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
Dr. Davenant, correcting Sir William’s calculation, makes the
inhabitants 5,545,000. These, according to Sir William’s prices and
proportions, would consume to the amount of 8,872,000_l._ sterling; but
the Dr. carries it, with reason, a little higher, and states it at
9,075,000_l._ sterling; the difference, however, is inconsiderable. From
this he concludes, the gross produce of the corn fields to be about
9,075,000_l._ sterling. I make no criticism upon this computation.
Next, as to the value of other lands; I find Sir William reckons the
gross produce of them in butter, cheese, milk, wool, horses yearly bred,
flesh for food, tallow, hides, hay, and timber, to amount to
12,000,000_l._ sterling: The amount therefore of the gross produce of
all the lands in England must be equal to these two sums added together,
that is to 21,075,000_l._ sterling.
From these data, the Dr. values the yearly rent of corn lands at two
millions sterling, and those of pasture, &c. at seven millions, in all
nine millions.
From this it appears, that the land rents of England are to the gross
produce, as nine is to twenty one, or thereabouts.
Let me now examine some other proportions.
The rents of the corn lands are to the gross produce of them, as two is
to nine; those of pasture, as seven to twelve.
Now it is very certain, that all rents are in a pretty just proportion
to the gross produce, after deducting three principal articles.
1. The nourishment of the farmer, his family and servants.
2. The necessary expences of his family, for manufactures, and
instruments for cultivating the ground.
3. His reasonable profits, according to the custom of every country.
Of these three articles, let us distinguish what part implies the direct
consumption of the pure produce, from what does not.
Of the first sort are the nourishment of men and cattle, wool and flax
for cloathing, firing, and other smaller articles.
Of the second are all manufactures bought, servants wages, the hire of
labourers occasionally, and profits, either spent in luxury, (that is
superfluity) lent, or laid up.
The three articles above mentioned (which we have distributed under two
heads) being deduced from the gross produce, the remaining value shews
the land rent.
This being the case, I am next to examine the cause of the great
disproportion between the rents of corn lands, and those of pasture,
when compared with the gross produce, in order to draw some conclusion,
which may lead to the solution of the question here proposed.
Public-domain text, read in full here on John Shaqi.
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