Harmonies of Political Economy: Translated from the Third French Edition, with a Notice of the Life and Writings of the AuthorBastiat, Frédéric
Philosophy
Harmonies of Political Economy: Translated from the Third French Edition, with a Notice of the Life and Writings of the Author
Bastiat, Frédéric
Economics
These classes, in fact, occupy a prominent position in the Wealth of
Nations. But this only shows us that the author, after having given a
definition, found himself straitened by it, and, consequently, that
that definition is erroneous. Adam Smith would not have gained his
great and just renown had he not written his magnificent chapters on
Education, on the Clergy, and on Public Services, and if he had, in
treating of Wealth, confined himself within the limits of his own
definition. Happily, by this inconsistency, he freed himself from the
fetters which his premises imposed upon him. This always happens.
A man of genius who sets out with a false principle never escapes
inconsistency, without which he would get deeper and deeper into
error, and, far from appearing a man of genius, would show himself no
longer a man of sense.
As Adam Smith advanced a step beyond the Physiocrates, Jean Baptiste
Say advanced a step beyond Smith. By degrees Say was led to refer
value to services, but only by way of analogy. It is in the product
that he discovers true value, and nothing shows this better than
his whimsical denomination of services as “immaterial products”—two
words which absolutely shriek out on finding themselves side by side.
Say, in the outset, agrees with Smith; for the entire theory of the
master is to be found in the first ten lines of the work of the
disciple.[38] But he thought and meditated on the subject for thirty
years, and he made progress. He approximated more and more to the
truth, without ever fully attaining it.
Moreover, we might have imagined that Say did his duty as an
Economist as well by referring the value of the service to the
product, as by referring the value of the product to the service,
if the Socialist propaganda, founding on his own deductions, had
not come to reveal to us the insufficiency and the danger of his
principle.
The question I propose, then, is this:—Seeing that certain products
are possessed of value, seeing that certain services are possessed
of value, and seeing that value is one and identical, and can have
but one origin, one foundation, one explanation,—is this origin, this
explanation to be found in the product or in the service?
The reply to that question is obvious, and for this unanswerable
[p174] reason, that every product which has value implies service,
but every service does not necessarily imply a product.
This appears to me mathematically certain—conclusive.
A service, as such, has value, whether it assume a material form or
not.
A material object has value if, in transferring it to another, we
render him a service,—if not, it has no value.
Then value does not proceed from the material object to the service,
but from the service to the material object.
Public-domain text, read in full here on John Shaqi.
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