Adam Smith on Industry vs. Idleness

I was pleasantly surprised to hear my 4-year old son reply, "yes, sir" after I asked him to go to bed. Which reminds me that I am such an important influence in his life. I will take this also as positive feedback.

Here is an excerpt of what I'm reading tonight:

"The proportion between capital and revenue, therefore, seems everywhere to regulate the proportion between industry and idleness. Wherever capital predominates, industry prevails: wherever revenue, idleness. Every increase or diminution of capital, therefore, naturally tends to increase or diminish the real quantity of industry, the number of productive hands, and consequently the exchangeable value of the annual produce of the land and labour of the country, the real wealth and revenue of its inhabitants."

Adam Smith, The Wealth of Nations

I was fascinated by the distinction between productive labor and unproductive labor. An earlier passage that really struck me (I have read almost half of the book) mentioned that a liberal education tends to destroy a young person's ambition. Here is where I think I was just a few years ago: 'So graduating from college does not entitle one to a high-paying job with little to no responsibilities?'

I spent some time last evening on a career-development exercise, which defines my favorite working conditions:

1) excellent communication
2) transparent financial and legal status
3) great benefits
4) positive attitudes
5) great incentives
6) clear priorities
7) great accountability structures
8) consistent & fair rules
9) relaxed focus
10) my own workspace