Principles of Political EconomyPerry, Arthur Latham
General
Principles of Political Economy
Perry, Arthur Latham
Economics
It is of great moment to note here, that each of the two parties to an
exchange always has an advantage over the other, either absolute or
relative, in the rendering his own product, whatever it may be, as
compared with his present ability to get directly or through any other
exchange the product he receives in return. Take the example in hand.
Cedars and sandal-wood were natural to Mount Lebanon; there were no
other workmen in those regions of country that could "_skill to hew
timber like unto the Sidonians_"; the Mediterranean afforded a level
and free and easy highway from its northern coast to the Judean
seaport at Joppa; and all these natural and acquired facilities put
King Hiram into a posture of advantage in the rendering of timber, not
only over the Jews, but also over all the other peoples in the basin
of the midland sea. Still this advantage, great as it was, could only
be made a real and palpable gain to themselves, the proprietors of the
timber, by means of some exchange with somebody else, by which some
wants of their own greater than their present want of timber, could
be supplied by means of the timber. They had more of that commodity,
and more skill to fashion and transport it, than their present and
immediately prospective needs could make use of; and the only way in
which they could practically avail themselves of their advantages,
was, to sell their surplus timber and buy with it something that they
needed more. Otherwise their very advantage perished with them. God
has scattered such a diversity of blessings and capacities and
opportunities over the earth on purpose, that, through traffic, on
which his special benediction rests, the good of each part and people
may become the portion of other parts and peoples.
Public-domain text, read in full here on John Shaqi.
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