Principles of Political EconomyPerry, Arthur Latham
General
Principles of Political Economy
Perry, Arthur Latham
Economics
(3) _Introspection._ Everybody buys and sells, and almost everybody
watches the action of his own mind enough to see what are his
_motives_ in buying and selling, and soon comes to know also that the
other party has corresponding motives. Even the child knows perfectly,
that it takes two to make a bargain, that each party renders
something to the other, that each is glad to part with something for
the sake of receiving something from the other, and that this higher
esteem put by each on what is taken from the other makes for each the
gain of the trade. A very little introspection tells anybody, that
were this higher esteem wanting in the minds of either of the two, the
trade would not take place at all. Everybody within the pale of
_compos mentis_ knows, that, were his own desire for the rendering of
another to increase, he himself would offer more of his own rendering
rather than forego the trade; and he rightly infers, that what is true
of himself is true of all other men; and so, every seller rightly
tries to display his wares in such a way as to increase the desire of
buyers for them; knowing full well from his own experience in buying
that, other things being equal, they will be willing to render him
more for them in consequence.
The phrase above, "rightly infers," is based upon the truth, that all
men are remarkably alike in certain great departments of action; and
that, in no department are they so nearly alike as in this of buying
and selling. Introspection, therefore, an easy self-knowledge open to
all persons alike, and a personal experience in these matters that
everybody gains, give most trustworthy answers to Inductive inquiry
along these lines. Trade is natural and gainful, as any person can
see, who stops to ask himself why he has made, or is about to make, a
given trade; and if natural and gainful to _him_, equally so for
precisely the same reasons to the party of the other part; hence no
law or encouragement is needed to induce any persons to enter upon
traffic; and any law, or artificial obstacle, that hinders any two
persons from trading, who would otherwise trade, not only interferes
with an inalienable right that belongs to both, but also destroys an
inevitable gain that would otherwise accrue to both. Political
economy is very fortunate, accordingly, in being able to make its
appeal to the common sense of all men, giving sound starting-points
through self-knowledge possessed by all men, guiding to safe steps by
means of Induction all who like to generalize and prove, and
especially breaking up current fallacies by asking the potent
question, "How would you like it yourself?"
Public-domain text, read in full here on John Shaqi.
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