
Magazine in 1821 published a highly intelligent refutation by Simon Gray of
Say’s law—that demand must always be equal to production and that over-
production, under-consumption and general gluts are impossible—which went
beyond Malthus in its anticipation of Keynes.
3
Blackwood’s, nevertheless, was the main channel, and has the advantage of
affording a fairly continuous view of the course of the current. Not all the
contributors can be identified, but the most important, apart from the editor,
‘Christopher North’, who was John Wilson, Professor of Moral Philosophy at
Edinburgh University, were John Galt, ex-customs official, merchant and now a
novelist and playwright, William Stevenson, a Treasury official, W.Johnstone,
probably an Irish journalist living in London, and, by far the most brilliant and
original, David Robinson, a London political writer whose Toryism was too
reactionary even for the Quarterly Review.
1
The revival began as a merely
defensive reaction against the attacks of the entrepreneurial ideal. Blackwood’s
brief welcome for Ricardo in 1817 soon turned to criticism. In 1818 it upbraided
him for asserting that ‘the interest of the landlords is always opposed to that of
every other class of the community,’ though at this stage it was willing to admit
that the error was without malice: ‘it is the great and leading defect of one of the
ablest critical works that has ever appeared in this, or…in any other country or
age, that it has a strong, not an intentional, tendency to make mankind unhappy
and discontented with their situation….’
2
By 1819 it was attacking Ricardo’s
doctrine that ‘whenever wages rise, the rate of profits must fall’ as ‘a theory
which teaches, that by the nature of human society, there is a constant and
irremediable contrariety of interest between its members, and that a general
amelioration, in which all should participate alike, is impossible.’
3
By 1824 the doctrine of rent and the consequent opposition of interest were
‘revolting to the best feelings of our nature’; ‘If this inference can be fairly
drawn from the doctrine, we should not hesitate to pronounce that doctrine as
false as it is mournful and mischievous.’
4
By 1825 the economists were satirized
as ‘the Statesmen of Cockaigne’ whose ‘State-Medicine’, ‘the divine science of
1
For comparative circulations see Blackwood’s, 1820–21, VIII. 80–1, and 1826, XIX,
Preface.
2
Q.R., 1823, XXVIII. 349. ‘A considerable reaction has taken place in public opinion on
the subject of the poor laws; and…hazardous schemes for their abolition have given way
to proposals of a more sober kind for their severe and strict administration….’; contrast
Blackwood’s, 1823, XIV. 83, on ‘this wiseacre of the Quarterly Review’.
3
S.Gray, ‘To M.Say on Some Fundamental Principles in Statistics, and the Causes of the
Present Stagnation of Commerce’, New Monthly Magazine, 1821, I. 90–7, II. 366–76; the
New Monthly even anticipated Sadler’s ‘law of population’, in an anonymous letter ‘On
the Theories of Godwin and Malthus’, 1821, I. 195– 205: experience shows that, where
the population is already dense, further increase will be slow, and that ‘It is population that
advances arithmetically, while produce, in quality and quantity, advances geometrically.’
202 STRUGGLE BETWEEN THE IDEALS