106 POLITICAL ECONOMY. 



have been impoverished, and impoverished when it 

 was expected they would have been enriched. 



Economy. 



Statesmen, says Mr. Burke, before they value 

 themselves on the relief given to the people by the 

 destruction of the revenue, (by taking off taxes,) 

 ought first to have carefully attended to the solution 

 of this problem ; viz. 



Whether it be more advantageous to the people 

 to pay considerably, and to gain in proportion, or to 

 gain little or nothing, and to be disburthened of 

 contribution ? 



Free Trade. 



Whilst all our merchants and manfacturers are 

 clamorous for a free trade and an open market, not 

 one of them is willing to surrender to foreigners any 

 restrictions in favour of their own commodities ; but 

 is it for a moment to be expected that foreign nations 

 will accede to a treaty under such unequal circum- 

 stances ? 



Old and New Schools of Political Economy. 



The new school supposes that the mass of commo- 

 dities obtained by the same quantity of labour, 

 remains always substantially of the same value, and 

 that the variations of profit are determined by the 

 variations in this same quantity of labour. 



On the other hand, Adam Smith and Mr. Malihus 

 suppose that the value of the same quantity of labour 

 remains substantially the same, and that the variations 

 of profit are determined by the variations in the value 

 of the commodities produced by this quantity of la- 

 bour. 



In the one case the varying value of labour is 

 considered as the great moving principle in the pro- 



