Sunday, February 27, 2011

Adam Smith had it right.

The annual labour of every nation is the fund which originally supplies it with all the necessaries and conveniencies of life which it annually consumes, and which consists always either in the immediate produce of that labour, or in what is purchased with that produce from other nations.

This must, in every nation be regulated by two different circumstances: first, by the skill, dexterity, and judgment with which its labour is applied; and, secondly, by the proportion between the number of those who are employed in useful labour, and that of those who are not so employed.

--- Thus spake Adam Smith in “The Wealth of Nations” quite a long time ago.

Translation: It ain’t outsourcing that’s the problem man, it’s the bums sitting on their thumbs and the growing labor portion of non wealth creators .

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