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 shall not here pursue the gradual progress of industry, in bringing
manufactures to perfection; nor interrupt my subject with any further
observations upon the advantages resulting to industry, from the
establishment of civil and domestic liberty, but shall only suggest,
that these refinements seem more generally owing to the industry and
invention of the manufacturers (who by their ingenuity daily contrive
means of softening or relieving inconveniencies, which mankind seldom
perceive to be such, till the way of removing them is contrived) than to
the taste for luxury in the rich, who, to indulge their ease, engage the
poor to become industrious.
Let any man make an experiment of this nature upon himself, by entring
into the first shop. He will no where so quickly discover his wants as
there. Every thing he sees appears either necessary, or at least highly
convenient; and he begins to wonder (especially if he be rich) how he
could have been so long without that which the ingenuity of the workman
alone had invented, in order that from the novelty it might excite his
desire; for perhaps when it is bought, he will never once think of it
more, nor ever apply it to the use for which it at first appeared so
necessary.
Here then is a reason why mankind labour though not in want. They become
desirous of possessing the very instruments of luxury, which their
avarice or ambition prompted them to invent for the use of others.
What has been said represents trade in its infancy, or rather the
materials with which that great fabric is built.
We have formed an idea of the wants of mankind multiplied even to
luxury, and abundantly supplied by the employment of all the free hands
set apart for that purpose. But if we suppose the workman himself
disposing of his work, and purchasing, with it, food from the farmer,
cloaths from the clothier, and in general seeking for the supply of
every want from the hands of the person directly employed for the
purpose of relieving it; this will not convey an idea of trade,
according to our definition.
Trade and commerce are an abbreviation of this long process; a scheme
invented and set on foot by merchants, from a principle of gain,
supported and extended among men, from a principle of general utility to
every individual, rich or poor, to every society, great or small.
Instead of a pin-maker exchanging his pins with fifty different persons,
for whose labour he has occasion, he sells all to the merchant for money
or for credit; and, as occasion offers, he purchases all his wants,
either directly from those who supply them, or from other merchants who
deal with manufacturers in the same way his merchant dealt with him.
Public-domain text, read in full here on John Shaqi.
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