Political economy has only become a science since it has been confined to the results of inductive investigation.
One product is always ultimately bought with another, even when paid for in the first instance with money.
The quantity of money, which is readily parted with to obtain a thing is called its price.
The sea and wind can at the same time convey my neighbour’s vessel and my own.
With respect to the present time, there are few persons who unite the qualifications of good observers with a situation favourable for accurate observation.
A science only advances with certainty, when the plan of inquiry and the object of our researches have been clearly defined; otherwise a small number of truths are loosely laid hold of, without their connexion being perceived, and numerous errors, without being enabled to detect their fallacy.
The occupation of the stock-jobber yields no new or useful product; consequently having no product of his own to give in exchange, he has no revenue to subsist upon, but what he contrives to make out of the unskilfulness or ill-fortune of gamesters like himself.
It is doubtless very desirable, that private persons should have a correct knowledge of their personal interests; but it must be infinitely more so, that governments should possess that knowledge.
The government has, in all countries, a vast influence, in determining the character of the national consumption; not only because it absolutely directs the consumption of the state itself, but because a great proportion of the consumption of individuals is gained by its will and example.
But what must be the character of that policy, which aims at national prosperity through the impoverishment of a large proportion of the home producers, with a view to supply foreigners at a cheaper rate, and give them all the benifet of the national privation and self denial?
And let no government imagine, that, to strip them of the power of defrauding their subjects, is to deprive them of a valuable privilege. A system of swindling can never be long lived, and must infallibly in the end produce much more loss than profit.
At Newfoundland, it is said, that dried cod performs the office of money.
The ancients, by their system of colonization, made themselves friends all over the known world; the moderns have sought to make subjects, and therefore have made enemies.
The difficulty lies, not in finding a producer, but in finding a consumer.
No human being has the faculty of originally creating matter, which is more than nature itself can do. But any one may avail himself of the agents offered him by nature, to invest matter with utility.
The wants of mankind are supplied and satisfied out of the gross values produced and created, and not out of the net values only.
What would people think of a tradesman, that was to give a ball in his shop, hire performers, and hand refreshments about, with a view to benefit his business?
A nation or an individual, will do wisely to direct consumption chiefly to those articles, that are longest time in wearing out, and the most frequently in use.
The love of domination never attains more than a factitious elevation, that is sure to make enemies of all its neighbours.
The United States will have the honour of proving experimentally, that true policy goes hand in hand with moderation and humanity.
I have made no distinction between the circulation of goods and of money, because there really is none.