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thoughts are formulated, are often so strongly contrasted and so

characteristic that there would be some justification in

recognising individual shades of difference as separate theories.

That our prominent economic writers have exerted themselves in so

many different ways for the discovery of the truth is an eloquent

witness of its discovery being no less important than it is hard.

We begin with a survey of the Colourless theories.

NOTES:

1. “In exchanging the complete manufacture either for money, for

labour, or for other goods, over and above what may be sufficient

to pay the price of the materials and the wages of the workmen,

something must be given for the profits of the undertaker of the

work, who hazards his stock in the adventure…. He could have no

interest to employ them unless he expected from the sale of their

work something more than what was sufficient to replace his stock

to him; and he could have no interest to employ a great stock

rather than a small one unless his profits were to bear some

proportion to the extent of his stock” (M’Culloch’s edition of

1863, p. 22). The second passage runs: “And who would have no

interest to employ him unless he was to share in the produce of

his labour, or unless his stock was to be replaced to him with a

profit” (p. 30).

2. See also Pierstorff, Lehre vom Unternehmerggwinn, Berlin,

1875, p. 6; and Platter, “Der Kapitalgewinn bei Adam Smith”

(Hildebrand’s Jahrb?cher, vol. xxv. p. 317, etc.)

3. Book ii. chap. i. p. 123, in M’Culloch’s edition.

4. When Plater in the essay above mentioned (p. 71) comes to the

conclusion that, “if Smith’s system be taken strictly, profit on

capital appears unjustifiable,” it could only be by laying all

the weight on the one half of Smith’s expressions, and leaving

the other out of account as contradictory to his other

principles.

5. Book ii. chap. iii.

6. Book i. chap. vi. The sentence was written primarily about

landowners, but in the whole chapter interest on capital and rent

of land are treated as parallel as against wages of labour.

?The Invisible Hand

Adam Smith first described this principle. Since that time it has become the basis of the concept of the free market.

Self Regulating prices Consider glove manufacturers. If a glove manufacturer were to raise his prices on his gloves way above his costs, a competitor with lower prices on gloves would receive all of the orders for gloves. If all of the glove manufacturers were to raise their prices way above their costs, someone else would begin to manufacture gloves and sell them at a price closer to the manufacturing costs. This competiti

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