The Principles of Political Economy: With a Sketch of the Rise and Progress of the Science (Classic Reprint) - Hardcover
Synopsis
Foundations of political economy: learn how value, labor, and demand shape wealth.
This classic work outlines what political economy studies and why it matters. It explains the difference between what a thing is used for (utility) and what it can exchange for (value in exchange). The text shows how exchangeable value depends on labor and social demand, and it frames how real value is determined by the quantity of labor involved in production. It also surveys the rise and progress of the science in modern Europe and introduces key ideas that influenced later thinkers.
Delving into the production and distribution of wealth, the book traces how different kinds of industry relate to wages, profits, and capital. It discusses how government spending, security, and information affect national prosperity, and it argues for policies that support freedom and prudent public expenditure.
- Distinguishes value in exchange from utility in use, clarifying common confusions.
- Explains how demand and labor determine real value and exchangeable value.
- Offers a historical view of the rise of political economy in Europe.
- Addresses the links between private interests, public policy, and national wealth.
Ideal for readers new to the field or studying the history of economic thought, as well as anyone curious about how early concepts shaped modern policy.
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