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
“These distinctions seem to rest on no good foundations. Portions of
stock employed without any immediate view to production, are often by
far the most productive. The stock, for example, that Arkwright and Watt
employed in their own consumption, and without which they could not have
subsisted, was laid out as _revenue_; and yet it is quite certain that
it contributed infinitely more to increase their own wealth, as well as
that of the country, than any equal quantity of stock expended on the
artisans in their service. It is always extremely difficult to say
whether any portion of stock is, or is not, productively employed; and
any definition of capital which involves the determination of this
point, can only serve to embarrass and obscure a subject that is
otherwise abundantly simple. In our view of the matter, it is enough to
constitute an article capital, if it can either directly contribute to
the support of man, or assist him in appropriating or producing
commodities; but the question respecting the mode of employing an
article ought certainly to be held to be, what it obviously is,
perfectly distinct from the question whether that article is capital.
For any thing that we can _à priori_ know to the contrary, a horse yoked
to a gentleman’s coach may be just as productively employed as if he
were yoked to a brewer’s dray, though it is quite plain, that whatever
difference may really obtain in the two cases, the identity of the horse
is not affected; he is equally possessed, in the one case as well as the
other, of the capacity to assist in production, and so long as he
possesses that capacity, he ought to be viewed, independently of all
other considerations, as a portion of the capital of the country.”[34]
If these doctrines were admitted, there would be an end, at once, of all
classifications, and of all those appropriate designations which so
essentially assist us, in explaining what is going forward in society.
If the distinction between the whole mass of the products of a country,
and those parts of it which are applied to perform particular functions,
rests on no solid foundation, it may be asked, on what better foundation
does the distinction between the mass of the male population of a
country, and the classes of lawyers, physicians, manufacturers, and
agriculturists rest? They all equally come under the general
denomination of men; but particular classes are most usefully
distinguished by particular appellations founded on the particular
functions which they generally perform.
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