By Edwin Cannan

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He very naturally scandalised the moralists, and his work was ordered to be burnt by the common hangman-" publicity" which any modem author or publisher would be glad to secure. Hutcheson exercised great influence over his students, and one of his greatest admirers among them was a boy from Kirkcaldy in Fife, named Adam Smith, who was born in 1723, and attended the Glasgow classes from 1737 to the spring of 1740, when he was sent to Oxford with one of the Snell exhibitions given at Glasgow and tenable at Balliol College.

204). 8 Discouyses, Pt. II. i; in Works, Vol. I. p. 381. " 1 He ruined the effect of the discussion of the product of the land by embedding it in an essay on how to make a nation gain in the balance of trade, thus subordinating what was substantial to the mercantile will-o'the-wisp. § 5· Cantillon's Essay on the Nature of Commerce in General. The next great landmark is the somewhat mysterious Essai sur la Nature du Commerce en general, published anonymously in Paris in 1755 with a false imprint (a thing not unusual at that time and place), "a Londres, chez Fletcher Gyles dans Hotborn," and always attributed to Richard Cantillon, a financier of Irish extraction who had business in Paris, and was murdered by his servant in London in 1734.

But the doctrine is most easily held of the kind of income obtained by producing the more tangible products : since a physician gets food, clothes and other tangible objects in return for his services, it always seems at first sight 1 "Notice sur les Economistes" prefixed by Du Pont to Turgot's £loge de Gournay. In Daire's CEuvres de Turgot, Vol. I. pp. 258-g. § 7·] PHYSIOCRACY IN FRANCE 29 more reasonable to think of him as being supported by his patients than to think of them as being dependent on him, even if he has quite unquestionably saved all their lives.

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A review of economic theory by Edwin Cannan


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