Four Introductory Lectures on Political EconomySenior, Nassau William
General
Four Introductory Lectures on Political Economy
Senior, Nassau William
Economics
Of all the branches of political knowledge, the most important, and
the most applicable to the purposes of government, is that which
considers the nature and the origin of wealth. It is true that the
ultimate object of government, and indeed the ultimate object of
every individual, is happiness. But we know that the means by which
almost every man endeavours to increase his happiness, or, to use the
common phrase, to better his condition, is by increasing his wealth.
And to assist, or rather to protect him in doing this, is the great
difficulty in government. All the fraud, and almost all the violence,
for the prevention of which government is submitted to, arise from
the attempts of mankind to deprive one another of the fruits of their
respective industry and frugality. To counteract these attempts, a
public revenue must be raised and expended; and, as I have already
remarked, neither of these operations can be well executed or well
judged of by persons ignorant of Political Economy. It may be added,
that the desire for unjust gain, which, among savages, produces robbery
and theft, assumes, among civilised nations, the less palpable forms
of monopoly, combination, and privilege; abuses which, when of long
standing, it requires much knowledge of general principles to detect
or expose, and which it is still more difficult to remedy without
occasioning much immediate injury to individuals.
I think, therefore, that I may venture to say, that no study ever
attracted, during an equal period, so much attention from so many
minds, as has been bestowed, during the last sixty years, on Political
Economy. I do not mean that this attention was acknowledged, or even
that all those who have been framing and repeating theories respecting
the modes in which wealth is created, increased, or diminished, have
been aware that they were political economists. Most of them as little
suspected it as M. Jourdain that he was speaking prose. But every
country gentleman who has demanded protection to agriculture, every
manufacturer who has deprecated free trade, every speculator who has
called for paper currency, every one who has attacked, and almost every
one who has defended, the measures of the minister for the time being,
has drawn his principal arguments from Political Economy.
At the same time, the avowed writers on this subject have been more
numerous than those on any other science or art. If we look at our
principal reviews, we shall find that a large portion of each number is
dedicated to it. M. Say has been translated over and over, into every
language in Europe. I have seen three different translations of his
great work published in different parts of Spain. In the United States
of America there are newspapers exclusively devoted to it, and it has
professors in almost every university in Europe, and in North America.
Public-domain text, read in full here on John Shaqi.
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