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Adam smith said in his wealth of Nations:
THE annual labour of every nation is the fund which originally supplies it with all the necessaries and conveniences of life which it annually consumes, and which consist always either in the immediate produce of that labour, or in what is purchased with that produce from other nations.
According therefore as this produce, or what is purchased with it, bears a greater or smaller proportion to the number of those who are to consume it, the nation will be better or worse supplied with all the necessaries and conveniences for which it has occasion.
But this proportion must in every nation be regulated by two different circumstances; first, by the skill, dexterity, and judgment with which its labour is generally applied; and, secondly, by the proportion between the number of those who are employed in useful labour, and that of those who are not so employed. Whatever be the soil, climate, or extent of territory of any particular nation, the abundance or scantiness of its annual supply must, in that particular situation, depend upon those two circumstances.
Dr. Ramchandra Maharaj Parnerkar, with showing due respect to all thinkers, quoted that the concept of labour & food for labour is the reason proxyma of all the problem that world is facing today.
Adam smith suggested that produce that labour generates for it’s nation should be distributed and regulated by two different criterion. First, skills or the ability to work and earn the produce. Second, by the number of people emplloyed in generating this produce.
Dr. Ramchandra Maharaj Parnerkar, in his philosophy of economics which later termed as Poornawadi Ecnomics (Read more on Poornawad), suggested that the ownership institution which gave birth to the concept of Labour & food for labour. Man in his selfish approach created the institutions & created its virtues and sins. The thoughts that jeoperdies the existance of the instituion was termed as sins and thoughts supporting are termed as virtues.
Now let us discuss in detail about this institution of ownership & how this concept of labour & food for labour came into existance.
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