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Adam Smith and the Natural Wage: Sympathy, Subsistence and Social Distance

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  • R. Donald

Abstract

This article focuses on Adam Smith's attitude toward wages as the natural price of labor. It argues that his subsistence wage had similarities with the medieval Schoolmen's notion of the just wage as being established through markets. He further agreed with them that the market wage had to be sufficient to nurture community standards of virtue. His application of the concept differed from theirsn due to his recognition of the problems caused by social distance. In a commercial society, impersonal relations added difficulties to the attainment of a just wage and could diminish virtue. As a result, sympathy from employers and from public officials was needed as part of the Smithian standard of wages.

Suggested Citation

  • R. Donald, 1997. "Adam Smith and the Natural Wage: Sympathy, Subsistence and Social Distance," Review of Social Economy, Taylor & Francis Journals, vol. 55(3), pages 292-311.
    • Handle: RePEc:taf:rsocec:v:55:y:1997:i:3:p:292-311
    DOI: 10.1080/00346769700000002
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    Cited by:

    1. Menudo, Jose M., 2011. "Market Stability in Adam Smith: Competitive Process and Institutions," MPRA Paper 15361, University Library of Munich, Germany.
    2. Scott Drylie, 2020. "Professional Scholarship from 1893 to 2020 on Adam Smith’s Views on School Funding: A Heterodox Examination," Econ Journal Watch, Econ Journal Watch, vol. 17(2), pages 350–391-3, September.
    3. Drylie, Scott, 2021. "Adam Smith on schooling: A classical liberal rereading," Journal of Economic Behavior & Organization, Elsevier, vol. 184(C), pages 748-770.
    4. Stephen Sloane, 2008. "Creative Rebellion and Moral Efficiency as Elements of Managerial Ideology," Journal of Business Ethics, Springer, vol. 81(3), pages 609-622, September.
    5. David H. Plowman & Chris Perryer, 2010. "Moral Sentiments and the Minimum Wage," The Economic and Labour Relations Review, , vol. 21(2), pages 1-21, December.

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