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
It will, indeed, be readily allowed, that even the third footman who
stands behind a coach, and seems only to add to the fatigue of the
horses and the wear and tear of the carriage, is still employed to
gratify some want or wish of man, in the same manner as the riband maker
or the lace maker. It will further be readily allowed, that it is by no
means politic to interfere with individuals in the modes of spending
their incomes. But does it at all follow from this, that if these
different kinds of labour have very different effects on society in
regard to wealth, as the term is understood by the great mass of
mankind, that they should not be distinguished by different
appellations, in order to facilitate the explanation of these different
effects? Mr. Macculloch might unquestionably discover some resemblance
between the salt and the meat which it seasons: they both contribute,
when used in proper proportions, to compose a palatable and nutritive
meal, and in general we may leave it to the taste and discretion of the
individual to determine these proportions; but are we on that account to
confound the two substances together, and to affirm that they are
_equally_ nutritive? Are we to define and apply our terms in such a way
as to make it follow from our statements, that, if the individual were
to compound his repast of half salt and half meat, it would equally
conduce to his health and strength?
But Mr. Macculloch states, that a taste for the gratifications derived
from the unproductive labourers of Adam Smith “has exactly the same
effect upon national wealth as a taste for tobacco, champagne, or any
other luxury.”[31] This may be directly denied, unless we define wealth
in such a manner as will entitle us to say that the enjoyments derived
by a few great landlords, from the parade of menial servants and
followers, will tell as effectually in an estimate of wealth as a large
mass of manufacturers and foreign commodities. But when M. Chaptal
endeavoured to estimate the wealth of France, and Mr. Colquhoun that of
England, we do not find the value of these enjoyments computed in any of
their tables. And certainly, if wealth means what it is understood to
mean in common conversation and in the language of the highest
authorities in the science of Political Economy, no effects on national
wealth can or will be more distinct than those which result from a taste
for material conveniencies and luxuries, and a taste for menial servants
and followers. The exchange of the ordinary products of land for
manufactures, tobacco, and champagne necessarily generates capital; and
the more such exchanges prevail the more do those advantages prevail
which result from the growth of capital and a better structure of
society; while an exchange of necessaries for menial services, beyond a
certain limited amount, obviously tends to check the growth of capital,
and, if pushed to a considerable extent, to prevent accumulation
Public-domain text, read in full here on John Shaqi.
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