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
Agriculture for improvement can be carried on by none but those who have
wealth and superfluity, and is prosecuted with a view to future, not to
present advantage: of this we shall treat in another place. For I
consider it as a quite different operation, influenced by different
principles, and no ways to be confounded with the present subject of
inquiry. But I have insensibly been wandering through an extensive
subject, and it is now time to return.
I have said above that a river might as easily ascend to its source, as
an industrious people voluntarily adopt a more operose system of
agriculture than that already established, while the spirit of industry
prevails on one hand, and while farmers have profit only in view on the
other. In consequence of this position, I have treated the plan proposed
for augmenting the inhabitants of the island, by the introduction of a
more operose agriculture as absurd, and so it certainly is: but let me
throw in a circumstance which affects the spirit of that people, and the
plan becomes plausible and easy.
Let a part of the wealthy proprietors of the lands take a taste for
agriculture. Let a Tull, a Du Hamel turn agriculture into an object of
luxury, of amusement. Let this science be turned into a Missisippi, or
South Sea scheme. Let the rich be made to believe that treasures are to
be found at a small expence, laid at first out upon farming, and you
will soon see the most operose species of the science go forward, and
the produce of it come to market and be sold, in spite of all
competition. My Lady Duchess’s knotting may be sold at so much a pound,
as well as that performed by a girl who does not spend six pence a day;
but if the one and the other be considered relatively to the expence of
the manufacturer, every knot of my Lady’s will be found to have cost as
much as a pound of the other. The Duchess’s pound, however, increases
the quantity of knots; and so does my Lord’s farm the mass of
subsistence for the whole society. The nation also gains by his
extravagance having taken a turn, which may produce the permanent good
effect of improving a part of the country, though at an expence
infinitely beyond the value of it. I must now again touch upon another
part of my subject, which I think has been treated too superficially.
In a former chapter I have shewn how industry has the natural effect of
collecting into towns and cities the free hands of a state, leaving the
farmers in their farms and villages. This distribution served the
purpose of explaining certain principles; but when examined relatively
to other circumstances which at that time I had not in my eye, it will
be found by far too general. Let me therefore add some farther
observations upon that matter.
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