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
What is the consequence? that man, working for the future, is not
exactly aware beforehand what value the future will attach to his
labour. Value incorporated in a material object will be higher or
lower, according as it renders more or less service, or, to express
it more clearly, human labour, which is the source of value, receives
according to circumstances a higher or lower remuneration. Such
eventualities are an exercise for foresight, and foresight also has a
right to remuneration.
But what connexion is there, I would ask, between these fluctuations
of value, between these variations in the recompense of labour, and
that marvellous natural industry, those admirable physical laws,
which without our participation have brought the water of the ocean
to the spring? Because the value of this barrel of water varies
according to circumstances, are we to conclude that nature charges
sometimes more, sometimes less, sometimes nothing at all, for
evaporation, for carrying the clouds from the ocean to the mountains,
for freezing, melting, and the whole of that admirable industry which
supplies the spring? [p284]
It is exactly the same thing in the case of agricultural products.
The value of the soil, or rather of the capital applied to the soil,
is made up not of one element but of two. It depends not only on the
labour which has been employed, but also on the ability which society
possesses to remunerate that labour—on Demand as well as on Supply.
Take the case of a field. Not a year passes, perhaps, in which
there is not some labour bestowed upon it, the effects of which are
permanent, and of course an increase of value is the result.
Roads of access, besides, are improved and made more direct, the
security of person and property becomes more complete, markets are
extended, population increases in number and in wealth—different
systems of culture are introduced, and a new career is opened to
intelligence and skill; the effect of this change of medium, of this
general prosperity, being to confer additional value on both the
present and the anterior labour, and consequently on the field.
Public-domain text, read in full here on John Shaqi.
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