Politicians From England

"Agitate, agitate, agitate."

"I say, Archbishop, all this reforming gives a deuced deal of trouble, eh? eh? I wish they'd let it all alone...I say, Archbishop, what do you think I'd have done about this slavery business, if I'd had my own way? I'd have done nothing at all! I'd have left it all alone. It's all a pack of nonsense! Always have been slaves in all the most civilised countries; the Greeks and Romans had slaves; however, they would have their fancy, and so we've abolished slavery; but it's a great folly."

"By the bye, there is one thing we haven't agreed upon, which is, what we are to say. Is it to make our corn dearer or cheaper, or to make the price steady? I don't care which: but we had better all be in the same story."

"I now, my Lords, frankly declare that I resume office unequivocally and solely for this reason—that I will not abandon my Sovereign in a situation of difficulty and distress, and especially when a demand is made upon her Majesty, with which I think she ought not to comply—a demand, in my opinion, my Lords, inconsistent with her personal honour, and which, if acquiesced in, would make her reign liable to all the changes and variations of political parties, and render her domestic life one constant scene of unhappiness and discomfort."

"I wish I were as cocksure of anything as Tom Macaulay is of everything."

"[T]hough I am ready to consider any measure for the purpose of alleviating that distress, I can never hold forth that this can be produced by changes in the Constitution, or by changing the persons who administer the public affairs. I am greatly opposed to this, because, if the existence of national distress is to be looked on as a reason for organic changes in the Constitution, or in the individuals who compose the Government, there is an end of all stability in public affairs. In every state of the country, I fear it will not be difficult to make out such a case of poverty and suffering, as may upon such principles support an argument for great and immediate alteration. We have lived lately in a time of great change and of many new measures. It is supposed that these measures have produced disappointment, and that the Catholic Emancipation, for instance, has not ended in the tranquillity which was expected from it, and that the Reform-bill has not improved the condition or situation of the people at large, and that those who have recommended these measures do not enjoy with the country the same popularity that they formerly did. How this may be, I know not. But this I do know, that if there is disappointment, it does not arise from the vicious principles, or the ill-working of the measures themselves but from the wild, unfounded, exaggerated expectations of their effects which were indulged in and anticipated. A man does not know himself, nor is he a safe judge of his own conduct. But I believe myself never to have contributed to the raising of these wild and illusory hopes. What I have not done before, I will not do now, because I feel certain that measures from which great, extended, and permanent benefit is intended, will be very likely to terminate in failure, and consequently in general discontent."

"If I'd been Lord Grey, I would have knocked him down."

"My principles are, as I believe, the Whig principles of the revolution. The main foundation of them is the irresponsibility of the crown, the consequent responsibility of ministers, and the preservation of the power and dignity of parliament as constituted by law and custom. With a heap of modern additions, interpolations, facts and fictions, I have nothing to do."

"I don't like the middle classes, the higher and lower classes, there's some good in them; but the middle class are all affectation and conceit and pretence and concealment."

"It is...in my humble opinion, not a desirable thing for us to be dependent for our nourishment on foreign supplies, and I think it would be wise even to sacrifice something of commercial prosperity to the national safety and independence. This...is my strong feeling, and I have great doubt whether our commerce has not been increased by our agricultural prosperity. I entirely agree...that any change in the present system would be an evil."

"[T]he possession of great power necessarily implies great responsibility."

"THe engaged Party have laid the Axe to the very root of Monarchy and Parliaments; they have caſt all the Myſteries and ſecrets of Government, both by Kings and Parliaments, before the vulgar, (like Pearl before Swine) and have taught both the Souldiery and People to look ſo far into them as to ravel back all Governments, to the firſt principles of nature: He that ſhakes Fundamentals, means to take down the Fabrick. Nor have they been careful to ſave the materials for Poſterity. What theſe negative Statiſts will ſet up in the room of theſe ruined buildings, doth not appear, only I will ſay, They have made the People thereby so curious and so arrogant, that they will never find humility enough to submit to a civil rule;; their aim therefore from the beginning was to rule them by the power of the Sword, a military Ariſtocracy or Oligarchy, as now they do. Amongſt the ancient Romans, Tentare arcana Imperii, to prophane the Myſteries of State, was Treaſon; becauſe there can be no form of Government without its proper Myſteries, which are no longer Myſteries than while they are concealed. Ignorance, and Admiration ariſing from Ignorance are the Parents of civil devotion and obedience, though not of Theological."

"May it please your majesty, I have neither eyes to see, nor tongue to speak, in this place, but as the house is pleased to direct me, whose servant I am here; and I humbly ask pardon that I cannot give any other answer to what your majesty is pleased to demand of me."

"As to my body and burial, I do leave it to the disposition and discretion of my executor, hereafter named, but with this special charge, that it be done as privately as may be, without any state, acknowledging myself to be unworthy of the least outward regard in this world, and unworthy of any remembrance, that hath been so great a sinner, and I do further charge and desire that no monument be made for me, but at the utmost a plain stone with this inscription only — Vermis sum. [I am a worm.]"

"God forbid that Judges upon their oath should make resolutions to enlarge jurisdiction."

"There is no instance where men are so easily imposed upon, as at the time of their dying under the pretence of charity."

"I should have all manner of tenderness for the right of the College; they are nurseries of Religion and Learning, and therefore all donations for increase and augmentation of their revenue are to be liberally expounded."

"It is a general rule of Judgment, that a mischief should rather be admitted than an inconvenience."

"He the robe of justice wore, Sully'd not, as heretofore, When the magistrate was sought With yearly gifts. Of what avail Are guilty hoards? for life is frail; And we are judg'd where favour is not bought."

"And grant that a man read all the books of music that ever were wrote, I shall not allow that music is or can be understood out of them, no more than the taste of meats out of cookish receipt books."

"Chance and change are busy ever; Man decays, and ages move; But His mercy waneth never; God is wisdom, God is love."

"In the cross of Christ I glory, Towering o'er the wrecks of time; All the light of sacred story Gathers round its head sublime."

"There are many pharisees in literature as well as in religion, wrapped up in the garments of self-idolatry, and making their very deficiencies the ground of their highest complacency. There are many blind wanderers through unbounded fields of instruction, who can discover nothing but nakedness—nothing but barrenness around them. Fertility itself offers no attractions to them—how much less can they understand the power of that benign principle which makes the waters gush forth, fresh, pure, and sparkling, from the very rocks of the desert."

"Ricardo does understand, and better than Smith, that a good’s price is proportional to its marginal labour cost. But that saves only the face of his verbalistic labour theory of value and not his substantive theory. As soon as changed composition of demand for goods alters endogenously marginal labour embodiments, nothing substantive is left of the labour theory of value."

"Adam Smith had a powerful influence on the history of ideas, ideas of the educated non-economist public and most particularly of governmental policy-makers and their voter constituencies. David Ricardo’s great influence was more narrowly focused on contemporaneous and subsequent economists. Macaulay’s general schoolboy knew The Wealth of Nations but not Ricardo’s Principles of Political Economy. So to speak, Smith paid for his popularity with the lay public by being regarded among professional economists as ‘old hat’ and a bit prosaically eclectic. Ricardo, by contrast, wrote so badly as to provide that quantum of obscurity sufficient to evoke academic attention and overestimation. Karl Marx, it may be said, shared in the Ricardian tradition in more ways than is conventionally recognized. As I reflect back upon what seems to have been a systematic undervaluation of Adam Smith in professional circles of six decades ago, I discern that a major responsibility for this lies with two scholars. It was David Ricardo himself who believed that Adam Smith’s basic system was flawed at its core. Indeed, it was this critical view of Smith that caused Ricardo to write his Principles. The economists’ world, blinded by Ricardo’s reputation for brilliance and unable to recognize in his murky exposition the many non sequiturs contained there, accepted Ricardo’s indictment at its face value. The second authority influential in playing down Smith’s worth was my old master, Joseph Schumpeter. Long before the Harvard days of his greatest reputation, the young Schumpeter’s brilliant German work, Economic Doctrine and Method (1914), had patronized Smith with faint praise. Never did Schumpeter really alter this evaluation, as his posthumous classic of 1954 makes clear. Schumpeter seems to put ahead of Smith as a theorist such predecessors as Cantillon, Hume and Turgot; and subsequent to him, Schumpeter would surely have regarded as Smith’s superiors such diverse scholars as A.A.Cournot, Léon Walras, and (I vaguely remember from Schumpeter’s 1935 Harvard lectures) Alfred Marshall. Whereas Ricardo regarded Smith as having defected from a proper labour theory of value, in Schumpeter’s eyes Smith’s crime was that of mediocrity, lack of originality, and excessive imitativeness. (When my colleague Robert L.Bishop prepared a definitive debunking of Ricardo’s critique of Smith, he informed me that Schumpeter paradoxically proved to be one of the few scholars who correctly recognized Ricardo’s lack of cogency and who defended Smith for his full due.)"

"It is, perhaps, a well founded objection to Mr. Ricardo, that he sometimes reasons upon abstract principles to which he gives too great a generalization."

"Ricardo himself was too conscientious. He hated having to fiddle the assumptions. Right up to his dying day he was looking for the assumption, that would not need to be fiddled."

"Ricardo existed at a particular point when English history was going round a corner so sharply that the progressive and the reactionary positions changed places in a generation. He was just at the corner where the capitalists were about to supersede the old landed aristocracy as the effective ruling class. Ricardo was on the progressive side. His chief pre-occupation was to show that landlords were parasites on society. In doing so he was to some extent the champion of the capitalists. They were part of the productive forces as against the parasites. He was pro-capitalist as against the landlords more than he was pro-worker as against capitalists (with the Iron Law of Wages, it was just too bad for the workers, whatever happened)."

"David Ricardo is without doubt the greatest representative of classical political economy. He carried his work begun by Smith to the farthest point possible without choosing one or the other of the roads which led out of the contradiction inherent in it."

"Ricardo's theory is absolutely right—within its narrow confines. His theory correctly says that, accepting their current levels of technology as given, it is better for countries to specialize in things that they are relatively better at. One cannot argue with that. His theory fails when a country wants to acquire more advanced technologies so that it can do more difficult things that few others can do—that is, when it wants to develop its economy. It takes time and experience to absorb new technologies, so technologically backward producers need a period of protection from international competition during this period of learning. Such protection is costly, because the country is giving up the chance to import better and cheaper products. However, it is a price that has to be paid if it wants to develop advanced industries. Ricardo's theory is, thus seen, for those who accept the status quo but not for those who want to change it."

"Mr. Malthus says, " It has been justly observed by Adam Smith that no equal quantity of productive labour employed in manufactures can ever occasion so great a reproduction as in agriculture. " If Adam Smith speaks of value, he is correct; but if he speaks of riches, which is the important point, he is mistaken; for he has himself defined riches to consist of the necessaries, conveniences, and enjoyments of human life. One set of necessaries and conveniences admits of no comparison with another set; value in use cannot be measured by any known standard; it is differently estimated by different persons."

"It is David Ricardo's unique position in history that he was an innovating force in both capitalist and socialist thought."

"Close on a century after the event, this interpretative error re-evokes the error Marshall made in relation to the theory of Ricardo, and of the classical economists in general. Marshall, as we well know, held that they were aware of only one of the two blades of the scissors determining price –the supply side, but not the demand side. In this case, too, classical analysis was rendered comparable to the analysis in terms of demand and supply equilibrium by introducing the assumption of constant returns. Such an assumption, however, cannot be held to represent a general constitutive element of classical analysis: classical economists had quite different ideas on returns to scale, and moreover conceived them in the context of a dynamic analysis. Let us recall, for example, Smith’s ideas about the relationship connecting division of labour (and hence productivity) to the size of the market, or the role played by decreasing returns in agriculture in the analyses of Malthus, West, Torrens, Ricardo and a host of others. Sraffa, who in his critical edition of Ricardo’s Works and Correspondence had, among other things, also disputed Marshall’s interpretation, foresaw quite clearly that the same error would once again crop up in connection with his own analysis. Indeed, he appeared ready to accept the inevitable, though up to a point."

"The opinions that the price of commodities depends solely on the proportion of supply and demand, or demand to supply, has become almost an axiom in political economy, and has been the source of much error in that science."

"Whether a bank lent one million, ten million, or a hundred millions, they would not permanently alter the market rate of interest; they would alter only the value of the money they issued."

"I have already expressed my opinion on this subject in treating of rent, and have now only further to add, that rent is a creation of value, as I understand that word, but not a creation of wealth."

"The price of corn will naturally rise with the difficulty of producing the last portions of it,..."

"" for price is everywhere regulated by the return obtained by this last portion of capital, for which no rent whatever is paid."

"It has been my endeavour to show in this work that a fall of wages would have no other effect than to raise profits."

"The factors left out of the Ricardian equation are falling wages and idle capacity."

"But it is clear that the price of labour has no necessary connection with the price of food, since it depends entirely on the supply of labourers compared with the demand."

"The demand for money is regulated entirely by its value, and its value by its quantity."

"But a tax on luxuries would no other effect than to raise their price. It would fall wholly on the consumer, and could neither increase wages nor lower profits."

"If English money was of the same value then as before, Hamburgh money must have risen in value. But where is the proof of this?"

"Whenever the current of money is forcibly stopped, and when money is prevented from settling at its just level, there are no limits to the possible variations of the exchange."

"There can be no greater error then in supposing that capital is increased by non-consumption."

"If a tax on malt would raise the price of beer, a tax on bread must raise the price of bread."

"Under a system of perfectly free commerce, each country naturally devotes its capital and labour to such employments as are most beneficial to each. This pursuit of individual advantage is admirably connected with the universal good of the whole. By stimulating industry, by rewarding ingenuity, and by using most efficaciously the peculiar powers bestowed by nature, it distributes labour most effectively and most economically: while, by increasing the general mass of productions, it diffuses general benefit, and binds together, by one common tie of interest and intercourse, the universal society of nations throughout the civilized world."

"If capital freely flowed towards those countries where it could be most profitably employed, there could be no difference in the rate of profit, and no other difference in the real or labour price of commodities, than the additional quantity of labour required to convey them to the various markets where they were to be sold. Experience, however, shews, that the fancied or real insecurity of capital, when not under the immediate control of its owner, together with the natural disinclination which every man has to quit the country of his birth and connexions, and intrust himself with all his habits fixed, to a strange government and new laws, check the emigration of capital. These feelings, which I should be sorry to see weakened, induce most men of property to be satisfied with a low rate of profits in their own country, rather than seek a more advantageous employment for their wealth in foreign nations."

"Every transaction in commerce is an independent transaction."