A history of economic doctrines : $b from the time of the physiocrats to the present dayGide, Charles
History
A history of economic doctrines : $b from the time of the physiocrats to the present day
Gide, Charles
Economics -- History
Comparison with the Physiocratic doctrine concerning the natural and
essential order of societies is illuminating. To the Physiocrats the
“natural order” implied a system—an ideal. It required a genius to
discover it, and only an enlightened despotism could realise it. For
Smith the “spontaneous order” was a fact. It was not a thing to be
brought into being. It already existed. It was doubtless held in check
by a hundred imperfections, including, among others, the stupidity of
human legislation.[206] But it was triumphant over them all. Beneath
the artificial constitution of society lay the natural constitution
which completely dominated it. This natural constitution, which for the
Physiocrats was nothing more than an ideal, Smith discovered in actual
operation, and he was able to describe its _modus operandi_. Political
economy, which with Quesnay was nothing better than a system of rules and
regulations, became in Smith’s hands a natural science based upon the
observation and analysis of existing facts. In a passage written in his
usual lucid style Smith shows the superiority of his system over that of
the Physiocrats. “Some speculative physicians seem to have imagined that
the health of the human body could be preserved only by a certain precise
regimen of diet and exercise, of which every, the smallest, violation
necessarily occasioned some degree of disease or disorder proportioned to
the degree of the violation.… Mr. Quesnai, who was himself a physician,
and a very speculative physician, seems to have entertained a notion of
the same kind concerning the political body, and to have imagined that it
would thrive and prosper only under a certain precise regimen, the exact
regimen of perfect liberty and perfect justice. He seems not to have
considered that in the political body, the natural effort which every
man is continually making to better his own condition, is a principle
of preservation capable of preventing and correcting, in many respects,
the bad effects of a political œconomy in some degree both partial and
oppressive. Such a political œconomy, though it no doubt retards more or
less, is not always capable of stopping altogether the natural progress
of a nation towards wealth and prosperity, and still less of making it
go backwards. If a nation could not prosper without the enjoyment of
perfect liberty and perfect justice, there is not in the world a nation
which could ever have prospered. In the political body, however, the
wisdom of nature has fortunately made ample provision for remedying many
of the bad effects of the folly and injustice of man; in the same manner
as it has done in the natural body, for remedying those of his sloth and
intemperance.”[207]
Public-domain text, read in full here on John Shaqi.
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