An inquiry into the permanent causes of the decline and fall of powerful and wealthy nations : $b Designed to shew how the prosperity of the British empire may be prolongedPlayfair, William
Philosophy
An inquiry into the permanent causes of the decline and fall of powerful and wealthy nations : $b Designed to shew how the prosperity of the British empire may be prolonged
Playfair, William
Economics; Great Britain -- Economic conditions; History -- Philosophy
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{124} The law concerning money is a general law, because, at all
times, there are some individuals in want of it, and would be liable to
grant exorbitant interest. It is not so with provisions, for, it is only
occasionally that they cannot be had at reasonable prices.
{125} Dr. Smith divides produce into three different sorts; the two
first are such as can be only produced in a certain quantity, whatever
the demand may be; and such as can be produced always in sufficient
quantity.
{126} This was proved by what happened in Paris in 1789, and in
England in 1790. The [end of page #150] want in Paris was so real
that there often was not, in that great city, bread, and materials to
make it, more than sufficient for twenty-four hours: yet it never rose
to above double the usual price, or twopence English the pound, (that
is, sixteen sols for the four-pound loaf,) although the people were
obliged to wait from six in the morning till two or three in the
afternoon, before they could get a loaf a piece, and more they were not
permitted to purchase or carry away. In London, where bread could
always be had in plenty, for money, it rose to more than three times
the usual price, (one and tenpence the quartern loaf,) yet bread is a
much more necessary article to the poor in Paris than in London. But
the case was, in London, the people are richer, and, in each place, it
rose as high as the people were found able to pay.
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When the necessaries of life become dear, and arrive at a monopoly-
price, then all taxes and other burthens laid on the people become a
matter comparatively of little importance. In England, where the taxes
are higher than in any nation in the world, they do not come on the
poor to above three pounds a head; {127} and, of those, at least one-
half can be avoided by a little self-denial. But, when the provisions
increase one-half in price, it amounts to at least four pounds a head to
each person; so that the effect falls on the population of the country,
with a most extraordinary degree of severity.
But, great as this evil is, it has, by the circumstances and nature of
things, a tendency to increase the very cause in which it originates.
Though the highness of price diminishes the consumption of victuals
in general, it diminishes the consumption of vegetable food, or bread,
more than it does that of animal food. Though all sorts of eatables rise
in price, in times of scarcity, yet bread, being the article that excites
the greatest anxiety, rises higher in proportion than the others. This
affords an encouragement to gratify the propensity for eating animal
food; and this propensity is encouraged by an absurd and mistaken
policy, by which (or perhaps rather an affectation of policy) economy
in bread is prescribed, and not in other food; so that when people
devour animal food, and increase the evil, they think they are most
patriotically and humanely diminishing it. {128}
Public-domain text, read in full here on John Shaqi.
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