Henry Sidgwick

The principles of political economy

Preface Introduction 1. The present state of economic controversy in England and the special aim of the present work 2. The scope of political economy 3. The method of economic science Book I. Production: 1. The theory of production 2. The definition and measure of value 3. Wealth 4. Causes of variations in production 5. Capital 6. Laws of production Book II. Distribution and Exchange: 1. Introduction 2. Theory of exchange value or material commodities 3. Theory of international values 4. Definition of money 5. Value of money 6. Interest 7. Rent 8. The remuneration of labour 9. Particular wages and profits 10. Monopoly and combination 11. Transient and local variation in distribution 12. Custom Book III. The Art of Political Economy: 1. The art of political economy, as here treated, consists mainly of the theory of what ought to be done by government to improve production or distribution, and to provide for governmental expenditure 2. The system of natural liberty considered in relation to production 3. The relations of government to industry 4. Important cases of governmental interference to promote production 5. Protection 6. The principles of distributive justice 7. Economic distribution 8. Public finance 9. Political economy and private morality.

Pleasure and Desire

§ 1. In the preceding chapter I have left undetermined the emotional characteristics of the impulse that prompts us to obey the dictates of Reason. I have done so because these seem to be very different in different minds, and even to vary much and rapidly in the same mind, without any corresponding variation in the volitional direction of the impulse. For instance, in the mind of a rational Egoist the ruling impulse is generally what Butler and Hutcheson call a “calm” or “cool” self-love: whereas in the man who takes universal happiness as the end and standard of right conduct, the desire to do what is judged to be reasonable as such is commonly blended in varying degrees with sympathy and philanthropic enthusiasm. Again, if one conceives the dictating Reason—whatever its dictates may be—as external to oneself, the cognition of rightness is accompanied by a sentiment of Reverence for Authority; which may by some be conceived impersonally, but is more commonly regarded as the authority of a supreme Person, so that the sentiment blends with the affections normally excited by persons in different relations, and becomes Religious.

The Classification of Duties—Veracity

§ 1. It may easily seem that when we have discussed Benevolence, Justice, and the observance of Law and Contract, we have included in our view the whole sphere of social duty, and that whatever other maxims we find accepted by Common Sense must be subordinate to the principles which we have been trying to define.

Self-Regarding Virtues

§ 1. I conceive that according to the morality of Common Sense, an ultimate harmony between (1) Self-interest and (2) Virtue is assumed or postulated; so that the performance of duty and cultivation of Virtue generally may be regarded as a “duty to self,” as being always conducive to the agent’s true interest and well-being. But further, Common Sense (in modern Europe) recognises a strict duty of preserving one’s own life, even when the prospect life offers is one in which pain preponderates over pleasure; it is, indeed, held to be right and praiseworthy to encounter certain death in the performance of strict duty, or for the preservation of the life of another, or for any very important gain to society; but not merely in order to avoid pain to the agent. At the same time, within the limits fixed by this and other duties, Common Sense considers, I think,1 that it is a duty to seek our own happiness, except in so far as we can promote the welfare of others by sacrificing it. This “due concern about our own interest or happiness” may be called the Duty of Prudence. It should, however, be observed that—since it is less evident that men do not adequately desire their own greatest good, than that their efforts are not sufficiently well directed to its attainment—in conceiving Prudence as a Virtue or Excellence, attention is often fixed almost exclusively on its intellectual side.

The Proof of Utilitarianism

In Book ii., where we discussed the method of Egoistic Hedonism, we did not take occasion to examine any proof of its first principle: and in the case of Universalistic Hedonism also, what primarily concerns us is not how its principle is to be proved to those who do not accept it, but what consequences are logically involved in its acceptance. At the same time it is important to observe that the principle of aiming at universal happiness is more generally felt to require some proof, or at least (as Mill puts it) some “considerations determining the mind to accept it,” than the principle of aiming at one’s own happiness. From the point of view, indeed, of abstract philosophy, I do not see why the Egoistic principle should pass unchallenged any more than the Universalistic. I do not see why the axiom of Prudence should not be questioned, when it conflicts with present inclination, on a ground similar to that on which Egoists refuse to admit the axiom of Rational Benevolence. If the Utilitarian has to answer the question, ‘Why should I sacrifice my own happiness for the greater happiness of another?’ it must surely be admissible to ask the Egoist, ‘Why should I sacrifice a present pleasure for a greater one in the future?

Wisdom and Self-Control

§ 1. Wisdom was always placed by the Greek philosophers first in the list of virtues, and regarded as in a manner comprehending all the others: in fact in the post-Aristotelian schools the notion of the Sage or ideally Wise man (σоϕoς) was regularly employed to exhibit in a concrete form the rules of life laid down by each system. In common Greek usage, however, the term just mentioned would signify excellence in purely speculative science, no less than practical wisdom1: and the English term Wisdom has, to some extent, the same ambiguity. It is, however, chiefly used in reference to practice: and even when applied to the region of pure speculation suggests especially such intellectual gifts and habits as lead to sound practical conclusions: namely, comprehensiveness of view, the habit of attending impartially to a number of diverse considerations difficult to estimate exactly, and good judgment as to the relative importance of each. At any rate, it is only Practical Wisdom which we commonly class among Virtues, as distinguished from purely intellectual excellences. How then shall we define Practical Wisdom? The most obvious part of its meaning is a tendency to discern, in the conduct of life generally, the best means to the attainment of any ends that the natural play of human motives may lead us to seek: as contrasted with technical skill, or the faculty of selecting the best means to given ends in a certain limited and special department of human action.

Other Social Duties and Virtues

§ 1. When we proceed to inquire how far the minor social duties and virtues recognised by Common Sense appear on examination to be anything more than special applications of the Benevolence—general or particular—discussed in chap. iv., the department of duty which most prominently claims our attention, is that which deals with the existence, and determines the legitimacy, of feelings antithetical to the benevolent.

Review of the Morality of Common Sense

§ 1. We have now concluded such detailed examination of the morality of Common Sense as, on the plan laid down in chap. i. of this Book, it seemed desirable to undertake. We have not discussed all the terms of our common moral vocabulary: but I believe that we have omitted none that are important either in themselves or relatively to our present inquiry. For of those that remain we may fairly say, that they manifestly will not furnish independent maxims: for reflection will show that the conduct designated by them is either prescribed merely as a means to the performance of duties already discussed; or is really identical with the whole or part of some of these, viewed in some special aspect, or perhaps specialised by the addition of some peculiar circumstance or condition.

The Meaning of Utilitarianism

§ 1. The term Utilitarianism is, at the present day, in common use, and is supposed to designate a doctrine or method with which we are all familiar. But on closer examination, it appears to be applied to several distinct theories, having no necessary connexion with one another, and not even referring to the same subject-matter. It will be well, therefore, to define, as carefully as possible, the doctrine that is to be denoted by the term in the present Book: at the same time distinguishing this from other doctrines to which usage would allow the name to be applied, and indicating, so far as seems necessary, its relation to these.

The Principle and Method of Egoism

§ 1. The object of the present Book is to examine the method of determining reasonable conduct which has been already defined in outline under the name of Egoism: taking this term as equivalent to Egoistic Hedonism, and as implying the adoption of his own greatest happiness as the ultimate end of each individual’s actions. It may be doubted whether this ought to be included among received “methods of Ethics”; since there are strong grounds for holding that a system of morality, satisfactory to the moral consciousness of mankind in general, cannot be constructed on the basis of simple Egoism. In subsequent chapters1 I shall carefully discuss these reasons: at present it seems sufficient to point to the wide acceptance of the principle that it is reasonable for a man to act in the manner most conducive to his own happiness. We find it expressly admitted by leading representatives both of Intuitionism and of that Universalistic Hedonism to which I propose to restrict the name of Utilitarianism. I have already noticed that Bentham, although he puts forward the greatest happiness of the greatest number as the “true standard of right and wrong,” yet regards it as “right and proper” that each individual should aim at his own greatest happiness.