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Extra info for Richard Cantillon: Pioneer of Economic Theory

Sample text

Cities make their living mainly from landlords’ spending, and only to a lesser extent by producing manufactured goods for sale to the rural sector. 2 Foreign trade can also be ignored at this stage in the argument. Transport was costly in the early eighteenth century. For example, Cantillon reported that ‘the carriage of wine from Burgundy to Paris often costs more than the wine itself costs in Burgundy’ (Essai: 75). Food prices must therefore be higher in the capital than they are in the country, to cover transport costs, while the prices of urban goods must be higher in the country.

4 POPULATION AND POLICY Total population is limited by the carrying capacity of the land, but it normally falls below that limit, since the use of the land is not calculated to maximize population. Population 42 POPULATION size is an unplanned side-effect of the consumption decisions of landlords. Cantillon introduced this idea in his discussion of an isolated estate (already discussed in chapter 2). If a lord or owner who has let out his lands to farm, take the fancy to change considerably his mode of living, if for instance he decreases the number of his domestic servants and increases the number of his horses, not only will his servants be forced to leave the estate in question but also a proportionate number of artisans and of labourers who worked to maintain them.

At first sight, it might seem that Cantillon was concerned with the possibility of chronic unemployment as a result of lack of demand. The whole of the chapter is very similar to passages in Petty, who certainly did think of unemployment as a problem. In Cantillon’s model, however, the population adapts to fit the demand for labour, which is determined by the available land and the spending decisions of landowners, so unemployment is not an issue, at least as long as landlords spend their incomes.

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