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and water-spouts , those actions of men of which we see not the springs , are uncertain ; and the yaribufc degrees 6 f tftifceftain ^ c ^ ^ # ^ ak > TOUs class of WivsicMevi ^ ty ; 7 <> ! ; " ? ' / -i ¦» .
Tfi ^ c&rifes |) i 6 rid ^ i ^ e betaken t | ie , eve $ tis 3 of ^ % e fourth classes ^ equally complete , ^ Thfe j tptl iof ^ ie husbandman jnay " jbsanticipated with jtfje return oirthe spring , ^ jtp ofigii we knqw not the detail of his labours * Med will eat and slee ^ p ^ during the next year , we are assured ;¦ ¦ though at what hours , and wj ^ hwha $ individualexceptions , we cannot declare .
The illustrations of the doctrine in question in the si ^ th ehajjter are &o apt and beautiful , that we cannot help making a loftg exttfaict : , " The principal illustration , howeiver , which I have to adduce tori this subject ^ is the science of political economy , Especially as it wiH ^ tfbrd , at tie sarae time , an oppoTttmit y of exhibiting the real Basis of this science :, ' M / ISbli has not ^ perhaps , tee&& § m \ y understood , even by sottfe of tliose whb have bp ^ h successful in the discovery and elucidation of ittf truths . - - * •> .-. ;• = of
** The principle which is at the bottom of all the reasonti ^ s pQl ^ tical eeoht > my , is in fact the uniformity with which visible or assignable circpDi-8 tdni ? es derate on the human will . It is , for exxticipie , MA &owk i ^ feooks en tbis subject , that if a Community can pureliaie any ^ oxttmo ^ ity M % & § r berm& at one market than another , they will report to l ^ ie c ^ iealrer f hiai *^ ; Eiadipsu this proposition an economist builds a large superstructure of argu mG&i * i without the least doubt as to the foundation on which it rests , and
CQnfidently predicts what will be the conduct of this or that nation to whim such a choice of markets is offered . The result thus predicted is made up of t ^ ie actions of individuals , all of whose minds are determined by this assignatnt ciriMnistadee . , 5 ^ AddtiHerfTiiiciplts 6 f political eT ^ onomy is , that where comp ^ titipn Is : t |) 5 t Open ^ there is a certain equality takes plac e in the profits of the various branches of commerce . It anyone branch becomes mucH mtifce itkbVa ^ titb than the rest , a flow of capital to that department soon restores the e ( pntibrium . This principle is explained by Adam . Smith in the case of the
b ^ der . " CWhicIi passage we must however omit . ) - ** Now , when Dr . Smith asserts that the trade of a builder , under tkte circumstances supposed , will draw capital from other trades , he is not stating ai jphysical fact whichi will take place in consequence of some materiat atfcracfldti ; Mt h&id laying down a result which will ensue from tne Sn ^ ngr ^ i cijyies df the human mirid , or , in other words ' , from inQtivfes dctiftf o ^ ^ (^ ietjr vnth ^^ rtainty « li * d precision . The secession of capital frtfni' otter t ^ aael ' is not a mechanical effect , like the motion of water to its level , but the
coiiseauence of a number of voluntary actions . It is an event- < vhich i » pfrotlitced through the medium of the wills of human beings ; although weTeasoft upon it with as miicl j certainty as on the tendency of water to an equilibrium 3 . ' '' * Jri employing' sucn figurative expressions as these , in exalting trade and capital into spontaneous ag-ents , and in vesting ; them with certain qualities knd WehtiBn * 6 fes , W 'Utb apt to be d ^ ceiv ^ d By purowa lantfuage , io lmftg ^ P tMlWltofeiiMa mi whole ? of themth , aid to fete sy ^^ ollp ^ omm ^ - tftl o ^ ratio ^ concerned ia the Result wticH we so ^ concMely expFe 4 % d us vVhicli
reflect for a moment on aU the inteliecttiat hiid rfl ^ ril proc ^ ss ^ M W under the metaphorical Qeseription of the trade of a builder draiviiig- ( itfp itat frijmir other traces . Tp produce ( his feeulfc ^ th ^ fa ^ t must transpi ^ that the traq ^ Ja mojre thani orainaidlylueriitive t tbj 8 ci ^ m ^ nc ^ i ^ d ^ eMlte the cmjjdijty or emulation , of a nttm , ber of individudk ^ these individuals ' nwat ^ dAe ^ tp $£ i ) jg ^^ p i f ^ efi % or , propriety of embarking- hi it ; they niust in aolnr wlnclr , tney win . proDatjlv have to enter ^ intQ barfifains , maKe Hmsi dtmA / ^ a ' fi * ErW a ftSdfWW ^
Untitled Article
634 Essays on the Pursuit of Truth .
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Citation
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Monthly Repository (1806-1838) and Unitarian Chronicle (1832-1833), Sept. 2, 1829, page 634, in the Nineteenth-Century Serials Edition (2008; 2018) ncse.ac.uk/periodicals/mruc/issues/vm2-ncseproduct2576/page/34/
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