United States or Svalbard and Jan Mayen ? Vote for the TOP Country of the Week !
It will follow, that if a country happened to be either overstocked or understocked with corn, no motive of interest could exist for withdrawing capital from agriculture, in the one case, or adding to it in the other, and thus restoring the equilibrium between its different kinds of produce.
New colonies, it has already been observed, are always understocked. Their capital is always much less than what they could employ with great profit and advantage in the improvement and cultivation of their land.
Such fluctuations affect both the value and the rate, either of wages or of profit, according as the market happens to be either overstocked or understocked with commodities or with labour, with work done, or with work to be done. It has no effect upon the wages of the weavers. The market is understocked with commodities, not with labour, with work done, not with work to be done.
So it comes to pass that young men grow up whose hands have not been trained to any kind of skill; they wish, therefore, to be buyers and sellers, traders, dealers, and so the market is overstocked with clerks, book-keepers, salesmen, and small shop-keepers, while it is understocked in all the higher walks of hand-craft.
The market would be so much understocked with labour in the one case, and so much overstocked in the other, as would soon force back its price to that proper rate which the circumstances of the society required.
It raises the wages of journeymen tailors. The market is here understocked with labour. There is an effectual demand for more labour, for more work to be done, than can be had. It sinks the price of coloured silks and cloths, and thereby reduces the profits of the merchants who have any considerable quantity of them upon hand.
The monopolists, by keeping the market constantly understocked by never fully supplying the effectual demand, sell their commodities much above the natural price, and raise their emoluments, whether they consist in wages or profit, greatly above their natural rate. The price of monopoly is upon every occasion the highest which can be got.
Every acre had been "taken up," but as yet the runs were rather understocked. Our fourth day's ride was the longest, fifty-five miles in all, though we halted for a couple of hours at a miserable accommodation house. Our bivouac that night was close to Lake Wanaka, at the Molyneux Ferry-house, and there I was kept awake all night by the attentions of a cat. I never saw such a ridiculous animal.
That market will very seldom be overstocked; but it will generally be understocked; the people, whose business it is to supply it, being generally afraid lest their goods should be left upon their hands. The prohibition of exportation limits the improvement and cultivation of the country to what the supply of its own inhabitants require.
In any case, there seems good hope that a race of Hindoo peasant-proprietors will spring up in the colony, whose voluntary labour will be available at crop-time; and who will teach the Negro thrift and industry, not only by their example, but by competing against him in the till lately understocked labour-market.
Word Of The Day