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
[Sidenote: CHAP. XIX.]
When they cannot augment their numbers, they will introduce machines
into many manufactures; and these will supply the want, without adding
to the consumption of their food. Foreigners, astonished at a novelty
which lowers prices, and checks their growing industry, will copy the
inventions; but being no more than scholars, who go aukwardly to work,
this improvement will throw many of their hands into idleness: the
machines will be cried down, and the traders will laugh in their
sleeves, well knowing that nothing is more easy than to put work into
the hands of an industrious man made idle. Wit and genius, in short,
will always set him who possesses them above the level of his fellows,
and when one resource fails him, he will contrive another.
[Sidenote: CHAP. XX.]
The wit I here mention is not that acquired in the closet; for there one
may learn, that an equal distribution of lands was so favourable to
multiplication in antient times, that it must be owing to a contrary
practice, that our numbers now are so much smaller. But he who walks
abroad, and sees millions who have not one moment’s time to put a spade
in the ground, so busily are they employed in that branch of industry
which is put into their hands, must readily conclude, that circumstances
are changed, and that the fewer people are necessary for feeding the
whole society, the more must remain free to be employed in providing
every other thing that can make life agreeable, both to themselves and
to strangers; who in return deliver into the hands of their industrious
servants, the ensigns of superiority and dominion, money. Who is best
employed, he who works to feed himself, or he who works to be fed,
cloathed, and supplied, disposing only of his superfluities to those
whom, consequently, he shortly must command. This is obtained by the
introduction of the useful species of agriculture, and by the explosion
of the abusive. And when strangers are so kind as to allow their
neighbours the privilege of clothing and adorning them, good nature, not
to say self-interest, demands, in return, that the first be indulged in
a permission to exercise those branches of toil and labour which are the
least profitable, though the most necessary for the subsistence of the
latter.
Public-domain text, read in full here on John Shaqi.
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