By Albion Woodbury Small
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Extra resources for Adam Smith and Modern Sociology a Study in the Methodology of the Social Sciences
M acquiring or producing any commodity the only circumstance which can regulate the quantity which it ought commonly to purchase, command or exchange for. Page 51 ----------And additional quantity, it is evident, must be due for the profits of the stock which advanced wages and furnished the materials of that labour. We may not be able to divest our minds of associations formed by study of the economic literature since Adam Smith. We may do our best, however, to judge him for a moment, in the cold light of abstract logic, without reference to disturbing interests.
Observe the accommodation of the most common artificer or day-labourer in a civilized and thriving country, and you will perceive that the number of people of whose industry a part, though but a small part, has been employed in procuring him this accommodation, exceeds all computation. The woolen coat, for example, which covers the day- labourer, as coarse and rough as it may appear, is the produce of the joint labour of a great multitude of workmen. The shepherd, the sorter of the wool, the woolcomber or carder, the dyer, the scribbler, the spinner, the weaver, the fuller, the dresser, with many others, must all join their different arts in order to complete even this homely production.
This of itself implies a much wider range of ideas and of topics than are included in political economy, considered as a branch of abstract speculation. For practical purposes, political economy is inseparably bound with many other branches of social philosophy. Except in matters of mere detail, there are perhaps no practical questions, even among those which approach nearest to the character of purely economical questions, which admit of being decided on economical premises alone. And it is because Adam Smith never loses sight of this truth; because, in his applications of Political Economy, he perpetually appeals to other and often far larger considerations than pure Political Economy affords — that he gives that well-grounded feeling of command over the principles of the subject for purposes of practice, owing to which the Wealth of Nations, alone among treatises on Political Economy, has not only been popular with general readers, but has impressed itself strongly on the minds of men of the world and legislators.
Adam Smith and Modern Sociology a Study in the Methodology of the Social Sciences by Albion Woodbury Small