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
In doing this, I confess, it has been impossible for me not to
anticipate many things which, according to the plan I have laid down,
will in some measure involve me in repetitions.
I propose to investigate principles which are all relative and depending
upon one another. It is impossible to treat of these with distinctness,
without applying them to the objects on which they have an influence;
and as the same principles extend their influence to several branches of
my subject, those of my readers who keep them chiefly in their eye, will
not find great variety in the different applications of them.
In all compositions of this kind, two things are principally requisite.
The first is, to represent such ideas as are abstract, clearly, simply,
and uncompounded. This part resembles the forging out the links of a
chain. The second is, to dispose those ideas in a proper order; that is,
according to their most immediate relations. When such a composition is
laid before a good understanding, memory finishes the work, by cementing
the links together; and providing any one of them can be retained, the
whole will follow of course.
Now the relations between the different principles of which I treat, are
indeed striking to such as are accustomed to abstract reasoning, but not
near so much so, as when the application of them is made to different
examples.
The principle of self-interest will serve as a general key to this
inquiry; and it may, in one sense, be considered as the ruling principle
of my subject, and may therefore be traced throughout the whole. This is
the main spring, and only motive which a statesman should make use of,
to engage a free people to concur in the plans which he lays down for
their government.
I beg I may not here be understood to mean, that self-interest should
conduct the statesman: by no means. Self-interest, when considered with
regard to him, is public spirit; and it can only be called
self-interest, when it is applied to those who are to be governed by it.
From this principle men are engaged to act in a thousand different ways,
and every action draws after it certain necessary consequences. The
question therefore constantly under consideration comes to be, what will
mankind find it their interest to do, under such and such circumstances?
In order to exhaust the subject of political oeconomy, I have proposed
to treat the principles of it in relation to circumstances; and as these
are infinite, I have taken them by categories; that is, by the more
general combinations, which modern policy has formed. These, for the
sake of order, I have represented as all hanging in a chain of
consequences, and depending on one another. See Book I. Chap. ii.
I found this the best method for extending my plan, from which it is
natural to infer, that it will also prove the best for enabling my
readers to retain it.
Public-domain text, read in full here on John Shaqi.
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