Description
Summary of Adam Smith's Wealth of Nations: Chapter 10, Part I - (Inequalities Arising From the Nature of the Employments Themselves)
In this chapter Smith talks about five circumstances that cause people in different jobs to be paid differently. They are, desirability, education, consistency, trust and probability of success.
He then details the three prerequisites needed in an economy for these circumstances to be effectual.
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Links:
Full playlist - http://www.youtube.com/playlist?list=PLNVsC9QleZsFZoPwyac0xqUNIf6RV3JLr
Chapter 9, Profits - https://www.youtube.com/watch?v=LVFHv_yDmqc
Sources:
Average wages of different jobs in the US - http://www.bls.gov/oes/2012/may/oes_nat.htm
Starting salaries for people from different schools - http://online.wsj.com/public/resources/documents/info-Salaries_for_Colleges_by_Type-sort.html
Bar exam statistics - http://www.statisticbrain.com/bar-exam-statistics/)
Rate of life insurance - http://www.insurancequotes.com/life/americans-life-insurance
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