Adam Smith on living wage, national wealth, growth, and decline
I've previously quoted Smith on wages, in the context of why allowing below-subsistence pay is effectively a welfare subsidy to businesses which are either otherwise non-competitive or which can extract profit due to their political leverage.
He has a number of additional words (as he typically does) on the subject which are quite revealing on the nature of national economic vitality, size, and decline. Recall that Smith was published in 1776. His words remain highly relevant.
I've found particularly interesting Adam Smith's own commentary on what a minimum wage ought to be in Wealth of Nations, a book as David Brin has been saying for quite some time, far more liberals, and conservatives, should actually read. Everyone else as well...
Continued at the dreddit