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 measure of this last species of _necessary_, is determined only by
general opinion, and therefore can never be ascertained justly; and as
this opinion may have for its object even those who are below the level
of the _physical-necessary_; it often happens, that we find great
difficulties in determining its exact limits.
It may appear absurd, to suppose that any one can enjoy _superfluity_
(which we have called the characteristic of _political-necessary_) to
whom any part of the _physical-necessary_ is found wanting. However
absurd this may appear, nothing, however, is more common among men, and
the reason arises from what has been observed above. The desires which
proceed from the affections of his mind, are often so strong, as to make
him comply with them at the expence of becoming incapable of satisfying
that which his animal oeconomy necessarily demands.
From this it happens, that however easy it may be to conceive an
accurate idea of a physical-necessary for _animals_, nothing is more
difficult, than to prescribe the proper limits for it with regard to
_man_.
This being the case, let us suppose the condition of those who enjoy but
little superfluity, and who fill the lower classes of the people, to be
distinguished into three denominations; to wit, the highest, middle, and
lowest degree of physical-necessary; and then let us ask, how we may
come to form an estimation as to the respective value of the consumption
implied in each, in order to determine the minimum as to the profits
upon industry. This question is of great importance; because we have
shewn that the prosperity of foreign trade depends on the cheapness of
manufacturing; and this again depends on the price _of living_, that is
of the physical-necessary for manufacturers.
One very good method of estimating the value of the total consumption
implied by this necessary quantity, is to compute the expence of those
who live in communities, such as in hospitals, workhouses, armies,
convents, according to the different degrees of ease, severally enjoyed
by those who compose them. In running over the few articles of expence
in such establishments, it will be easy to discern between those, which
relate to the supply of the physical, and those which relate to the
supply of the political-necessary: ammunition bread is an example of the
first; a Monk’s hood and long sleeves, are a species of the latter.
When once the real value of a man’s subsistence is found, the statesman
may the better judge of the degree of ease, necessary or expedient for
him to allow to the several classes of the laborious and ingenious
inhabitants.
As we have divided this physical-necessary into three degrees; the
_highest_, _middle_, and _lowest_; the next question is, which of the
three degrees is the most expedient to be established, as the standard
value of the industry of the very lowest class of a people.
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