantakeplaceonlyinthoseemploymentswhicharewellknown，andhavebeenlongestablishedintheneighbourhood。
　　Whereallothercircumstancesareequal，wagesaregenerallyhigherinnewthaninoldtrades。Whenaprojectorattemptstoestablishanewmanufacture，hemustatfirstenticehisworkmenfromotheremploymentsbyhigherwagesthantheycaneitherearnintheirowntrades，orthanthenatureofhisworkwouldotherwiserequire，andaconsiderabletimemustpassawaybeforehecanventuretoreducethemtothecommonlevel。Manufacturesforwhichthedemandarisesaltogetherfromfashionandfancyarecontinuallychanging，andseldomlastlongenoughtobeconsideredasoldestablishedmanufactures。Those，onthecontrary，forwhichthedemandariseschieflyfromuseornecessity，arelessliabletochange，andthesameformorfabricmaycontinueindemandforwholecenturiestogether。Thewagesoflabour，therefore，arelikelytobehigherinmanufacturesoftheformerthaninthoseofthelatterkind。Birminghamdealschieflyinmanufacturesoftheformerkind;Sheffieldinthoseofthelatter;andthewagesoflabourinthosetwodifferentplacesaresaidtobesuitabletothisdifferenceinthenatureoftheirmanufactures。
　　Theestablishmentofanynewmanufacture，ofanynewbranchofcommerce，orofanynewpracticeinagriculture，isalwaysaspeculation，fromwhichtheprojectorpromiseshimselfextraordinaryprofits。Theseprofitssometimesareverygreat，andsometimes，morefrequently，perhaps，theyarequiteotherwise;butingeneraltheybearnoregularproportiontothoseofotheroldtradesintheneighbourhood。Iftheprojectsucceeds，theyarecommonlyatfirstveryhigh。Whenthetradeorpracticebecomesthoroughlyestablishedandwellknown，thecompetitionreducesthemtothelevelofothertrades。
　　Secondly，thisequalityinthewholeoftheadvantagesanddisadvantagesofthedifferentemploymentsoflabourandstock，cantakeplaceonlyintheordinary，orwhatmaybecalledthenaturalstateofthoseemployments。
　　Thedemandforalmosteverydifferentspeciesoflabourissometimesgreaterandsometimeslessthanusual。Intheonecasetheadvantagesoftheemploymentriseabove，intheothertheyfallbelowthecommonlevel。Thedemandforcountrylabourisgreaterathay—timeandharvestthanduringthegreaterpartoftheyear;andwagesrisewiththedemand。Intimeofwar，whenfortyorfiftythousandsailorsareforcedfromthemerchantserviceintothatoftheking，thedemandforsailorstomerchantshipsnecessarilyriseswiththeirscarcity，andtheirwagesuponsuchoccasionscommonlyrisefromaguineaandseven—and—twentyshillings，tofortyshillingsandthreepoundsamonth。Inadecayingmanufacture，onthecontrary，manyworkmen，ratherthanquittheiroldtrade，arecontentedwithsmallerwagesthanwouldotherwisebesuitabletothenatureoftheiremployment。