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 confess, however, that while a luxurious taste in the rich subsists,
industrious people will always be found to supply the instruments of it
to the utmost extent; and I also allow, that such a taste has infinite
allurements, especially while youth and health enable a rich man to
indulge in it. Those, however, who are systematically luxurious, that
is, from a formed taste and confirmed habit, are but few, in comparison
of those who become so from levity, vanity, and the imitation of others.
The last are those who principally support and extend the system; but
they are not the most incorrigible. Were it not for imitation, every age
would seek after, and be satisfied with the gratification of natural
desires. Twenty-five might think of dress, horses, hunting, dogs, and
generous wines: forty, of a plentiful table, and the pleasures of
society: sixty, of coaches, elbow-chairs, soft carpets, and instruments
of ease. But the taste for imitation blends all ages together. The old
fellow delights in horses and fine clothes; the youth rides in his
chariot on springs, and lolls in an easy chair, large enough to serve
him for a bed. All this proceeds from the superfluity of riches and
taste of imitation, not from the real allurements of ease and taste of
luxury, as every one must feel, who has conversed at all with the great
and rich. Fashion, which I understand here to be a synonimous term for
imitation, leads most people into superfluous expence, which is so far
from being an article of luxury, that it is frequently a load upon the
person who incurs it. All such branches of expence, it is in the power
of a statesman to cut off, by setting his own example, and that of his
favourites and servants, above the caprice of fashion.
The levity and changeableness of mankind, as I have said, will even
assist him. A generation of oeconomists is sometimes found to succeed a
generation of spendthrifts; and we now see, almost over all Europe, a
system of sobriety succeeding an habitual system of drunkenness.
Drunkenness, and a multitude of useless servants, were the luxury of
former times.
Every such revolution may be profited of by an able statesman, who must
set a good example on one hand, while, on the other, he must profit of
every change of taste, in order to re-establish the foreign trade of his
subjects. An example of frugality, in the head of a luxurious people,
would do infinite harm, were it only intended to reform the morals of
the rich, without indemnifying the poor for the diminution upon their
consumption.
At the same time, therefore, that luxury comes to lose ground at home, a
door must be opened, to serve as an out-let for the work of those hands
which must be thereby made idle; and which, consequently, must fall into
distress.
Public-domain text, read in full here on John Shaqi.
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