Page:Principles of Political Economy Vol 1.djvu/216



§ 1. have now successively considered each of the agents or conditions of production, and of the means by which the efficacy of these various agents is promoted. In order to come to an end of the questions which relate exclusively to production, one more, of primary importance, remains.

Production is not a fixed, but an increasing thing. When not kept back by bad institutions, or a low state of the arts of life, the produce of industry has usually tended to increase; stimulated not only by the desire of the producers to augment their means of consumption, but by the increasing number of the consumers. Nothing in political economy can be of more importance than to ascertain the law of this increase of production; the conditions to which it is subject: whether it has practically any limits, and what these are. There is also no subject in political economy which is popularly less understood, or on which the errors committed are of a character to produce, and do produce, greater mischief.

We have seen that the essential requisites of production are three—labour, capital, and natural agents; the term capital including all external and physical requisites which are products of labour, the term natural agents all those which are not. But among natural agents we need not take into account those which, existing in unlimited quantity, being incapable of appropriation, and never altering in their qualities, are always ready to lend an equal degree of assistance to production, whatever may be its extent; as air, and the light of the sun. Being now about to consider the impediments to production, not the facilities for it, we need advert to no other