Sus (Modern Plays)

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  1. sus & add chords
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  3. Sus (modern Plays) Keeffe Barrie 1408131374

But absent the division of labor, a worker would be lucky to produce even one pin per day. Just how individuals can best apply their own labor or any other resource is a central subject in the first book of the series.

sus & add chords

Smith claimed that an individual would invest a resource—for example, land or labor—so as to earn the highest possible return on it. Consequently, all uses of the resource must yield an equal rate of return adjusted for the relative riskiness of each enterprise. Otherwise reallocation would result. George Stigler called this idea the central proposition of economic theory. The French economist turgot had made the same point in Smith used this insight on equality of returns to explain why wage rates differed.

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Wage rates would be higher, he argued, for trades that were more difficult to learn, because people would not be willing to learn them if they were not compensated by a higher wage. His thought gave rise to the modern notion of human capital.

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Similarly, wage rates would also be higher for those who engaged in dirty or unsafe occupations see Job Safety , such as coal mining and butchering; and for those, like the hangman, who performed odious jobs. In short, differences in work were compensated by differences in pay. Smith used numerate economics not just to explain production of pins or differences in pay between butchers and hangmen, but to address some of the most pressing political issues of the day.

In the fourth book of The Wealth of Nations —published, remember, in —Smith told Great Britain that its American colonies were not worth the cost of keeping.

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His reasoning about the excessively high cost of British imperialism is worth repeating, both to show Smith at his numerate best and to show that simple, clear economics can lead to radical conclusions:. A great empire has been established for the sole purpose of raising up a nation of customers who should be obliged to buy from the shops of our different producers all the goods with which these could supply them.

For the sake of that little enhancement of price which this monopoly might afford our producers, the home-consumers have been burdened with the whole expense of maintaining and defending that empire. For this purpose, and for this purpose only, in the two last wars, more than a hundred and seventy millions [in pounds] has been contracted over and above all that had been expended for the same purpose in former wars.

The interest of this debt alone is not only greater than the whole extraordinary profit, which, it ever could be pretended, was made by the monopoly of the colony trade, but than the whole value of that trade, or than the whole value of the goods, which at an average have been annually exported to the colonies.

Smith vehemently opposed mercantilism —the practice of artificially maintaining a trade surplus on the erroneous belief that doing so increased wealth.

The primary advantage of trade, he argued, was that it opened up new markets for surplus goods and also provided some commodities from abroad at a lower cost than at home. Adam Smith has sometimes been caricatured as someone who saw no role for government in economic life. In fact, he believed that government had an important role to play.

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Like most modern believers in free markets, Smith believed that the government should enforce contracts and grant patents and copyrights to encourage inventions and new ideas. He also thought that the government should provide public works, such as roads and bridges, that, he assumed, would not be worthwhile for individuals to provide.

Interestingly, though, he wanted the users of such public works to pay in proportion to their use. Exploring the abuse of power and racism, Sus is a resonant, socially charged and powerful play, as relevant today as it was in This is a horrifying portrait of injustice and racism.


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Sus (modern Plays) Keeffe Barrie 1408131374

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