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Sir James Steuart, 3rd Baronet of Goodtrees and eventually 7th Baronet of Coltness; late in life In Steuart published An Inquiry into the Principles of Political Economy, the first book by a Scottish economist with ‘political economy’ in the. An Inquiry Into the Principles of Political Economy, Volume 1. Front Cover · James Steuart. Being an , Volume 1 · Sir James Steuart Full view – . An Inquiry Into the Principles of Political Economy, Volume 1. Front Cover. James Stewart. Being an , Volume 2 · Sir James Steuart Full view –

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An Inquiry into the Principles of Political Economy

Miscellaneous Questions and Observations relative to Trade and Industry. I ask, what confederacy among the modern European Princes, would carry on a successful war steuarg such a people?

Luxury still tends as much as ever to the advancement of jame, the statesman’s business only is, to remove the seat of it from his own country. There luxury was looked on with a favourable eye, and every augmentation jsmes superfluity was considered as a method of advancing population. Monarchy conveys the idea of the greatest inequality possible.

And, last of all, he must exonomy his own people with a spirit of emulation in the exercise of frugality, temperance, oeconomy, and an application to labour and ingenuity. A general View of the Principles to be attended to by a Statesman, who resolves to establish Trade and Industry upon a lasting Footing Chap.

Farther, were every one of the society in the same pursuit after industry, there would be no occasion for the public to be laid under contribution for advancing the general welfare; but as there is principlea a part employed in enriching the state, by the sale of their work to strangers, and a part employed in making these riches circulate at home, by the consumption of superfluities, I think it is a good expedient to throw a part of domestic circulation into the public coffers by the name of taxes; that when the consequences of private wealth come necessarily to raise prices, a statesman may be enabled to defray the ot of bounties upon that part which can be exported, and thereby enable the nation to continue to supply foreigners at the same price as formerly.

I shall now give a short sketch of the general principles upon which a system of foreign trade may be established, and preserved as long as possible; and of the methods by which it may be again recovered, when, from the econlmy advantages and superior ability of administration in rival nations, not from vices at home, a people may have lost for a time every advantage they used to draw from their foreign commerce.

James Steuart (economist) – Wikipedia

I proceed no farther in the examination of this matter: When he died, three years later, inthe Denham baronetcy became extinct; he also left his property, including the estate of Westshield, to Sir James Steuart, who then assumed the name of Denham, although he was not descended from. When the Seven Years’ War broke out inSteuart, as a British national, felt uncomfortable in France and moved to Brussels Austrian Netherlands, a neutral territory.


Let him engage the whole proprietors of land to renounce their several possessions: This creates separate interests among nations, and every one must be supposed to be under the government of a statesman, who is wholly taken up in advancing the good of those he governs, though at the expence of other societies which lie round him. May I be allowed to say, that, perhaps, one principal reason for this has been, that under these forms the administration of the laws has been the most uniform, and consequently, that most liberty has actually been there enjoyed.

Sir James Steuart, The rich, therefore, of a trading state must not be allowed to increase their consumption of superfluities to the full proportion of the constant supply; because an ample surplus must remain for exportation; and the only way to prevent foreigners from supplying themselves, is to prevent prices from getting up beyond the standard, at which these foreigners can produce them.

The consumers can live without employment, the producers cannot. The Wolf Law Library purchased a copy of the first edition. Insufficiency of temporary Credits for the Payment of a wrong Balance Chap.

Of Banks of Deposit and Transfer Chap. When he arrived in Scotland inhis Book IV on credit was still being researched. A System of Social Science: If the failure of foreign demand be found to proceed from the superior natural advantages of other countries, he must double his diligence to promote luxury among his neighbours; he must support simplicity at home; he must increase his bounties upon exportation; and his expence in relieving manufactures, as oft as the price of their industry falls below the expence of their subsistence.

Contents next chapter Political Economy Archive. All these violent convulsions have been owing to the short-sightedness of statesmen; who, inattentive to the consequences of growing wealth and industry, foolishly imagined that hereditary subordination was to subsist among classes, whose situation, with respect to each other, was entirely changed.

I am persuaded that many a young person has felt her modesty as much hurt by taking off her handkerchief, the first time she appeared at court, as any Lacedemonian girl could have done by stripping before a thousand people; yet both her reason and common sense, must make her sensible of the difference between a compliance with a custom in a matter of dress, and a palpable transgression against the laws of her honour, and the modesty of her sex.

Steuart juggled two interesting theories of price — a long-run, quasi- Marxian labor theory of value and a short-run “demand-and-supply” theory. His strange activities alarmed the French authorities, who suspected he might be passing military intelligence to the British government, and he was briefly arrested and his home ransacked.

What people could ever think of attacking the Lacedemonians, where nothing but blows could be expected? For this reason nothing can appear more inconsistent than the spirit which runs through some parts of this book, if compared with that which prevailed in the first.

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If it be true, that superfluity, intemperance, prodigality, and idleness, qualities diametrically opposite to the former, corrupt the human mind, and lead to violence and injustice; is it not very wisely calculated by the Author of all things, that a sober people, living under a good government should, by industry and moderation, necessarily acquire wealth, which is the best means of warding off the violence of those, with whom they are bound in the great society of mankind?

Oliver and Boyd for the Scottish Economic Society. As the Lacedemonians had no mercantile communications with other nations, the iron coin was no more than a bank note of no intrinsic value, as I suppose, but a middle term introduced for keeping accounts, and for facilitating barter.

In countries where the government is vested in the hands of the great lords, as is the case in all aristocracies, as was the case under the feudal government, and as it still is the case in many countries in Europe, where trade, however, and industry are daily gaining ground; the statesman who sets the new system of political oeconomy on foot, may depend upon it, that either his attempt will fail, or the constitution of the government will change.

Volume 30 International Publishers: Continuation of the Account of Law’s Bank Chap.

First, He who depended upon another, for the preservation of a life justly forfeited, and at all econimy in the power of him who spared it, was, by the civil law, called a slave. The 3rd Baronet of Goodtrees, however, eventually sold the estate principples Goodtrees after he returned from France. Those who look into events with a political eye, may perceive several acts of the most arbitrary authority exercised by some late European sovereigns, with no other view than to establish public liberty upon a more extensive bottom.

Steuart also provided one of the more able statements of the real bills doctrine of money.

An Inquiry into the Principles of Political Economy by James Steuart

Sir James Steuart — was a noted Scottish economist who made exceptional contributions to economic theory. Whether this indeterminate subordination between individuals, be a vice in the constitution of the government, or an abuse, it is the same thing as to the consequences which result from it.

Retrieved from ” https: The numbers of these could not be many, as the timber of their houses was worked with the saw and axe only; and every utensil was made with the greatest simplicity. It was consequently very natural jamws the nobility to be jealous of wealthy merchants, and of every one who became easy and independent by means of his own industry; experience proved how exactly this principle regulated their administration.