Title: The Principles of Political Economy With a Sketch of the Rise and Progress of the Science
Publisher: HardPress Publishing
Publication Date: 2018
Language: English
ISBN 10: 0461777126
ISBN 13: 9780461777123
Binding: PAP
Condition: New
Weight: 953 grams

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Synopsis

The Principles Of Political Economy With A Sketch Of The Rise And Progress Of The Science by J. R. McCulloch. This dense early 19th?century treatise treats political economy as a practical, historically informed science concerned with how wealth is produced, accumulated, and distributed. It contends that wealth springs from productive labor and the efficient use of capital, not from government manipulation, and that the division of employments expands output and change. It distinguishes exchange value from real value and explains how wages, profits, rents, and prices respond to labor, capital, and policy. The work analyzes consumption, including luxuries, and argues for a cautious role for government: property rights, free exchange, and restrained public expenditure as prerequisites for long?run wealth, with public spending justified mainly to protect productive capacity. It surveys institutions such as insurance, savings, and money, warns against artificial money shocks and monopolies, and uses historical examples (Britain, Ireland) and references to Malthus, Ricardo, and the Physiocrats. The Appendix situates these ideas in a lineage of economic thought and argues for prudent, liberty?respecting policy as the path to prosperity.

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