...demand for labour increases with the increase of stock, whatever be its profits ; and, after these are diminished, stock may not only continue to increase,...increases faster than a small stock with great profits." — Wealth of Nations, Book I.9 chap. 9. measures for ascertaining periodically the rate of its progress...

...demand for labour increases with the increase of stock, whatever be its profits ; and, after these are diminished, stock may not only continue to increase,...great stock, though with small profits, generally increasei faster than a small stock with great profits." — Wealth of Nations, Boik L, chap. 9. measures...

...of stock, whatever be its can bring their goods at less expense to mar profits; and after these are diminished, stock may not only continue to increase,...with industrious nations, who are advancing in the ket than before ; and less stock being employed in supplying the xnarVet than before, they can sell...

...initial disadvantages have been overcome. This was pointed out already by Adam Smith when he said. "A great stock, though with. small profits, generally...a small stock with great profits. Money, says the pro192 Progressive Taxation in Theory and Practice. verb, makes money. When you have got a little,...

...of getting money to spend." s Thus he infers that, after the " profits on stock " or capital " are diminished, stock may not only continue to increase, but to increase much faster than before " ! 8 1 A New Discourse of Trade, 2nd edition (London, 1694), preface. * Adam Smith, Wealth of Nations...

...accumulation. In this there is nothing wonderful, for, says Adam Smith, "after these (profits) are diminished, stock may not only continue to increase, but to increase much faster than before. ... A great stock, though with small profits, generally increases 1 "The limit, however, to the employment...

...demand for labour increases with the increase of stock whatever be its profits ; and after these are diminished stock may not only continue to increase but to increase much faster than before. . . . A great stock, though with small profits, generally increases faster than a small stock with...

...demand for labour increases with the increase of stock whatever be its profits ; and after these are diminished stock may not only continue to increase but to increase much faster than before. . . . A great stock, though with small profits, generally increases faster than a small stock with...

...of getting money to spend." * Thus he infers that, after the " profits on stock " or capital " are diminished, stock may not only continue to increase, but to increase much faster than before " ! • 1 A New Discourse of Trade, and edition (London, 1694), preface. * Adam Smith, Wealth of Nation...

...initial disadvantages have been overcome. This was emphasized already by Adam Smith, when he said: 'A great stock, though with small profits, generally increases faster than a small stock with "Seligman, ERA "Progressive Taxation in Theory and Practice." Am. Econ. Assoc. Pub., Vol. 22, 1908,...