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
We are next to enquire how it happens that many industrious people are
rivalled in an industry which brings no more than a bare
physical-necessary. This proceeds from some disadvantage either in their
personal or political situation. In their personal situation, when they
are loaded with a numerous family, interrupted by sickness, or other
accidental avocations. In their political situation, when they happen to
be under a particular subordination from which others are free, or
loaded with taxes which others do not pay.
I shall only add, that in computing the value of the
_physical-necessary_ of the lowest denomination, a just allowance must
be made for all interruptions of labour: no person can be supposed to
work every free day; and the labour of the year must defray the expence
of the year. This is evident. Farther, neither humanity, or policy, that
is the interest of a state, can suggest a rigorous oeconomy upon this
essential quantity. If the great abuses upon the price of labour are
corrected, those which remain imperceptible to the public eye, will
prove no disadvantage to exportation; and as long as this goes on with
success, the state is in health and vigour. Exportation _of work_ is
another pulse of the political body.
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CHAP. XXII.
_Preliminary Reflections upon inland Commerce._
I resume the subject, which, as a rest to the mind, I dropt at the end
of the 19th chapter.
I am to treat directly of inland commerce, which has been sufficiently
distinguished from infant, and foreign trade.
We are to consider ourselves now as transported into a new country. Here
foreign trade has been carried to the greatest height possible; but the
luxury of the inhabitants, the carelessness, perhaps, of the statesman,
and the natural advantages of other nations, added to the progress of
their industry and refinement, have concurred to cut this branch off,
and thereby to dry up the source which had constantly been augmenting
national opulence.
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