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
There is here no injustice, no exception in favour of landed
property. No species of labour, from that of the banker to that of
the day-labourer, fails to exhibit the same phenomenon. No one fails
to see his remuneration improved by the improvement of the society
in which his work is carried on. This action and reaction of the
prosperity of each on the prosperity of all, and ‹vice versa›, is the
very law of value. So false is the conclusion which imputes to the
soil and its productive powers an imaginary value, that intellectual
labour, professions and trades which have no connexion with matter or
the co-operation of physical laws, enjoy the same advantage, which in
fact is not exceptional but universal. The lawyer, the physician, the
professor, the artist, the poet, receive a higher remuneration for
an equal amount of labour, in proportion as the town or country to
which they belong increases in wealth and prosperity, in proportion
as the taste or demand for their services becomes more generally
diffused, in proportion as the public is more able and more willing
to remunerate them. The acquisition of clients and customers is
regulated by this principle. It is still more apparent in the case of
the Basque Giant and Tom Thumb, who lived by the simple exhibition
of their exceptional stature, and reap a much better harvest, from
the curiosity of the numerous and wealthy crowds of our large towns,
than from that of a few poor and straggling villagers. In this case,
demand not only enhances value, it creates it. Why, then, should
we think it exceptional or unjust that demand should also exert an
influence on the value of land and of agricultural products? [p285]
Is it alleged that land may thus attain an exaggerated value? They
who say so have never reflected on the immense amount of labour
which arable land has absorbed. I dare affirm, that there is not a
field in this country which ‹is worth› what it has cost, which could
be exchanged for as much labour as has been expended in bringing
it to its present state of productiveness. If this observation is
well founded, it is conclusive. It frees landed property from the
slightest taint of injustice. For this reason, I shall return to the
subject when I come to examine Ricardo’s theory of Rent, and I shall
show that we must apply to agricultural capital the law which I have
stated in these terms: In proportion as capital increases, products
are divided between capitalists or proprietors and labourers, in such
a way that the ‹relative› share of the former goes on continually
diminishing, although their ‹absolute› share is increased, whilst the
share of the latter is increased both absolutely and relatively.
Public-domain text, read in full here on John Shaqi.
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