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 — John Shaqi
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)
General
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
The whole of the incomes of every person in a society, in whatever way
they may be actually employed, might be employed, as far as they would
go, directly in the support of man. Consequently, according to the
definitions of Mr. Macculloch, all incomes are capital. But he is not
satisfied even with this very unusually-extended meaning of the term. He
can trace a resemblance between a working man and a working horse, and
is, consequently, led to say, “However extended the sense previously
attached to the term capital may at first sight appear, I am satisfied
that it ought to be interpreted still more comprehensively. Instead of
understanding by capital all that portion of the produce of industry
extrinsic to man, which may be applicable to his support, and to the
facilitating of production, there does not seem to be any good reason
why man himself should not, and very many why he should, be considered
as forming a part of the national capital. Man is as much the produce of
labour as any of the machines constructed by his agency; and it appears
to us, that in all economical investigations he ought to be considered
in precisely the same point of view.”[35]
That there is some resemblance between a working man and a working horse
cannot for a moment be doubted; but is that sufficient reason why they
should be confounded together under the name of capital? The question is
not whether there is a partial resemblance between these two objects,
but whether there is a characteristic difference; and surely there is a
sufficient distinction in all economical investigations between a free
man, and the horse, the machine, or the food which he uses, to warrant a
different designation, especially when one of the greatest objects of
all economical investigations, and certainly the most worthy, has been
how to secure at all times a full sufficiency of the produce of industry
extrinsic to man as compared with man himself.
It has been hitherto usual to say, that the happiness of the labouring
classes of society depends chiefly upon the rate at which the capital of
the country increases, compared with its population; but if the capital
of the country includes its population, there is no meaning in the
statement. Yet hardly any writer that I know of has more frequently made
this statement than Mr. Macculloch himself. Nothing, indeed, can show
more strikingly the extreme difficulty of maintaining consistently new
and unusual definitions, than the frequency with which he seems to be
compelled to use terms in their old and accustomed sense,
notwithstanding the different definitions which he has given of them.
Public-domain text, read in full here on John Shaqi.
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