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Show INTRODUCTIO~. tics founded upon the kno\vn passions and propensities of hun1an nature: and \vhethcr we advert to the qualities of man, or of the earth he is destined to cultivate, \Ve shall be con1pelled to acknovvledge, that the science of political economy bears a nearer resetn blance to the science of tnorals and politics than to that of n1athen1atics. This .conclusion, \Vhich could hardly fail to be forn1ed n1erely frorn a view of the subjects about \vhich political econotny is conversant, is further strengthened by the differences of opinion which have prevailed an1ong those \vho have directed a large share of talent and attention to this study. During the prevalence of the n1ercantile systetn, the interest \vhich the subject excited \Vas confined aln1ost exclusively to those \vho were engaged in the details of cotnrnerce, or expected i1nmediate benefit frotn its results. The differences which prevailed an1ong 1nerchants aud statesn1en, which \vere differences rather in practice than principle, \Vere not calculated to attract n1uch attention. But no sooner was the subject raised into a science by the works of the Econon1ists and of Adan1 Sn1ith, than a n1en1orable sc.histn divided, for a considerable time, the students of this ne\v branch of kno\v]edge, on the fundan1ental questions- What is "\<vealth? and fron1 \vhat source or sources is it derived? I-Iappily for the interests of the science and its usefulness to society, the Econon1ists and Adam Sn1ith entirely agreed on some of those great general principles \\'hich lead to the n1ost in1por- INTRODUCTION. 3 tant practical conclusions; such as the fre~dom of trade and the leaving every person, w htle he ' . adheres to the rules of justice, to pursue hts own interest his own way, together with some others: and unquestionably their agreement 01: these pril:ciples affords the strongest presun1ption ~f their truth. Yet the differences of the Economists and Adam Smith were not n1ere differences in theory ; they were not different interpretations of the same phenomena, \vhich \vould have no influence on practice; but they involved such vievvs of the nature and origin of \Vealth, as, if adopted, would lead, in aln1ost every country, to great practical changes, particularly on the very important subject of t~xation. Since the rera of these distinguished \VTiters, the subject has gradually attracted. the attenti?n of a o-reater nun1ber of persons, partJcularly dunng the last t\ven ty or th'irty years. All the main propositions of the science have been examined, and the events which. have since occurred, tending either to illustrate or confute then1, have been repeatedly discussed. The result of this examination and discussion seen1s to be, that on some very iinportan t points there are still great differences of opinion. An1ong these, perhaps, may be recko~ed -The definitions of \Vealth and of productive labour-T11e nature and measures of value-The nature and extent of the principles of demand and supply-The origin and progress of rent-The causes which detennine the \vages of labour and the profits of stock~The causes \Vhich practically retard and lin1it the progress of \vealth- B2 |
