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Adam Smith, "Of the Wages of Labour"
Book I, Chapter VIII
Wealth of Nations (1776)
According to Smith:
1. Were there laws to restrict the reduction of wages? To restrict an increase in wages?
2. Under what conditions will laborers have an advantage in their demand to increase their wages?
3. Were wages higher in New York? Or London?
4. Were prices higher in New York? Or London?
5. What impact does population increase have on the wealth of a nation?
6. What examples are provided about the relationship between wages and prices?
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