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Extra info for A Treatise on Political Economy or the Production, Distribution and consumption of Wealth

Sample text

It is not sufficient to set out from facts; they must be brought together, steadily pursued, and the consequences drawn from them constantly compared with the effects observed. The science of political economy, to be of practical utility, should not teach, what must necessarily take place, if even deduced by legitimate reasoning, and from undoubted premises ; it must show, in what manner that which in reality does take place, is the consequence of other facts equally certain. It must discover the chain which binds them together, and always, from observation, establish the existence of the two links at their point of connexion.

Such are the principal imperfections of the Inquiry into the Nature and Causes of the Wealth of Nations, in relation to its fundamental doctrines. The plan of the work, or, in other words, the manner in which these doctrines are unfolded, is liable to no less weighty objections. In many places the author is deficient in perspicuity, and the work almost throughout is destitute of method. To understand him thoroughly, it is necessary to accustom one's self to collect and digest his views; a labour, at least in respect to some passages, he has placed beyond the reach of most readers; indeed, so much so, that persons otherwise enlightened, professing both to comprehend and admire his doctrines, have written on subjects he has discussed, namely, on taxes and bank-notes as supplementary to money, without having understood any part of his theory on these points, which, nevertheless, forms one of the most beautiful portions of his Inquiry.

One of the most important portions of Dr. Smith's work is devoted to the refutation of this theory. If he has not particularly refuted Stewart, it is from the latter not being considered by him as the father of his school, and from naving deemed it of more importance to overthrow an opinion, then universally received, than to confute the doctrines of an author, which in themselves contained nothing peculiar. The economists have also pretended, that Dr. Smith •Sir James Stewart, author of a Treatise on Political Economv.

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A Treatise on Political Economy or the Production, Distribution and consumption of Wealth by Say J.-B.


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