James Steuart (economist) facts for kids

Quick facts for kids Sir James Steuart
Born	(1712-10-21)21 October 1712 Edinburgh, Scotland
Died	26 November 1780(1780-11-26) (aged 67) Coltness, Lanarkshire, Scotland
Alma mater	University of Edinburgh
Occupation	Economist
Spouse(s)	Lady Frances Wemyss
Children	Sir James Steuart Denham
Parent(s)	Sir James Steuart Anne Dalrymple
Relatives	Sir James Stewart (grandfather) Lord North Berwick (grandfather) David Wemyss, Lord Elcho (brother-in-law)

Sir James Steuart (born October 21, 1712 – died November 26, 1780) was an important Scottish thinker. He is also known as Sir James Steuart Denham. He wrote what is considered one of the first major books in English about economics. His book was also the first to use the phrase "political economy" in its title.

Early Life and Adventures

James Steuart was born in Edinburgh, Scotland. He was one of 12 children. His father, Sir James Steuart, was a top lawyer for the Queen and King of Great Britain. His mother, Anne Dalrymple, also came from an important family.

James went to the University of Edinburgh. After finishing his studies, he became a lawyer at age 24.

He then traveled around Europe. While in Rome, he met Charles Edward Stuart, also known as the Young Pretender. This was a prince who wanted to become King of Britain. James supported the prince's cause, which was called Jacobitism.

In 1745, there was a rebellion in Scotland to put the Young Pretender on the throne. James was in Edinburgh during this time. After the rebellion failed, he had to leave Scotland. He lived in Europe until 1763. It wasn't until 1771 that he was fully forgiven for his part in the rebellion. He passed away at his family home in Coltness, Scotland.

James married Lady Frances Wemyss. Her brother was also involved in the 1745 rebellion. James and Frances had a son, also named Sir James Steuart Denham. Their son later became a Member of Parliament and a General in the army.

Family Titles

Sir James Steuart came from a well-known family. His grandfather was also named Sir James Steuart and was a very important lawyer. The family had been given special titles called "Baronetcies." These titles were passed down through the family.

James inherited his family's title and lands when he was only 14 years old. Over time, he also gained control of more property and titles from his cousins. Because of this, he was sometimes called "of Coltness" because that was his main home.

Later in his life, he sold some of his original family lands. He also inherited another family title and property from a cousin. Because of these inheritances, he took on the name "Denham" in addition to Steuart. So, for the last four years of his life, he was known as Sir James Steuart Denham.

His Important Economic Ideas

Inquiry into the principles of political oeconomy, 1767

In 1767, Sir James Steuart published his most famous book, An Inquiry into the Principles of Political Economy. This was the first book by a Scottish economist to use "political economy" in its title. He explained that just as a family manages its money and needs, "political economy" is about how a country manages its resources. It aims to make sure everyone has what they need and that people work together to meet each other's needs.

This book was a very detailed look at economics from a viewpoint called mercantilism. Mercantilism was an older way of thinking about how countries should manage their money.

Understanding Mercantilism

Mercantilism was a popular idea before Steuart's time. It taught that a country should try to sell more goods to other countries than it buys. This would bring in more gold and silver, making the country richer and more powerful.

To do this, mercantilists believed in:

• Stopping gold and silver from leaving the country.
• Putting high taxes (called tariffs) on goods from other countries. This made local goods cheaper and encouraged people to buy them.
• Building colonies and trading only with them.

These ideas sometimes led to wars, like the Anglo-Dutch Wars and conflicts that led to the American War for Independence. Even in 1815, Britain used high tariffs on imported wheat, known as the corn laws, based on mercantilist advice. These laws caused big debates in Britain for many years.

Sir James Steuart was one of the last thinkers to support mercantilist ideas. He believed that profit came from a seller "overcharging" a buyer. However, he also understood that prices could change based on how much people wanted something.

Steuart's Legacy

Even though Steuart's book was well-received, another famous book came out just nine years later. This was Wealth of Nations by Adam Smith. Smith's book became much more famous and changed how people thought about economics. Adam Smith knew Steuart but never mentioned his book. Smith's ideas were often against mercantilism, which was Steuart's main topic.

However, Steuart's work was still important. Later, other economists studied his book and found it very valuable.