An Inquiry into the Nature and Causes of the Wealth of NationsSmith, Adam
History
An Inquiry into the Nature and Causes of the Wealth of Nations
Smith, Adam
Economics
The inferiority of the quality, indeed, compared with that of the
produce of English dairies, is fully equal to that of the price. But this
inferiority of quality is, perhaps, rather the effect of this lowness of
price, than the cause of it. Though the quality was much better, the
greater part of what is brought to market could not, I apprehend, in the
present circumstances of the country, be disposed of at a much better
price; and the present price, it is probable, would not pay the expense of
the land and labour necessary for producing a much better quality. Through
the greater part of England, notwithstanding the superiority of price, the
dairy is not reckoned a more profitable employment of land than the
raising of corn, or the fattening of cattle, the two great objects of
agriculture. Through the greater part of Scotland, therefore, it cannot
yet be even so profitable.
The lands of no country, it is evident, can ever be completely cultivated
and improved, till once the price of every produce, which human industry
is obliged to raise upon them, has got so high as to pay for the expense
of complete improvement and cultivation. In order to do this, the price of
each particular produce must be sufficient, first, to pay the rent of good
corn land, as it is that which regulates the rent of the greater part of
other cultivated land; and, secondly, to pay the labour and expense of the
farmer, as well as they are commonly paid upon good corn land; or, in
other words, to replace with the ordinary profits the stock which he
employs about it. This rise in the price of each particular produce; must
evidently be previous to the improvement and cultivation of the land which
is destined for raising it. Gain is the end of all improvement; and
nothing could deserve that name, of which loss was to be the necessary
consequence. But loss must be the necessary consequence of improving land
for the sake of a produce of which the price could never bring back the
expense. If the complete improvement and cultivation of the country be, as
it most certainly is, the greatest of all public advantages, this rise in
the price of all those different sorts of rude produce, instead of being
considered as a public calamity, ought to be regarded as the necessary
forerunner and attendant of the greatest of all public advantages.
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