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The principle of laissez-faire may be safely trusted to in some things but in many more it is wholly inapplicable; and to appeal to it on all occasio… - John Ramsay McCulloch
" "The principle of laissez-faire may be safely trusted to in some things but in many more it is wholly inapplicable; and to appeal to it on all occasions savors more of the policy of a parrot than of a statesman or a philosopher.
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About John Ramsay McCulloch
(1 March 1789 – 11 November 1864) was a Scottish economist, author and editor, widely regarded as the leader of the Ricardian school of economists after the death of David Ricardo in 1823. He was appointed the first professor of political economy at in 1828. He wrote extensively on , and was a pioneer in the collection, and publication of .
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John Ramsey M'Culloch
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Additional quotes by John Ramsay McCulloch
Suppose that a cask of new wine, which cost £50, is put into a cellar, and that, at the end of twelve months, it is worth £55, the question is: Should the £5 of additional value, given to the wine, be considered as a compensation for the time the £50 worth of capital has been locked up, or should it be considered as the value of additional labour actually laid out in the wine?
The division of labour is a consequence of the previous accumulation of capital... As the accumulation of capital must have preceded the division of labour, so its subsequent division can only be extended as capital is more and more accumulated. Accumulation and division act and react on each other. The quantity of raw materials which the same number of people can work up increases in a great proportion, as labour comes to be more and more subdivided; and acccording as the operations of each workman are reduced to a greater degree of identity and simplicity, he has, as already explained, a greater chance of discovering machines and processes for facilitating and abridging his labour. The quantity of industry, therefore, not only increases in every country with the increase of the stock or capital which sets it in motion; but, in consequence of this increase, the division of labour becomes extended, new and more powerful implements and machines are invented, and the same quantity of labour is thus made to produce an infinitely greater quantity of commodities
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