Economists -- Great Britain -- Biography; Smith, Adam, 1723-1790
But cleanliness and security, “though useful,” were “too mean to be
considered in a general discourse” of the kind which Adam Smith was
delivering. Accordingly, after briefly comparing the amount of crime
then prevalent in Paris, London, Edinburgh, and Glasgow—a comparison
favourable to Glasgow and London—and inferring that the establishment of
commerce and manufactures is the best police for preventing crimes, he
passes to the consideration of cheapness or plenty—“or, which is the
same thing, the most proper way of procuring wealth and abundance.” Then
follows in a hundred pages what Mr. Cannan has well called a rough draft
of the _Wealth of Nations_, containing (with some noteworthy exceptions)
the main arguments and many of the illustrations which appeared a dozen
or more years later in the book. By the student who would trace the
growth of an idea and the history of a theory the value of the report
can hardly be exaggerated. In Mr. Cannan’s words, “it enables us to
follow the gradual construction of the work from its very foundation,
and to distinguish positively between what the original genius of its
author created out of British materials on the one hand, and French
materials on the other.”
When we consider that this course of political economy was necessarily
brief, and could not possibly contain all the arguments and
illustrations he had already hammered out in the great workshop of his
mind, we are inclined to wonder not that the lectures, when compared
with the full body of doctrine, show many gaps, but rather that they
correspond so closely with the final treatise evolved after twelve or
fourteen years more of meditation, study, and travel. When we reach the
crowning year of Adam Smith’s life with its laureate wreath we shall
have something to say upon later accretions, such as his colonial
policy, his view of expenditure, and that intensely practical theory of
taxation which taught so many wholesome lessons to contemporary and
succeeding statesmen. Oddly enough, the lecturer began by supplying the
very thing his critics have missed in the _Wealth of Nations_—a theory
of consumption. He had therefore, if we combine the lectures with the
treatise, mapped out in his mind the entire scope of economic science in
its natural order. First there is the demand that leads to productive
labour, the desire which is satisfied by and therefore induces toil.
Then comes his central theme, the division of labour and the subsidiary
topic of its distribution (almost ignored in the lectures), with an
appendix on revenue or taxation.
Public-domain text, read in full here on John Shaqi.
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