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 statesman who resolves to improve this infant trade into foreign
commerce, must examine the wants of other nations, and consider the
productions of his own country. He must then determine, what kinds of
manufactures are best adapted for supplying the first, and for consuming
the latter. He must introduce the use of such manufactures among his
subjects; and endeavour to extend his population, and his agriculture,
by encouragements given to these new branches of consumption. He must
provide his people with the best masters; he must supply them with every
useful machine; and above all, he must relieve them of their work, when
home demand is not sufficient for the consumption of it.
A considerable time must of necessity be required to bring a people to a
dexterity in manufactures. The branches of these are many; and every one
requires a particular slight of hand, and a particular master, to point
out the rudiments of the art. People do not perceive this inconveniency,
in countries where they are already introduced; and many a projector has
been ruined for want of attention to it.
In the more simple operations of manufacturing, where apprenticeships
are not in use, every one teaches another. The new beginners are put
among a number who are already perfect: all the instructions they get,
is, _do as you see others do before you_. This is an advantage which an
established industry has over another newly set on foot; and this I
apprehend to be the reason why we see certain manufactures, after
remaining long in a state of infancy, make in a few years a most
astonishing progress. What loss must be at first incurred! what numbers
of aspiring geniuses overpowered by unsuccessful beginnings, when a
statesman does not concern himself in the operation! If he assists his
subjects, by a prohibition upon foreign work, how often do we see this
expedient become a means of extending the most extravagant profits?
Because he neglects, at the same time, to extend the manufacture by
multiplying the hands employed in it. I allow, that as long as the gates
of a kingdom are kept shut, and that no foreign communication is
permitted, large profits do little harm; and tend to promote dexterity
and refinement. This is a very good method for laying a foundation for
manufactures: but so soon as the dexterity has been sufficiently
encouraged, and that abundance of excellent masters are provided, then
the statesman ought to multiply the number of scholars; and a new
generation must be brought up in frugality, and in the enjoyment of the
most moderate profits, in order to carry the plan into execution.
Public-domain text, read in full here on John Shaqi.
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