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
The immediate effects of the violent revolution will, in this example,
be flattering to some, and disagreeable to others. Wealth will be found
daily to augment, from the rising of prices, in many branches of
industry. This will encourage the industrious classes, and the idle
consumers at home will complain. I have already dwelt abundantly long
upon the effects resulting from this to the lower classes of the people,
in providing them with a certain means of subsistence. Let me now
examine in what respect even the higher classes will be made likewise to
feel the good effects of this general change, although at first they may
suffer a temporary inconveniency from it.
Farmers, as has been observed, will have a greater difficulty in finding
servants, who, instead of labouring the ground, will choose to turn
themselves to manufactures. This we have considered in the light of
purging the lands of superfluous mouths; but every consequence in this
great chain of politics draws other consequences after it, and as they
follow one another, things put on different faces, which affect classes
differently. The purging of the land is but one of the first; here
follows another.
The desertion of the hands employed in a trifling agriculture will at
first, no doubt, embarrass the farmers; but in a little time every thing
becomes balanced in a trading nation, because _here_ every _industrious_
man must advance in prosperity, in spite of all general combinations of
circumstances.
In the case before us, the relative profits upon farming must soon
become greater than formerly, because of this additional expence which
must affect the whole class of farmers; consequently, this additional
expence, instead of turning out to be a loss to either landlord or
farmer, will, after some little time, turn out to the advantage of both:
because the produce of the ground, being indispensably necessary to
every body, must in every article increase in its value. Thus in a short
time accounts will be nearly balanced on all hands; that is to say, the
same proportion of wealth will, _cæteris paribus_, continue the same
among the industrious. I say among the industrious; for those who are
either idle, or even negligent, will be great losers.
A proprietor of land, inattentive to the causes of his farmer’s
additional expence, may very imprudently suffer his rents to fall,
instead of assisting him on a proper occasion, in order to make them
afterwards rise the higher.
Those who live upon a determined income in money, and who are nowise
employed in traffic, nor in any scheme of industry, will, by the
augmentation of prices, be found in worse circumstances than before.
In a trading nation every man must turn his talents to account, or he
will undoubtedly be left behind in this universal emulation, in which
the most industrious, the most ingenious, and the most frugal will
constantly carry off the prize.
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