Political Economy: 9 (Thoemmes Library of Economics) - Hardcover

Definition of the Science. We propose in the following treatise to give an. outline of the science which treats of the Nature, the Production, and the Distribution of Wealth. To that science we give the name of Political Economy. Our readers must be aware that that term has often been used in a much wider sense. The earlier writers who assumed the name of Political Economists avowedly treated not of Wealth but of Government. Mercier de la Riviere entitled his work The Natural and Essential Organization of Society, and professed to propose an organization which shall necessarily produce all the happiness that can be enjoyed on earth. 1S ir James Steuart states, that the principal object of the science is to secure a certain fund of subsistence for all the inhabitants, to obviate every circumstance which may render it precarious, and to provide everything necessary for supplying the wants of the society. 2T he modern continental writers have in general entered into an equally extensive inquiry. Political Economy, says M. Storch, is the science of the natural laws which determine the prosperity of nations, that is to say, their wealth and their civilization. 8M. Sismondi considers the physical welfare of man, so far as it can be the work of government, as the object of Political Economy. 4P olitical Economy, says M. Say, is the economy of society; a science combining the results of our observations on the nature and functions of the different parts of the social body. 5T he modern writers of the English school have in general professed to limit their attention to the theory of Wealth ;but some of the most eminent among them, after having expressed their intention to confine themselves within what appears to us to be their proper province, have invaded that of the general legislator or the statesman. Thus, Mr. MC ulloch, after Having defined Political Economy to
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