Lectures On Political Economy volume 1
Lectures On Political Economy volume 1
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P. 131, tenth edition. ] 252 POLITICAL ECONOMY. PART L BOOK I. POPULATION.
would possess of extending his old stock in trade, or of setting up new undertakings. This demand would, of course, raise the price of labour ; but if the yearly stock of provisions in the country was not increasing, this rise would soon turn out to be merely nominal, as the price of provisions must inevitably rise with it. Nothing can be plainer than this, that any general rise in the price of labour, the stock of provi...sions remaining the same, can only be a nominal rise, as it must very shortly be followed by a proportional rise in the necessaries of life.
Something of this kind appears to have taken place, in this island, during the course of the present century, in consequence of a system of policy which has considered manufactures and commerce as ultimate objects, instead of regarding them in their due subserviency to agricultural improvement. The exchangeable value in the market of Europe of the annual produce of our land and labour has increased greatly; but the increase has been chiefly in the produce of labour, and not in the produce of land ; and, therefore, though the wealth of the nation (according to Smith's definition of it) has been advancing rapidly, the effectual funds for the maintenance of labour have been increasing much more slowly, as I shall have occasion to show more fully when I come to consider the state of the poor* These considerations suggest a doubt whether Mr.
What to read after Lectures On Political Economy volume 1?
You can find similar books in the "Read Also" column, or choose other free books by Stewart, Dugald, 1753-1828 to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
P. 131, tenth edition. ] 252 POLITICAL ECONOMY. PART L BOOK I. POPULATION.
would possess of extending his old stock in trade, or of setting up new undertakings. This demand would, of course, raise the price of labour ; but if the yearly stock of provisions in the country was not increasing, this rise would soon turn out to be merely nominal, as the price of provisions must inevitably rise with it. Nothing can be plainer than this, that any general rise in the price of labour, the stock of provi...sions remaining the same, can only be a nominal rise, as it must very shortly be followed by a proportional rise in the necessaries of life.
Something of this kind appears to have taken place, in this island, during the course of the present century, in consequence of a system of policy which has considered manufactures and commerce as ultimate objects, instead of regarding them in their due subserviency to agricultural improvement. The exchangeable value in the market of Europe of the annual produce of our land and labour has increased greatly; but the increase has been chiefly in the produce of labour, and not in the produce of land ; and, therefore, though the wealth of the nation (according to Smith's definition of it) has been advancing rapidly, the effectual funds for the maintenance of labour have been increasing much more slowly, as I shall have occasion to show more fully when I come to consider the state of the poor* These considerations suggest a doubt whether Mr.
What to read after Lectures On Political Economy volume 1?
You can find similar books in the "Read Also" column, or choose other free books by Stewart, Dugald, 1753-1828 to read onlineMoreLess
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