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
There is hardly a possibility of changing the manners of a people, but
by a proper attention to the education of the youth. All methods,
therefore, should be fallen upon to supply manufactures with new hands;
and lest the corruption of example should get the better of all
precautions, the seat of manufactures might be changed; especially when
they are found in great and populous cities, where living is dear: in
this case, others should be erected in the provinces where living is
cheap. The state must encourage these new undertakings, numbers of
children must be taken in, in order to be bred early to industry and
frugality; this again will encourage people to marry and propagate, as
it will contribute towards discharging them of the load of a numerous
family. If such a plan as this be followed, how inconsiderable will the
number of poor people become in a little time; and as it will insensibly
multiply the useful inhabitants, out of that youth which recruited and
supported the numbers of the poor, so the taxes appropriated for the
relief of poverty may be wholly applied, in order to prevent it.
Laws of naturalization have been often proposed in a nation where
consolidated profits have occasioned the inconveniencies for which we
have here been proposing a remedy. By this expedient many flatter
themselves to draw industrious strangers into the country, who being
accustomed to live more frugally, and upon less profits, may, by their
example and competition, beat down the price of work among the
inhabitants.
Several circumstances concur to defeat the success of this scheme. The
first is, that consolidated profits are not the only inconvenience to be
removed: there is also a complication of high prices upon many
necessaries. The second, as no real change is supposed to be made within
the country, either as to the increase of subsistence, or the regulation
of its price, or manner of living, these strangers, who, as such, must
be exposed to extraordinary expence, are not able to subsist, nor
consequently to work so cheap as they did at home. Besides, what can be
supposed to be their motive of coming, if it be not to have higher
wages, and to live better?
Here then is a nation sending for strangers, in order that they may work
cheaper; and strangers flocking into the country in hopes of selling
their work dearer. This is just the case with two friends who are about
making a bargain; the seller imagines that _his friend_ will not grudge
a good price. The buyer, on the other hand, flatters himself that _his
friend_ will sell to him cheaper than to another. This seldom fails to
produce discontent on both sides.
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