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
But even in the very case on which Mr. Macculloch lays his principal
stress, the difference is such as fully to warrant a different
classification. It is, no doubt, true that, to have a fire in an attic
in London, it is equally necessary that the coals should be brought up
stairs from the cellar, as that they should be brought up from the
bottom of the coal-mine to the surface: it is equally true that there is
some resemblance between carrying coals from the bottom of a house to
the top, and carrying them from the bottom of a mine to the top; but
there is still a most decided and characteristic difference in the two
cases.
The miner is paid by the owner or worker of the mine, for the express
purpose of increasing his wealth; the value of the miner’s labour is,
therefore, charged with a profit upon the price of the coals; and the
result of it would regularly enter into any estimate of national wealth.
But when the same owner or worker of coal-mines pays a menial servant
for bringing coals up from the yard to the drawing-room, he pays him for
the express purpose of facilitating and rendering more convenient and
agreeable, the consumption of that wealth which he had obtained through
the instrumentality of the miner. The two instruments are used for
purposes distinctly different, one to assist in obtaining wealth, the
other to assist in consuming it. In an inquiry into the causes of the
wealth of nations, I cannot easily conceive a more distinct and useful
line of demarcation.
On the same principle, if it be found useful with a view to
explanations, to distinguish, by a different name, the stock destined
for immediate consumption, from the stock employed or kept, with a view
to profit, surely we must not wait to investigate the peculiar talents
of each individual, before we venture to characterise the nature of his
expenditure; and if we find such men as Arkwright and Watt[37] most
naturally and properly reserving, for their immediate consumption, the
means of keeping up a handsome or splendid establishment for the
gratification of themselves, their family, and their friends, make an
exception in their favour, and call such an expenditure an outlay of
capital, instead of a consumption of revenue, as we should call it in
the case of all ordinary persons. Such an inquiry would impose a duty
upon the writers in political economy, which it would be perfectly
absurd to attempt to fulfil, as it would quite defeat the end of the
proposed classifications; and with regard to the distinguished
characters adverted to, it would surely be most unnecessary. In an
estimate of national wealth, the genius of a Newton or a Milton is
necessarily underrated, which only shows that there are other sources of
admiration and delight besides wealth. But such men as Arkwright and
Watt are quite safe in the hands of the political economist. The result
of their genius and labour is exactly of that description which is
Public-domain text, read in full here on John Shaqi.
Reviews
Reviews
No reviews yet
Be the first to share your thoughts on this work.
Join the Discussion
Join the discussion
Sign in to leave a comment or review.
Sign InorCreate an account