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 — John Shaqi
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
When once this imaginary wealth, money, becomes well introduced into a
country, luxury will very naturally follow; and when money becomes the
object of our wants, mankind become industrious, in turning their labour
towards every object which may engage the rich to part with it; and thus
the inhabitants of any country may increase in numbers, until the ground
refuses farther nourishment. The consequences of this will make the
subject of another chapter.
Before we proceed, something must be said, in order to restrain these
general assertions a little.
We have supposed a very rapid progress of industry, and a very sudden
augmentation of inhabitants, from the introduction of money. But it must
be observed, that many circumstances have concurred with the money, to
produce this effect.
We have supposed a country capable of improvement, a laborious people, a
taste of refinement and luxury in the rich, an ambition to become so,
and an application to labour and ingenuity in the lower classes of men.
According to the greater or less degree of force, or concurrence of
these and like circumstances, will the country in question become more
or less cultivated, and consequently peopled.
If the soil be vastly rich, situated in a warm climate, and naturally
watered, the productions of the earth will be almost spontaneous: this
will make the inhabitants lazy. Laziness is the greatest of all
obstacles to labour and industry. Manufactures will never flourish here.
The rich, with all their money, will not become luxurious with delicacy
and refinement; for I do not mean by luxury the gratification of the
animal appetites, nor the abuse of riches, but _an elegance of taste and
in living, which has for its object the labour and ingenuity of man_;
and as the ingenuity of workmen begets a taste in the rich, so the
allurement of riches kindles an ambition, and encourages an application
to works of ingenuity in the poor.
Riches therefore will here be adored as a god, but not made subservient
to the uses of man; and it is only by the means of swift circulation
from hand to hand, (as shall be observed in its proper place) that they
become productive of the effects mentioned above[I].
Footnote I:
Every transition of money from hand to hand, for a valuable
consideration, implies some service done, something wrought by man, or
performed by his ingenuity, or some consumption of something produced
by his labour. The quicker therefore the circulation of money is in
any country, the more strongly it may be inferred, that the
inhabitants are laborious; and _vice versa_: but of this more
hereafter.
When money does not circulate, it is the same thing as if it did not
exist; and as the treasures found in countries where the inhabitants are
lazy do not circulate, they are rather ornamental than useful.
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