On the record
As Adam Smith said, low profits ultimately mean a reduction of wages, and low wages mean a reduced consumption by the worker.
Said by
Petr Alekseevich Kropotkin
Source
gutenberg.orgPetr Alekseevich Kropotkin: “As Adam Smith said, low profits ultimately mean a reduction of wages, and low wages mean a reduced consumption by the…”
Editor's note · Context
Kropotkin quotes Adam Smith to illustrate the relationship between low profits and reduced wages, emphasizing its broader economic implications.
Share
More from Petr Alekseevich Kropotkin
To every house a garden is attached, and none of the misery of big cities is to be seen.
However, a further advance is being made in order to emancipate horticulture from climate.
The small bicycle workshops, with the hundreds of small improvements which they introduced, have been under our very eyes the primary cells out of which the great industry of the motor cars, and later on of the aeroplanes, has grown up.
Every farmer is more or less of a gardener, and he gives free scope to his inventive powers for devising some cheap type of greenhouses.
Other voices in this conversation
