An Inquiry into the Principles of Political Oeconomy (Vol. 1 of 2): Being an essay on the science of domestic policy in free nations. In which are particularly considered population, agriculture, trade, industry, money, coin, interest, circulation, banks, exchange, public credit, and taxesSteuart, James, Sir
History
An Inquiry into the Principles of Political Oeconomy (Vol. 1 of 2): Being an essay on the science of domestic policy in free nations. In which are particularly considered population, agriculture, trade, industry, money, coin, interest, circulation, banks, exchange, public credit, and taxes
Steuart, James, Sir
Economics
I have often said, that numbers are in proportion to the produce of the
earth. I now say, that in most countries of Europe, the food produced in
the country is _nearly_ consumed by the inhabitants: and by _nearly_ I
understand, that the part exported bears a small proportion to the
home-consumption. I do by no means establish this as an universal
proposition; but I say it is true _for the most part_: and the intention
of this chapter is to enable us to judge how far these limitations
should extend. I allow, for example, that Holland, not producing food
for its inhabitants, must draw it from some country which produces a
superfluity, regularly: but let it be observed that Poland, Germany,
Flanders, and England, with many other countries, contribute their
contingents to supply the demand of the Dutch; and of several large
trading towns which have small territories. This being the case, the
quota furnished by each country, must be in a small proportion to the
respective quantity growing in it. But these are general conclusions
upon vague suppositions, which throw no light on the question. I shall
therefore endeavour to apply our reasoning to facts, and then examine
consequences.
There are few countries, I believe, in Europe more abounding in grain
than England: I shall therefore keep that kingdom in my eye while I
examine this matter. Nothing is more common than to hear that an
abundant crop furnishes more than three years subsistence: nay, I have
found it advanced by an author of consideration, (Advantages and
disadvantages of France and Great Britain, &c. article Grain) that a
plentiful year produces five years nourishment for the inhabitants. If
this be a mistake, it may prove a very hurtful one in many respects. I
am, on the contrary, apt to believe, that no annual produce of grain
ever was so great in England as to supply its inhabitants fifteen
months, _in that abundance with which they feed themselves in a year of
plenty_. If this be the case, at what may we compute the surplus in
ordinary good years? I believe it will be thought a very good year which
produces _full_ subsistence for fifteen months; and crops which much
exceed this are, I believe, very rare. Here follow my reasons for
differing so widely from the gentleman whom I have cited. If I am in the
wrong, I shall have the most sensible pleasure in being set right; and
nothing will be so easy to any one who has access to be better informed
as to facts than I can pretend to be.
Public-domain text, read in full here on John Shaqi.
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