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
By a parallel reason it may be alledged, that as wants excite to
industry, and are considered as the cause of it; and as the produce of
industry cannot be exchanged without trade; so trade must be an effect
of industry. To this I agree: but I must observe, that this exchange
does not convey my idea of trade, although I admit, that it is the root
from which the other springs; it is the seed, but not the plant; and
trade, as we have defined it, conveys another idea. The workman must not
be interrupted, in order to seek for an exchange, nor the consumer put
to the trouble of finding out the manufacturer. The object of trade
therefore is no more than a new want, which calls for a set of men to
supply it; and trade has a powerful effect in promoting industry, by
facilitating the consumption of its produce.
While wants continue simple and few, a workman finds time enough to
distribute all his work: when wants become more multiplied, men must
work harder; time becomes precious; hence trade is introduced. They who
want to consume, send the merchant, in a manner, to the workman, for his
labour, and do not go themselves; the workman sells to this interposed
person, and does not look out for a consumer. Let me now take a familiar
instance of infant trade, in order to shew how it grows and refines:
this will illustrate what I have been saying.
I walk out of the gates of a city in a morning, and meet with five
hundred persons, men and women, every one bringing to market a small
parcel of herbs, chickens, eggs, fruit, &c. It occurs to me immediately,
that these people must have little to do at home, since they come to
market for so small a value. Some years afterwards, I find nothing but
horses, carts, and waggons, carrying the same provisions. I must then
conclude, that either those I met before are no more in the country, but
purged off, as being found useless, after a method has been found of
collecting all their burdens into a few carts; or that they have found
out a more profitable employment than carrying eggs and greens to
market. Which ever happens to be the case, there will be the
introduction of what I call trade; to wit, this collecting of eggs,
fruit, fowl, &c. from twenty hands, in order to distribute it to as many
more within the walls. The consequence is, that a great deal of labour
is saved; that is to say, the cart gives time to twenty people to
labour, if they incline; and when wants increase, they will be ready to
supply them.
We cannot therefore say, that trade will force industry, or that
industry will force trade; but we may say, that trade will facilitate
industry, and that industry will support trade. Both the one and the
other however depend upon a third principle; to wit, a taste for
superfluity, in those who have an equivalent to give for it. This taste
will produce demand, and this again will become the main spring of the
whole operation.
------------------------------------------------------------------------
Public-domain text, read in full here on John Shaqi.
Reviews
Reviews
No reviews yet
Be the first to share your thoughts on this work.
Elsewhere in the archive
Join the Discussion
Join the discussion
Sign in to leave a comment or review.
Sign InorCreate an account