Difference between revisions of "Inquiry into the Principles of Political Oeconomy"

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===by Sir James Steuart===
 
===by Sir James Steuart===
 
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<blockquote> Steuart was a supporter of mercantilism, the theory that the prosperity of a nation is dependent upon its supply of capital, and that the global volume of trade is static. Steuart and followers of mercantilism believe that government should assume a protectionist role in the economy, by encouraging exports and discouraging imports, especially through the use of tariffs. <ref> Blaug ''Great Economists before Keynes'' pp.241-242; Einaudi 1527; Goldsmiths' 10276; Kress 6498; Palgrave III, pp.475-476; Schumpeter ''History of Economic Analysis'' p.176 </ref> </blockquote>
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Sir James Steuart (1713-1780) was a noted Scottish economist who made exceptional contributions to economic theory. Steuart was considered a pioneer of early economics, and was the first author to use the term “political economy” in the title of a book.<ref>Andrew S. Skinner, [http://www.oxforddnb.com.roxy.wm.edu/view/article/7478 "Steuart , Sir James, of Coltness and Westshield, third baronet (1713–1780)"], ''Oxford Dictionary of National Biography'', Oxford University Press, 2004; online edn, May 2006, accessed 26 September 2013. (Subscription required for access.)</ref> In his book ''An Inquiry into the Principles of Political Economy'', he explained the term as:
  
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<blockquote> In the Principles, Steuart made notable contributions to economic theory: the historical analysis of the origins of the exchange economy, where he (like Adam Smith) was influenced by David Hume; to the theory of economic development with its emphasis on the importance of interdependent sectors; to the theory of competitive price, and, most notably, to the treatment of money and banking, where he showed his appreciation of banks as a means of mobilizing resources in countries undergoing the process of institutional, as well as economic, change. But it should be recalled that the first two books of the Principles had been completed in Germany by the summer of 1759; that is, prior to the dissemination of the physiocratic macro-economic model of a system using capital, later supplemented by a clear distinction between factors of production and categories of return. But despite detailed changes to the 1767 edition, most of which were incorporated in his collected Works (1805), and now in the 1998 edition, Steuart did not fundamentally change his approach, perhaps because he believed that the model of ‘primitive accumulation’ continued to be relevant to the circumstances which he had encountered in Europe. <ref> Andrew S. Skinner, ‘Steuart , Sir James, of Coltness and Westshield, third baronet (1713–1780)’, Oxford Dictionary of National Biography, Oxford University Press, 2004; online edn, May 2006 [http://www.oxforddnb.com/view/article/7478, accessed 11 June 2013] </ref> </blockquote>
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<blockquote>[just as] economy in general [is] the art of providing for all the wants of a family, [so the science of political economy] seeks to secure a certain fund of subsistence for all the inhabitants, to obviate every circumstance which may render it precarious; to provide everything necessary for supplying the wants of the society, and to employ the inhabitants ... in such manner as naturally to create reciprocal relations and dependencies between them, so as to supply one another with reciprocal wants.<ref>Sir James Steuart ([1767, 1770] 1966). ''An Inquiry into the Principles of Political Oeconomy: Being An Essay on the Science of Domestic Policy in Free Nations'', v. 1, [title page] and pp. 2-3], Oliver and Boyd for the Scottish Economic Society, pp. 15, 17, as quoted in Peter Groenwegen (1987 [2008]), "'political economy' and 'economics'," ''The New Palgrave: A Dictionary of Economics'', v. 3, p. 905.</ref></blockquote>
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Steuart wrote from the point of view of a moderate mercantilist. At the time it was published, ''An Inquiry into the Principles of Political Economy'' was considered to be the most complete and systematic survey of political economy that had ever been written in England. Some even considered it to be one of the first full-fledged economics treatises to appear anywhere.<ref>Skinner, "Steuart, Sir James."</ref>
  
 
==Bibliographic Information==
 
==Bibliographic Information==
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'''Author:''' Sir James Steuart, (1713-1780)
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'''Author:''' Sir James Steuart.
  
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'''Title:''' An Inquiry Into The Principles Of Political Oeconomy: Being An Essay On The Science Of Domestic Policy In Free Nations, In Which Are Particularly Considered Population, Agriculture, Trade, Industry, Money, Coin, Interest, Circulation, Banks, Exchange, Public Credit, And Taxes
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'''Title:''' ''An Inquiry Into The Principles Of Political Oeconomy: Being An Essay On The Science Of Domestic Policy In Free Nations, In Which Are Particularly Considered Population, Agriculture, Trade, Industry, Money, Coin, Interest, Circulation, Banks, Exchange, Public Credit, And Taxes''.
  
 
'''Published:''' London: Printed for A. Millar and T. Cadell, in the Strand, 1767.  
 
'''Published:''' London: Printed for A. Millar and T. Cadell, in the Strand, 1767.  

Revision as of 19:15, 26 September 2013

by Sir James Steuart

Sir James Steuart (1713-1780) was a noted Scottish economist who made exceptional contributions to economic theory. Steuart was considered a pioneer of early economics, and was the first author to use the term “political economy” in the title of a book.[1] In his book An Inquiry into the Principles of Political Economy, he explained the term as:

[just as] economy in general [is] the art of providing for all the wants of a family, [so the science of political economy] seeks to secure a certain fund of subsistence for all the inhabitants, to obviate every circumstance which may render it precarious; to provide everything necessary for supplying the wants of the society, and to employ the inhabitants ... in such manner as naturally to create reciprocal relations and dependencies between them, so as to supply one another with reciprocal wants.[2]

Steuart wrote from the point of view of a moderate mercantilist. At the time it was published, An Inquiry into the Principles of Political Economy was considered to be the most complete and systematic survey of political economy that had ever been written in England. Some even considered it to be one of the first full-fledged economics treatises to appear anywhere.[3]

Bibliographic Information

Author: Sir James Steuart.

Title: An Inquiry Into The Principles Of Political Oeconomy: Being An Essay On The Science Of Domestic Policy In Free Nations, In Which Are Particularly Considered Population, Agriculture, Trade, Industry, Money, Coin, Interest, Circulation, Banks, Exchange, Public Credit, And Taxes.

Published: London: Printed for A. Millar and T. Cadell, in the Strand, 1767.

Edition:

Evidence for Inclusion in Wythe's Library

Description of the Wolf Law Library's copy

Bound in contemporary tree calf, rebacked, preserving original gilt spines. Purchased from Donald A. Heald Rare Books.

View this book in William & Mary's online catalog.

=External Links

Volume I:Google Books Volume II:Google Books

References

  1. ↑ Andrew S. Skinner, "Steuart , Sir James, of Coltness and Westshield, third baronet (1713–1780)", Oxford Dictionary of National Biography, Oxford University Press, 2004; online edn, May 2006, accessed 26 September 2013. (Subscription required for access.)
  2. ↑ Sir James Steuart ([1767, 1770] 1966). An Inquiry into the Principles of Political Oeconomy: Being An Essay on the Science of Domestic Policy in Free Nations, v. 1, [title page] and pp. 2-3], Oliver and Boyd for the Scottish Economic Society, pp. 15, 17, as quoted in Peter Groenwegen (1987 [2008]), "'political economy' and 'economics'," The New Palgrave: A Dictionary of Economics, v. 3, p. 905.
  3. ↑ Skinner, "Steuart, Sir James."
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