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Review Author(S): Henry Higgs Review By: Henry Higgs Source: the Economic Journal, Vol Review Author(s): Henry Higgs Review by: Henry Higgs Source: The Economic Journal, Vol. 6, No. 24 (Dec., 1896), pp. 608-612 Published by: Wiley on behalf of the Royal Economic Society Stable URL: http://www.jstor.org/stable/2957203 Accessed: 27-06-2016 10:30 UTC Your use of the JSTOR archive indicates your acceptance of the Terms & Conditions of Use, available at http://about.jstor.org/terms JSTOR is a not-for-profit service that helps scholars, researchers, and students discover, use, and build upon a wide range of content in a trusted digital archive. We use information technology and tools to increase productivity and facilitate new forms of scholarship. For more information about JSTOR, please contact [email protected]. Wiley, Royal Economic Society are collaborating with JSTOR to digitize, preserve and extend access to The Economic Journal This content downloaded from 137.99.31.134 on Mon, 27 Jun 2016 10:30:22 UTC All use subject to http://about.jstor.org/terms 608 THE ECONOMIC JOURNAL had come to me, and I thenl determined to devote myself to the construction of a real science of Economics, on the model of the already established physical sciences. Even then, from the study of these works, I could discern from Adam Smith, Ricardo, and especially Whately,-that Economics is in reality the Science of Exchanges or of Commerce, or the Theory of Value.' In short, Air. MacLeod plunged into the middle of the subject, as an almost middle-aged lawyer consulted on a question of banking. Misled by the somewhat egotistical vein which may be traced in all his works, he immediately concluded that those parts of political economy in which he was not interested ought not to be included therein, and consequently proceeded to reject the whole of what is commonly called -production, distribution, and consumption. With a boldness which is magnificent rather than admirable, he asserts that before Say wrote, production meant offering for sale, distribution meant exchange, and consumption meant purchase for use and enjoyment, and he thinks that these meanings ought to be reverted to. Now other economists, even while making value the central pivot of economics, have always realised, more or less, that what people are really interested in is the general laws which govern the quantities of wealth obtained by individuals and communities, and, with occasional abe'rra- tions, have kept this fact in view. To Mr. MacLeod, on the other hand, intent as he is upon exchange and value for their own sake, quantities of wealth and the mnaterial well-being of the human race have no near connection with each other. It is wealth in the abstract and not the wealth of nations and individuals that he studies. Hence his inclusion in ' wealth' of various rights and obligations which other economists omit because they would not be entered in a catalogue of the things which constitute the capital wealth of a nation. The actual difference here, once understood, is not very important. There is no reason to suppose that if Mr. MacLeod were Chancellor of the Exchequer he would propose to enrich the country by issuing a thousand millions of consols. He himself tells us (p. 231) that the statement ' credit is capital,' his favourite proposition, ' simply means that commerce is carried on by means of credit, by bank-notes, cheques, bills of exchange, andlother instruments, as well as by money.' But his failure to understand the difference between his own point of view and that of the ordinar,y economists has placed a great gap between him and them which no criticism can bridge over. EDWIN CANNAN Lectures on Jtstice, Police, Reventue, antd Arms, delivered in the Uniiversity of Glasgow by ADAM SMITH. Reported by a Student in 1763. And Edited with an Introduction and Notes by EDWIN CANNAN. (Oxford: At the Clarendon Press. 1896. Pp. xl., 293, 8vo. 10s. 6d. nett.) 'To live with the eterrnitie of her fame,' the dedication of the Faerie Queene to Elizabeth, at once recurs to the mind in reviewing a book This content downloaded from 137.99.31.134 on Mon, 27 Jun 2016 10:30:22 UTC All use subject to http://about.jstor.org/terms CANNAN: ADAM SMITH'S LECTURES ON JUSTICE, POLICE, ETC. 609 destined to endure as long as the memory of Adam Smith. Virtually the recovery of a lost work, it shows us the intellect of the great econo- mist moving in a new sphere, in Jurisprudelnce; it gives us his earlier views upon many topics handled thirteen years later in the WVealth of Natiorns; and in Mr. Cannan's opinion 'it enables us to follow the gradual construction' of that work 'almost from its very foundation, and to distinguish positively between what the original genius of its author created out of British materials on the one hand and French materials on the other.' 'To distinguish positively,' is much too strong a phrase; but the lectures are undoubtedly of the highest interest and importance in the history of economic theory. The authenticity of the report is beyond que3tion. Our readers were informed of its discovery and character in the ECONOMIC JOURNAL of June last (p. 330), and it is unnecessary to add to the account of the manuscript there given. The last few years have been eloquent in testimony to the abiding interest taken in Adam Smith. We have just seen an Adam Smith chair of Political Economy founded in the University of Glasgow, and there has been a fertile crop of Adam Smith studies. Professor Has- bach has carefully stated and cormpared the origin and character of the philosophical principles which are, he supposes, the groundwork of the economics of Quesnay and of Adam Smith. Dr. Feilbogen has published a monograph upon Smith und T'urgot. Mr. Johh Rae has given us a vivid and conscientious Life of Adam Smith, and Dr. Bonar's Catalogue of his Library must have been of the greatest assistance to Mr. Cannan in editing these lectures. What Adam Smith has to say about ' Justice' is of much significance in connection with Professor Hasbach's inquiry, for it throws new light upon the conception of the Law of Nature which plays a large part in all Smith's writings. It is highly significant that his first Moral Philosophy lectures dealt with Natural Theology, the second were on Ethics (which he might have called Natucrtal or rationalistic morality), the third on Justice (which he calls Natural Jurisprudence), and the fourth grew into the Inquiry concerning the Nature and Causes of the JVerath of Nations. Nor is this the only service which the lectures on Justico render. There are, here and there, passages of economic interest like the remiarks on monopolie s and corporations (p. 130), and the law lectures are a new gauge to the calibre of Adam Smith's culture and originality. They exhibit fairly wide reading, sound and independent j udgment-if sometimes that of the layman rather than the practical lawyer-and the author's undoubted gift of felicitous phrasing. Blackstone had not yet commenced to make the English law ' speak the language of a scholar and a gentleman'; and Adam Smith's lectures, though different in scope and purpose from the famous Commenttaries, would have found in 1763 a fairly open field. Not that they would have been of much value to the lawyer. They abound1 n small errors, even judged from a contemporary standpoinit. Grotius and Pufendorf, Hobbes and Montesquieu, with Justinian's Institutes and a smattering of modern law, made a poor working equipment even This content downloaded from 137.99.31.134 on Mon, 27 Jun 2016 10:30:22 UTC All use subject to http://about.jstor.org/terms 610 THE ECONOMIC JOURNAL in the 18th century; wv.Thile Niebuhr's subsequent discovery of Gaius, and the commentaries of Savigny, Puchta and other 19th century scholars have greatly modified earlier views of legal antiquities. This Journal is not the place to di-scuss the lectures on Justice; but the opening sentence shows how little the influence of Montesquieu had impressed the idea of relativity upon Adam Smith. 'Jurisprudence,' he says, ' is that science which inquires into the general principles which ought to be the foundation of the law of all nations,'-a definition rather of what Bentham calls Deontology than of Jurisprudence proper,-whose function is the study of legal concepts as they are, and not of legal systems as they ' ought to be.' The law of husband and wife, for example, must differ very much in monogamous and polygamous countries; but here, as in his economics, Adam Smith is prone to regard ideal principles of government as of universal application. The word 4natural' is of constant occurrence. We find it used six times in as many pages (19-25). Fromi these and other points of interest to the economist in the lectures on Justice, we must turn, however, to the second and smaller portion of the book, dealing with Police, Revenue, and Arms. The lectures on Police and Revenue amount on a rough computa- tion to one-eleventh of the matter contained in the TWealth of Nations, in which many portions of them were incorporated with comparatively little variation. The points of difference are often of piquant interest. There is one passage (p. 189) which bimetallists will not be slow to mark: 'A diminution [i.e., a lowering of the nominal value of coin, in other words a fall of prices] has always a worse effect than an augmentation. An augmentation injures the creditor, a diminution the debtor, who should always be favoured.
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