Note 230-3 — Chapter II

J. B. Say, Traité, II, 4; Sismondi, N. P., IV, ch. 4. As early a writer as Lauderdale, Inquiry, 358 ff., thought the social leveling of modern times would promote English industry. In the East Indies, on the other hand, only the most expensive watches, rifles, candelabras[TN 52] etc. were sold, because the nabobs were the only persons who created any demand for European commodities (312 ff.). Adam Smith, Wealth of Nat., II, ch. 3, draws a very correct distinction between the luxury of durable goods and that of those which perish rapidly; the former is less calculated to impoverish an individual or a whole nation; and hence it is much more closely allied to frugality. Similarly even Isocrates, ad Niccol., 19; Livy, XXIV, 7; Plin., H. N., XIII, 4; Mariana, 1598, De Rege et Regis Institutione, III, 10; Sir W. Temple, Works, I, 140 seq., who found this better kind of luxury in Holland: Berkeley, Querist, No. 296 ff.