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Updated: October 29, 2025
But the economists have erred no less gravely in rejecting a priori, and just because of the contradictory, or rather antinomical, nature of value, every idea and hope of reform, never desiring to understand that, for the very reason that society has arrived at its highest point of antagonism, reconciliation and harmony are at hand.
Nearly three-quarters of a century ago Gobineau prophesied an industrial invasion of Europe from Asia, and of late years economists like H. N. Brailsford have warned against an emigration of Western capital to the tempting lure of factory conditions in Eastern lands. Nevertheless, so far as the Near and Middle East is concerned, nothing like this has as yet materialized.
With modification and embroidery, this pure fiction, used by economists to simplify their thinking, was retailed and popularized until for large sections of the population it prevailed as the economic mythology of the day. It supplied a standard version of capitalist, promoter, worker and consumer in a society that was naturally more bent on achieving success than on explaining it.
Of Socialist teaching I knew nothing, having studied only the older English Economists in my younger days.
The new king almost immediately summoned Turgot, the ablest of the economists, and placed him in the most important of the government offices, that of controller general. Turgot was an experienced government official as well as a scholar. For thirteen years he had been the king's representative in Limoges, one of the least prosperous portions of France.
Similarly, the destruction of the commerce of France 'created her armies. It only transferred men from trade to war, and 'millions of artisans' were 'transformed into soldiers. Pitt was really strengthening when he supposed himself to be ruining his enemy. 'Excrescence' and 'efflorescence' are Chalmers's equivalent for the 'sterility' of the French economists.
Intimately connected with the most esteemed magistrates and economists, such as MM. Trudaine, Quesnay, and Gournay, at the same time that he was writing in the Encyclopaedia, and constantly occupied in useful work, Turgot was not yet five and thirty when he was appointed superintendent of the district of Limoges.
He did not propose any radical methods for dealing with these difficulties, which he thought would diminish in time, without, however, entirely disappearing. He was too deeply imbued with the views of the Economists to be seduced by the theories of Rousseau, Mably, Babeuf, and others, into advocating communism or the abolition of private property.
She orders hardly anything from England, and very little from Germany. Economists hold the customs responsible for these facts, and yet cottons manufactured in Russia are sold at the same price as in London.
The economists seem always to have understood by the measure of value only a standard, a sort of original unit, existing by itself, and applicable to all sorts of merchandise, as the yard is applicable to all lengths. Consequently, many have thought that such a standard is furnished by the precious metals.
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