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Adam Smith on Differential Returns to Labor
Maryann Keating for AdamSmithWorks "The distribution of national income between wages and profit varies between time and place. However, variations in the return to labor across industries persist in nations both rich and poor and in economies that are advancing, stationary, or declining. Smith maintains, the proportion between wages in different industries remains the same, and cannot be altered, at least for any considerable time." November 15, 2023
Bridging Cultures: Adam Smith and Confucius
Hairuo Tan for AdamSmithWorks Tan shows the parallels in the thought of two great civilizational moralists, though separated by space, tradition, and more than 2000 years. "Finding the universal truth in a culture that seems quite different from one’s own does not homogenize the two cultures, but it may harmonize them." November 22, 2023