An Essay Upon the Principles of Political Economy: Designed as a Manual for Practical Men (Classic Reprint)

Excerpt from An Essay Upon the Principles of Political Economy: Designed as a Manual for Practical Men

Definition of the Science. - Poiitical economy may be de fined the science of the nature and causes of the Wealth of Nations. The most common use of the word economy, (compounded ofthe Greek auroa', a house, and v0p09,its law or regulation,) was a household term, designating a partien lar course of conduct and management, by the observance of which, the expense of a family may be diminished, its income increased, and its advance towards wealth and in dependence accelerated. Nearly allied to this is its Signi fication, when used as denoting a science of political character. For it considers nations as the families, and a whole people as the household, whose increase of reve nue and pecuniary advancement it considers. It' purposes to explain the best and most effectual ways of producing wealth; the just and proper rules of its distribution; and how it is naturally and most advantageously consumed. The constant object of its inquiry is wealth, and it pro mises to considerit in every stage and manner of its exist ence. To him, therefore, who would become a student of its doctrines, it must be of the highest importance to form a clear and correct notion of what constitutes wealth, and for what reasons.

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