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
It is hardly possible suddenly to introduce the smallest innovation into
the political oeconomy of a state, let it be ever so reasonable, nay
ever so profitable, without incurring some inconveniencies. A room
cannot be swept without raising dust, one cannot walk abroad without
dirtying one’s shoes; neither can a machine, which abridges the labour
of men, be introduced _all at once_ into an extensive manufacture,
without throwing many people into idleness.
In treating every question of political oeconomy, I constantly suppose a
statesman at the head of government, systematically conducting every
part of it, so as to prevent the vicissitudes of manners, and
innovations, from hurting any interest within the commonwealth, by their
natural and immediate effects or consequences. When a house within a
city becomes crazy, it is taken down; this I call systematical ruin:
were it allowed to fall, the consequences might be fatal in many
respects. In like manner, if a number of machines are all at once
introduced into the manufactures of an industrious nation, (in
consequence of that freedom which must necessarily be indulged to all
sorts of improvement, and without which a state cannot thrive) it
becomes the business of the statesman to interest himself so far in the
consequences, as to provide a remedy for the inconveniencies resulting
from the sudden alteration. It is farther his duty to make every
exercise even of liberty and refinement an object of government and
administration; not so as to discourage or to check them, but to prevent
the revolution from affecting the interests of the different classes of
the people, whose welfare he is particularly bound to take care of.
Public-domain text, read in full here on John Shaqi.
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