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
If she finds her exportation of subsistence going forward, while some of
her people remain in want, she may rest assured that industry is made to
suffer by some internal vice; and the most probable cause of such an
effect will be found to be an unequal competition between those of the
lower classes, who work for a physical-necessary. This must be removed,
and the statesman should never rest, until he has set the balance of
work and demand so far right, as to prevent at least _the scale of work_
from preponderating; for this is the door by which misery gets in among
the people.
_The scale of demand_ preponderating, will not now be so hurtful, as
this alteration of the balance will only raise prices, and accelerate
circulation, and keep the other balance, to wit, that of wealth (of
which we shall treat in the following chapter) in a constant vibration,
without diminution of the public stock.
Another object of a statesman’s care in these supposed circumstances, is
to suffer no work whatever, nor the natural produce of any other country
conducive to luxury, to be imported; for although I have said, that
superfluous consumption can do little harm when the interests of foreign
trade do not enter into the question so as to prevent exportation, by
raising prices at home; and though the importation of foreign produce,
in exchange for like commodities of national growth, does no hurt to a
state with respect to her wealth, yet if such importation be an article
of mere superfluity, I think a statesman should prudently discourage it;
because the search of superfluities is of itself a proof of a luxurious
turn, and I should wish to see this turn improved so as to promote
national purposes only, that is, to the augmentation and subsistence of
useful inhabitants.
Let me illustrate this by an example. Foreign wines, I shall suppose,
become alamode, as a part of the luxury of an elegant table. A
statesman, by his example, may discourage this, and introduce many other
articles of expence in entertainments sufficient to compensate it. The
furniture of apartments may be rendred more magnificent, ornaments of
the side board, decoration of deserts, new amusements immediately after
dinner might be introduced, which would have an air of refinement and
delicacy.
By such examples he might easily substitute one expence, which might
become a national improvement, in the place of another, where the luxury
produces no such effect. And when prodigality and expence have neither
the good effect of giving bread to the poor, nor of accelerating
circulation at home in favour of the public, I can see no reason why a
statesman should interest himself for their support; and much less, why
a speculative person, who examines only the methods of making mankind
happy by their mutual services to each other, should strain a subject,
in order to find arguments proper to make either the apology or
panegyric of the various schemes of dissipation.
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