Mun: society and the state

David Reisman ()

Chapter 7 in Mercantilism, 2025, pp 84-107 from Edward Elgar Publishing

Abstract: Mun saw society as organic interdependence. Consumption is part of that network of status symbols and signifiers of rank. Ostentation and luxury are wasteful, and incompatible with the moral value of thrift, but fashions do create employment and in that way relieve the poor. Population (as workers and soldiers) contributes to riches and power. Land (and thus food) is not a constraint. High wages facilitate larger families unless workers reduce their supplied labour because they have no wish to exceed a traditional standard of living. Mun, unlike Marshall, did not believe that activities more than wants were the stimulus to work. Other authors are to show the richness of the debate on numbers. Output per worker can rise due to capital and management: while mercantilists like Cary, Martin and Yarranton were aware of productivity, Mun undeniably lagged behind. He called for pragmatic state regulation and fiscal policy under the guidance of wise leaders. The masses should be contented with the outcome. They, however, lack knowledge and should not vote.

Keywords: Shared values; Patterns; Consumption; Population; Traditional standard of living; Backward-bending supply curve of labour; Productivity; State intervention (search for similar items in EconPapers)
Date: 2025
ISBN: 9781035347650
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