Definitions in Political Economy,: Preceded by an Inquiry Into the Rules which Ought to Guide Political Economists in the Definition and Use of Their Terms; with Remarks on the Deviation from These Rules in Their WritingsMalthus, T. R. (Thomas Robert)
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Definitions in Political Economy,: Preceded by an Inquiry Into the Rules which Ought to Guide Political Economists in the Definition and Use of Their Terms; with Remarks on the Deviation from These Rules in Their Writings
Malthus, T. R. (Thomas Robert)
Classical school of economics; Economics
Nothing can show more distinctly than the very case here produced by Mr.
Mill, that his proposition or definition, which is to clear up
everything, is wholly inapplicable to the question; and that to
represent the abundance or deficiency of the supply of one commodity, as
determined by the deficiency or abundance of another, is to give a view
of the subject totally different from the reality, and calculated to
lead to the most absurd conclusions. There is hardly any stage of
society subsequent to the division of labour, where the state of the
supply compared with the demand of shoes is essentially affected by the
state of the supply compared with the demand for hats; and in the
present state of society in this country, where the question of a
general glut has arisen, it is still more irrelevant to advert to any
other objects as efficient causes of demand for a particular commodity,
except those which relate to the costs of producing it.
The hop-planter who takes a hundred bags of hops to Weyhill fair, thinks
little more about the supply of hats and shoes than he does about the
spots in the sun. What does he think about, then? and what does he want
to exchange his hops for? Mr. Mill seems to be of opinion that it would
show great ignorance of political economy, to say that what he wants is
money; yet, notwithstanding the probable imputation of this great
ignorance, I have no hesitation in distinctly asserting, that it really
is money which he wants, and that this money he must obtain, in the
present state of society, in exchange for the great mass of what he has
brought to market, or he will be unable to carry on his business as a
hop-planter; and for these specific reasons; first, that he must pay the
rent of his hop grounds in money; secondly, that he must pay for his
poles, his bags, his implements, &c., &c., in money; thirdly, that he
must pay the numerous labourers which he employs on his grounds, during
the course of the next year, in money; and fourthly, that it is in
money, and in money alone of all the articles brought to the fair, that
he can calculate his profits.
Public-domain text, read in full here on John Shaqi.
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