An Inquiry Into the Nature and Causes of the Wealth of NationsSmith, Adam
General
An Inquiry Into the Nature and Causes of the Wealth of Nations
Smith, Adam
Economics
There is also a similar, or perhaps a greater coincidence between many
parts of his doctrine and the opinions of Sir James Stewart, as detailed
in his 'Inquiry into the Principles of Political Economy.' This
congruity of opinion is chiefly apparent in their respective conclusions
concerning the effects of competition,--the principles of exchangeable
value,--the relation between the interest of money and the profit of
stock,--the functions of coin,--the rise and progress of credit,--and
the sources and limits of taxation. As this author had published his
Inquiry many years before Dr. Smith's work appeared, and had, besides,
lived in great intimacy with him, there was some reason to believe, what
has been often asserted, that he possessed a just claim to some of the
doctrines contained in that work, though Dr. Smith never once mentioned
his name in any part of his work. But the present Sir James Stewart, who
has recently published a full edition of the writings of his father,
relinquishes, on his part, all such pretensions. With the partiality of
a friend, in ranking his father with Dr. Smith, he gives it as his
opinion, however, that both had, with original powers of equal strength,
drawn their knowledge from the same source, the French economists.
Dr. Mandeville has also, of late, got the credit of being the author of
those Principles of Political Economy, which have interested the world
for the last fifty years, and to him alone, it is said, not only the
English, but also the French writers, are indebted for their doctrines
in that science. In the work of this eccentric writer, there seems,
indeed, a similarity of opinion on some of the more obvious sources of
wealth, particularly in the division of labour, which Dr. Smith
investigates so fully; and in the erroneous doctrine of productive and
non-productive labour; and also, perhaps, on some other points: but it
would be difficult to show, that he ought, on this account, to be
considered the author of all, or even the chief part of what has been
written on the subject. On this, as well as on all questions of a
similar nature, a great diversity of opinions will subsist. But it may
be a matter of curiosity to those who are unacquainted with his work,
the Fable of the Bees, not only to trace the connection of that author's
sentiments with what is advanced by subsequent writers on this important
subject, but also to learn his peculiar notions of morality, that
attracted, at one time, so much attention. These last, Dr. Smith says,
though described by a lively and humorous, yet coarse and rustic
eloquence, which throws an air of truth and probability on them, are,
almost in every respect, erroneous.
Soon after the publication of the Wealth of Nations, Mr. Smith received
the following congratulatory letter from Mr. Hume, six months before his
death, dated Edinburgh, 1st April 1776.
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