Actually not less but more, since settler prerequisite gives hammer bonus, meaning those 3rd and 4rth settler finish faster. I would also like to add a small note that nobody seem to have pointed out. The hammer bonus, even if tiny, is almost equivalent to Autocracy from tradition. Autocracy gives 15% to building wonders early, while Republic gives 5% +1 hammer. Seeing as very early game you rarely have more than 10 hammers in your capital, that 1 hammer is equivalent to 10% of your production (more if you have less production) add the extra 5% and you have a more powerful Autocracy, that works on everything and not only wonders. But what you said is a very nice way to present the policy, three settlers for the price of one, and much sooner at that. Which brings us to another hidden text... since building settlers stops your growth, there is something to be said for Landed elites VS not having to stop growing for 3 settlers worth of turns. Very nice post, makes me want to try liberty soon.