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
From what has been said, I must conclude, that while the consumption of
the earth’s produce, and of the work of man tend to excite industry, in
providing for extraordinary demands; when the interest of foreign trade
does not enter into the question; and while there are lands enough
remaining unimproved, to furnish _the first matter_; there can be no
political abuse from the misapplication or unnecessary destruction of
either fruits or labour. The misapplier, or dissipator, is punished by
the loss of his money; the industrious man is rewarded by the
acquisition of it. We have said, that vice is not more essentially
connected with superfluity, than virtue with industry and frugality. But
such questions are foreign to my subject. I would however recommend it
to moralists, to study circumstances well, before they carry reformation
so far, as to interrupt an established system in the political oeconomy
of their country.
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CHAP. XXI.
_Recapitulation of the First Book._
[Sidenote: INTROD.]
I set out by distinguishing government from political oeconomy; calling,
the first the power to command, the second the talent to execute. Thus
the governor may restrain, but the steward must lead, and, by direct
motives of self-interest, gently conduct free and independent men to
concur in certain schemes ultimately calculated for their own proper
benefit.
The object is, to provide food, other necessaries and employment, not
only for those who actually exist, but also for those who are to be
brought into existence. This is accomplished, by engaging every one of
the society to contribute to the service of others, in proportion only
as he is to reap a benefit from reciprocal services. To render this
practicable, the spirit of the people must be studied, the different
occupations prescribed to each must first be adapted to their
inclinations, and when once they have taken a taste for labour, these
inclinations must be worked upon by degrees, so as to be bent towards
such pursuits as are most proper for attaining the end desired.
[Sidenote: CHAP. I.]
He who sits at the head of this operation, is called the statesman. I
suppose him to be constantly awake, attentive to his employment, able
and uncorrupted, tender in his love for the society he governs,
impartially just in his indulgence for every class of inhabitants, and
disregardful of the interest of individuals, when that regard is
inconsistent with the general welfare.
Did I propose a plan of execution, I confess this supposition would be
absurd; but as I mean nothing farther than the investigation of
principles, it is no more so, than to suppose a point, a straight line,
a circle, or an infinite, in treating of geometry.
[Sidenote: CHAP. II.]
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