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 answer, that in a society, it is requisite that the individual of the
most puny constitution for labour and industry, and of the most slender
genius for works of ingenuity, having no natural defect, and enjoying
health, should be able by a labour proportioned to his force, to gain
the _lowest_ degree of the physical-necessary; for in this case, by far
the greatest part of the industrious will be found in the second class,
and the strong and healthy all in the first.
The difference between the highest class and the lowest, I do not
apprehend to be very great. A small quantity added to what is barely
sufficient, makes enough: but this _small quantity_ is the most
difficult to acquire, and this is the most powerful spur to industry.
The moment a person begins to live by his industry, let his livelihood
be ever so poor, he immediately forms little objects of ambition;
compares his situation with that of his fellows who are a degree above
him, and considers a shade more of ease, as I may call it, as an
advancement, not only of his happiness, but of his rank.
There are still more varieties to be met with among those who are
confined to the sphere of the physical-necessary. The labour of a strong
man ought to be otherwise recompensed than that of a puny creature. But
in every state there is found labour of different kinds, some require
more, and some less strength, and all must be paid for; but as a weakly
person does not commonly require so much nourishment as the strong and
robust, the difference of his gains may be compensated by the smalness
of his consumption.
What we mean by the _first class_ of the physical-necessary, is when a
person gains wherewithal to be well fed, well clothed, and well defended
against the injuries of heat and cold, without any superfluity. This I
say, a strong healthy person should be able to gain by the exercise of
the lowest denominations of industrious labour, and that without a
possibility of being deprived of it, by the competition of others of the
same profession.
Could a method be fallen upon to prevent competition among industrious
people of the same profession, the moment they come to be reduced within
the limits of the _physical-necessary_, it would prove the best security
against decline, and the most solid basis of a lasting prosperity.
Public-domain text, read in full here on John Shaqi.
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