Furthermore, higher wages also acts as an incentive to work because the higher the wages the higher the hopes workers have of improving their condition and thus ignites their desire and motivation. Smith writes, “A plentiful subsistence increases the bodily strength of the labourer, and the comfortable hope of bettering his condition, and of ending his days perhaps in ease and plenty, animates him to exert that strength to the utmost.”
However, the desire of bettering one’s condition can cause negative effects in political economy. Smith writes that the desire for gain and mutual emulation can lead to over work in certain trades which cause inconsistent production, periods of idleness and dissipation, and lastly possibly death. Thus, Smith
However, the desire of bettering one’s condition can cause negative effects in political economy. Smith writes that the desire for gain and mutual emulation can lead to over work in certain trades which cause inconsistent production, periods of idleness and dissipation, and lastly possibly death. Thus, Smith