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
What oeconomy is in a family, political oeconomy is in a state: with
these essential differences however, that in a state there are no
servants, all are children: that a family may be formed when and how a
man pleases, and he may establish what plan of oeconomy he thinks fit;
but states are found formed, and the oeconomy of these depends upon a
thousand circumstances. The statesman (this is a general term to signify
the head, according to the form of government) is neither master to
establish what oeconomy he pleases, or in the exercise of his sublime
authority to overturn at will the established laws of it, let him be the
most despotic monarch upon earth.
The great art therefore of political oeconomy is, first to adapt the
different operations of it to the spirit, manners, habits, and customs
of the people, and afterwards to model these circumstances so, as to be
able to introduce a set of new and more useful institutions.
The principal object of this science is to secure a certain fund of
subsistence for all the inhabitants, to obviate every circumstance which
may render it precarious; to provide every thing necessary for supplying
the wants of the society, and to employ the inhabitants (supposing them
to be freemen) in such a manner as naturally to create reciprocal
relations and dependencies between them, so as to make their several
interests lead them to supply one another with their reciprocal wants.
If one considers the variety which is found in different countries, in
the distribution of property, subordination of classes, genius of
people, proceeding from the variety of forms of government, laws, and
manners, one may conclude, that the political oeconomy in each must
necessarily be different, and that principles, however universally true,
may become quite ineffectual in practice, without a sufficient
preparation of the spirit of a people.
It is the business of a statesman to judge of the expediency of
different schemes of oeconomy, and by degrees to model the minds of his
subjects so as to induce them, from the allurement of private interest,
to concur in the execution of his plan.
The speculative person, who removed from the practice, extracts the
principles of this science from _observation_ and _reflection_, should
divest himself, as far as possible, of every prejudice, in favour of
established opinions, however reasonable, when examined relatively to
particular nations: he must do his utmost to become a citizen of the
world, comparing customs, examining minutely institutions which appear
alike, when in different countries they are found to produce different
effects: he should examine the cause of such differences with the utmost
diligence and attention. It is from such inquiries that the true
principles are discovered.
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