The Principles of Political Economy: With a Sketch of the Rise and Progress of the Science
W. and C. Tait, 1825 - Economics - 423 pages
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Common terms and phrases
able accumulation additional advantage agriculture amount average become branch capital capitalists carried cause cent circumstances classes cloth comforts commodities compared condition consequence considerable considered continue corn cost cottons cultivation demand depend determine diminished Dr Smith duce durable effect employed employment enable engaged England equal exchangeable value existence expence extent fall fertility foreign give given greater hand immediate important improvement increase individual industry land less limited machinery machines manufactures means natural necessary never observed obtain obvious occasion operation particular period plain poor population portion possessed principle produce proportion quantity of labour quarters raised rate of profit rate of wages raw produce reason reduced regulated render rent respect rise says society soils subsistence sufficient supply supposed thing tion trade true variations wants wealth whole yield
Page 130 - The statesman, who should attempt to direct private people in what manner they ought to employ their capitals, would not only load himself with a most unnecessary attention, but assume an authority which could safely be trusted, not only to no single person, but to no council or senate whatever, and which would nowhere be so dangerous as in the hands of a man who had folly and presumption enough to fancy himself fit to exercise it.
Page 405 - In the same class must be ranked, some both of the gravest and most important, and some of the most frivolous professions: churchmen, lawyers, physicians, men of letters of all kinds; players, buffoons, musicians, opera-singers, opera-dancers, &c.
Page 342 - By necessaries I understand not only the commodities which are indispensably necessary for the support of life, but whatever the custom of the country renders it indecent for creditable people, even of the lowest order, to be without.
Page 196 - The germs of existence contained in this earth, if they could freely develop themselves, would fill millions of worlds in the course of a few thousand years. Necessity, that imperious, all-pervading law of nature, restrains them within the prescribed bounds.
Page 262 - If among a nation of hunters, for example, it usually costs twice the labour to kill a beaver which it does to kill a deer, one beaver should naturally exchange for or be worth two deer. It is natural that what is usually the produce of two days or two hours labour should be worth double of what is usually the produce of one day's or one hour's labour.
Page 403 - Parsimony, by increasing the fund which is destined for the maintenance of productive hands, tends to increase the number of those hands whose labour adds to the value of the subject upon which it is bestowed.
Page 63 - Labour was the first price, the original purchasemoney that was paid for all things. It was not by gold or by silver, but by labour, that all the wealth of the world was originally purchased...
Page 153 - If this capital is divided between two different grocers, their competition will tend to make both of them sell cheaper, than if it were in the hands of one only ; and if it were divided among twenty, their competition would be just so much the greater, and the chance of their combining together, in order to raise the price, just so much the less.
Page 286 - ... is always regulated, not by the less quantity of labour that will suffice for their production under circumstances highly favourable, and exclusively enjoyed by those who have peculiar facilities of production; but by the greater quantity of labour necessarily bestowed on their production by those who have no such facilities; by those who continue to produce them under the most unfavourable circumstances; meaning — by the most unfavourable circumstances, the most unfavourable under which the...
Page 405 - The labour of some of the most respectable orders in the society is, like that of menial servants, unproductive of any value, and does not fix or realize itself in any permanent subject, or vendible commodity, which endures after that labour is past, and for which an equal quantity of labour could afterwards be procured. The sovereign, for example, with all the officers both of justice and war who serve under him, the whole army and navy, are unproductive labourers. They are the servants of the public,...