Turgot 1766
“The land has also furnished the whole amount of moveable
riches, or capitals, in existence, and these are formed only
by part of its produce being saved each year.”
riches, or capitals, in existence, and these are formed only
by part of its produce being saved each year.”
“Not only does there not exist nor can there exist any
other revenue than the net produce of lands, but it is also
the land which has furnished all the capitals which make
up the sum of all the advances of agriculture and commerce.
other revenue than the net produce of lands, but it is also
the land which has furnished all the capitals which make
up the sum of all the advances of agriculture and commerce.
It was that which offered without tillage the first
rude advances which were indispensable for the earliest
labors, all the rest is the accumulated fruit of the economy
of the centuries that have followed one another since man
began to cultivate the earth. This economizing has doubtless
taken place not only out of the revenues of the proprietors
but also out of the profits of all the members
of the working classes.
rude advances which were indispensable for the earliest
labors, all the rest is the accumulated fruit of the economy
of the centuries that have followed one another since man
began to cultivate the earth. This economizing has doubtless
taken place not only out of the revenues of the proprietors
but also out of the profits of all the members
of the working classes.
It is even generally true that,
although the proprietors have a greater superfluity, they
save less because as they have more leisure, they have more
desires and more passions, they regard themselves as more
assured of their fortune, they think more about enjoying
it agreeably than about Increasing It luxury is their inheritance.
The wage-receivers, _ and especially the undertakers
of the other classes, who receive profits proportionate
to their advances, to their talent and to their activity,
although they have no revenue properly so called, have yet
a superfluity beyond their subsistence, and almost all of
them, devoted as they are to their undertakings, occupied
in increasing their fortunes, removed by their labor from
expensive amusements and passions, save all their superfluity
to invest it again m their business, and so increase
it.
although the proprietors have a greater superfluity, they
save less because as they have more leisure, they have more
desires and more passions, they regard themselves as more
assured of their fortune, they think more about enjoying
it agreeably than about Increasing It luxury is their inheritance.
The wage-receivers, _ and especially the undertakers
of the other classes, who receive profits proportionate
to their advances, to their talent and to their activity,
although they have no revenue properly so called, have yet
a superfluity beyond their subsistence, and almost all of
them, devoted as they are to their undertakings, occupied
in increasing their fortunes, removed by their labor from
expensive amusements and passions, save all their superfluity
to invest it again m their business, and so increase
it.
Most of the undertakers in agriculture borrow little,
and scarcely any of them seek to make a profitable employment
of anything but their own funds. The undertaker
in other employments, who wish to make their fortune,
stable, also try to get into the same position: and, unless
they have great ability, those who carry on their enterprises
upon borrowed funds run great risk of failing.
and scarcely any of them seek to make a profitable employment
of anything but their own funds. The undertaker
in other employments, who wish to make their fortune,
stable, also try to get into the same position: and, unless
they have great ability, those who carry on their enterprises
upon borrowed funds run great risk of failing.
But, although capitals are partly formed by saving from the
profits of the working classes, yet, as these profits always
come from the earth, inasmuch as they are all paid,
either from the revenue, or as part of the expenditure
which serves to produce the revenue, it is evident that
capitals come from the land just as much as the revenue
does, or, rather, that they are nothing but the accumulation
of the part of the values produced by the land that
the proprietors of the revenue, or those who share it with
them, can lay by every year without using it for the satisfaction
of their wants.”
profits of the working classes, yet, as these profits always
come from the earth, inasmuch as they are all paid,
either from the revenue, or as part of the expenditure
which serves to produce the revenue, it is evident that
capitals come from the land just as much as the revenue
does, or, rather, that they are nothing but the accumulation
of the part of the values produced by the land that
the proprietors of the revenue, or those who share it with
them, can lay by every year without using it for the satisfaction
of their wants.”
JT says: Turgot was a Physiocrat
If you carefully read his conclusion and reflect on the global economy as it mirrors France in his day you will see clear parallels.
If you carefully read his conclusion and reflect on the global economy as it mirrors France in his day you will see clear parallels.
Other comment: “It is even generally true that,
although the proprietors have a greater superfluity, they
save less because as they have more leisure, they have more
desires and more passions, they regard themselves as more
assured of their fortune, they think more about enjoying
it agreeably than about Increasing It”
save less because as they have more leisure, they have more
desires and more passions, they regard themselves as more
assured of their fortune, they think more about enjoying
it agreeably than about Increasing It”
Or it would seem that they think about enjoying it agreeably while increasing it lazily, greedily and short sightedly, without ensuring its long term continuity.
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