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 – James Stewart – Google Books

Other and more general parallels are to be observed in Steuart’s awareness of the potential for economic growth and in his appreciation of the contribution made to the process by international trade. The money gatherers are become more useful to princkples, than the great lords; and those who are fertile in expedients for establishing public credit, and for drawing money from the coffers of the rich, by the imposition of taxes, have been preferred to the most wise and most learned counsellors.

This page has been accessed 3, times. James SteuartAdam Smithpolitical economytheory of populationmode of subsistenceauthoritysubordinationpriceseconomic growthinternational trade. Steuart’s Inquiry was not a best-seller – principls it was well-received by critics, and was part of the reason he was finally granted a full pardon on December 23, curiously, sixty years earlier, another Scottish outlaw, John Lawhad also attempted a “practical” economic treatise in the hopes of earning himself a pardon – albeit Law did not succeed.

Now the use of dependences, I have said, is to form a band of society, capable of making the necessitous subsist out of the superfluities of the rich, and to keep mankind in peace and harmony with one another.

If this does not transmit an idea of happiness, I am at a loss to form one.

An Inquiry into the Principles of Political Economy

This surely is the highest degree of dependence. In countries where the government is vested in the hands of the great lords, as is poljtical 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.


Every freeman in the state was bred up from his infancy to arms. As these terms are both relative, it is proper to observe, that by subordination politcal implied an authority which superiors have over inferiors; and by economg, is implied certain advantages which the inferiors draw from their subordination: From this a new set of inconveniences follow.

Papers Relating to Adam Smith. The multiplicity and variety of employments among us, makes it absolutely necessary to trust the parents with the education of their children; whereas in Sparta, there were not two employments for a free man; there was neither orator, lawyer, physician, or politician, by profession to be found. That son, who called himself Denham in England and Steuart in Scotland, edited his father’s complete works, was a Member of Parliamentand an officer, Colonel of the Scots Greys.

The general society of mankind treated of in the first book, is here in a manner divided into two: Fourthly, When, on the other hand, the annual produce of industry consumed in a country, does not amount to the value of the income of those who do not work, the balance of income saved; must either be locked up in chests, made into plate, lent to foreigners, or fairly exported as the price of foreign consumption. And what country could defend itself against the attack of such an enemy?

Matter of fact, which is stronger than all reasoning, demonstrates the force of the principle here laid down. Preliminary Reflections upon inland Commerce Chap.

He also introduced the concept of diminishing returns to land. I think I ja,es decide, that so far as the subordination is in proportion to the dependence, sofar it is reasonable and just. On his death, both baronetcies went to a cousin, a grandson of a younger son of the Lord Advocate, who died insince when they have been dormant.

James Steuart (economist)

And so no doubt they did. As Smith appears to have thought that Steuart’s conversation was better than his book, he probably wished to keep clear of controversy with him. May I be allowed to transgress the limits of principlws subject for a few lines, and to dip so far into the principles of the law of nature, as to enquire, how far subordination among men is thereby authorized?

For although every man was fed from his own lands, and provided his own portion, yet this portion was regulated, and was to be consumed in public; and any one who pretended to eat alone, or before he came to the public hall, was held in the utmost contempt.

If he destroys all arbitrary dependence between individuals, the wealth of the industrious will share, if not totally root out the power of the grandees. Classical, Early, and Medieval Poetry and Poets: Read volume two of this book in Google Books. And when the Helotes increased too much, and thereby began to rise above the proportion of the labour required of them, in order to prevent the consuming the food of their masters, which they had in their hands, and thereby becoming idle, licentious, and consequently dangerous to the state, it was permitted to destroy them by way of a military exercise, conducted by stratagem and address; arts which this people constantly preferred in war, to labour, strength and intrepidity.


These are lawful pursuits among men, when purchased by success in so laudable an emulation. The consumers can live without employment, the producers cannot. Although often regarded as part of the Scottish Enlightenment which produced David Hume and Adam SmithSteuart’s economics hark back to the earlier Mercantilist era.

Money, they found, must carry off the fasces, sicso they chose rather to adopt the wealthy plebeians, and to clothe ignoble shoulders with their purple mantle, than to allow these to wrest all authority out of the hands of the higher class.

Some even considered it to be one of the first full-fledged economics treatises to appear anywhere.

Some kingdoms have been quit for a bloody rebellion or a long civil war. Politicap natural inference that people drew from such a step, was, that the minister thereby intended to make every thing depend on the prince’s will only.

It was in honour of the Lord Advocate, but while the Oxford Dictionary of National Biography twice says it was conferred on him inthe Oplitical Baronetcy says it was given to his son, the future Solicitor General, ineconnomy the occasion of the son’s marriage, in the father’s lifetime.

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. But habit is all in things of this kind. Beer “Early British Economics: Secondly, As the former become frugal and oeconomical, the latter languish; when those begin to hoard, and to adopt a simple life, these are extinguished: But were there no poliitical demand at all, there would be no occasion for any standard, and the nation’s wealth would thereby circulate only with greater or less rapidity in proportion as prices might rise or fall.