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Updated: October 29, 2025
Toil, toil!" Man's destiny pushes him to happiness: that is why it denies him rest. Finally, interest on money is the condition of capital's circulation and the chief agent of industrial solidarity. This aspect has been seized by all the economists, and we shall give it special treatment when we come to deal with credit. I have proved, and better, I imagine, than it has ever been proved before:
Had the celestial mine been easier to reach, perhaps they would have removed more, or, possibly, their political economists perfectly understood the necessity of properly controlling the amount of precious metal in circulation.
Again, he was full of reverence for science and scientific men, and specially for political economy and economists, and desired eagerly to stand well with them. And it was a most bitter trial to him to find himself not only in sharp antagonism with traders and employers of labour, which he looked for, but with these classes also.
But the publication of a return containing a complete list of sinecure offices and pensions was turned to good account by the economists, and produced an outburst of public indignation, which was by no means unreasonable.
But Madame de Pompadour is a great historical personage, because with her are identified the fall of the Jesuits in France, the triumph of philosophers and economists, the disgrace of ministers, and the most outrageous prodigality which ever scandalized a nation. Louis XV. was almost wholly directed by this infamous favorite.
But everywhere, too, the progress of wealth that is, the proportionality of values is the dominant law; and when the economists combat the complaints of the socialists with the progressive increase of public wealth and the alleviations of the condition of even the most unfortunate classes, they proclaim, without suspecting it, a truth which is the condemnation of their theories.
On the falling off of the revenue, which occurred about this time, he observed that "it stirs up the spirit of economy and retrenchment; and, as the expenditures of the war department are those on which the most considerable saving can be made, at them the economists level their first and principal batteries.
The 'economic man' does not exist in nature; he is a fictitious creature who is responsible for a great deal of social injustice. Some modern economists, like Mr. Hobson, would substitute for the old monetary standards of production and distribution an attempt to estimate the 'human costs' of labour.
The advantage or disadvantage of the presence in a country of a large class of men possessing fortunes far exceeding anything that can really administer to their enjoyment is a question which has greatly divided both political economists and moralists.
Was I wrong in saying, at the beginning of this chapter, that the economists are the very worst authorities in matters of legislation and philosophy?
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