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
I expect, therefore, that every man is to act for his own interest in
what regards the public; and, politically speaking, every one ought to
do so. It is the combination of every private interest which forms the
public good, and of this the public, that is, the statesman, only can
judge. You must love your country. Why? Because it is yours. But you
must not prefer your own interest to that of your country. This, I
agree, is perfectly just and right: but this means no more, than that
you are to abstain from acting to its prejudice, even though your own
private interest should demand it; that is, you should abstain from
unlawful gain. Count Julian, for example, who, from private resentment,
it is said, brought the Moors into Spain, and ruined his country,
transgressed this maxim. A spy in an army, or in a cabinet, who betrays
the secrets of his country, and he who sells his trust, are in the same
case: defrauding the state is, among many others, a notorious example of
this. To suppose men, in general, honest in such matters, would be
absurd. The legislature therefore ought to make good laws, and those who
transgress them ought to be speedily, severely, and most certainly
punished. This belongs to the coercive part of government, and falling
beyond the limits of my subject, is ever taken for granted.
Were the principle of public spirit carried farther; were a people to
become quite disinterested, there would be no possibility of governing
them. Every one might consider the interest of his country in a
different light, and many might join in the ruin of it, by endeavouring
to promote its advantages. Were a rich merchant to begin and sell his
goods without profit, what would become of trade? Were another to defray
the extraordinary expence of some workmen in a hard year, in order to
enable them to carry on their industry, without raising their price,
what would become of others, who had not the like advantages? Were a man
of a large landed estate to distribute his corn rents at a low price in
a year of scarcity, what would become of the poor farmers? Were people
to feed all who would ask charity, what would become of industry? These
operations of public spirit ought to be left to the public, and all that
is required of individuals is, not to endeavour to defeat them.
This is the regular distribution of things, and it is only this which
comes under my consideration.
In ill-administred governments I admire as much as any one every act of
public spirit, every sentiment of disinterestedness, and nobody can have
a higher esteem for every person remarkable for them.
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