Principles of Political Economy: Abridged with Critical, Bibliographical, and Explanatory Notes, and a Sketch of the History of Political Economy
John Stuart Mill · en
The land subsists, and the land is almost the only thing that subsists.
Everything which is produced perishes, and most things very quickly. Most
kinds of capital are not fitted by their nature to be long preserved.
Westminster Abbey has lasted many centuries, with occasional repairs; some
Grecian sculptures have existed above two thousand years; the Pyramids
perhaps double or treble that time. But these were objects devoted to
unproductive use. Capital is kept in existence from age to age not by
preservation, but by perpetual reproduction; every part of it is used and
destroyed, generally very soon after it is produced, but those who consume
it are employed meanwhile in producing more. The growth of capital is
similar to the growth of population. Every individual who is born, dies,
but in each year the number born exceeds the number who die; the
population, therefore, always increases, though not one person of those
composing it was alive until a very recent date.
This perpetual consumption and reproduction of capital afford the
explanation of what has so often excited wonder, the great rapidity with
which countries recover from a state of devastation. The possibility of a
rapid repair of their disasters mainly depends on whether the country has
been depopulated. If its effective population have not been extirpated at
the time, and are not starved afterward, then, with the same skill and
knowledge which they had before, with their land and its permanent
improvements undestroyed, and the more durable buildings probably
unimpaired, or only partially injured, they have nearly all the requisites
for their former amount of production. If there is as much of food left to
them, or of valuables to buy food, as enables them by any amount of
privation to remain alive and in working condition, they will, in a short
time, have raised as great a produce, and acquired collectively as great
wealth and as great a capital, as before, by the mere continuance of that
ordinary amount of exertion which they are accustomed to employ in their
occupations. Nor does this evince any strength in the principle of saving,
in the popular sense of the term, since what takes place is not
intentional abstinence, but involuntary privation.