Every effort, moreover, has been made to exhibit the doctrines of political economy in as concise a form as is consistent with perspicuity, in reference to the convenience as well of the student, as of such persons as may already be acquainted with the existing state of the science. The former would, very probably, be repelled from the study of a much larger treatise; and the latter would be quite as likely as any other class of persons, to look upon a great book as a great evil.

The conciseness just mentioned, together with the complicated nature of the subject,-every topic which it embraces having numerous relations to almost every other, as has been already stated,-would have rendered it impossible for each separate chapter of the work to have been so written as to be wholly intelligible to one who had not systematically perused the preceding chapters. While the author, then, will not be guilty of the affectation or weakness of deprecating criticism, he asks of every individual who wishes to deal fairly with him, or with his subject, not to commence the perusal of this volume at the middle or end, but to commence at the beginning of it.

With these remarks, the present treatise on political economy is respectfully submitted to the public.

Philadelphia, Feb. 1st, 1838.

2

TABLE OF CONTENTS.

BOOK FIRST.

Definitions of terms; and the theory of value.

Chapter I. Definitions of utility and wealth-Object of

-

Page

political economy.

13

Chapter II.-Relation of utility to wealth illustrated-Defi-

nitions of labour, value, &c.

17

Chapter III.-Nature of money-The precious metals consti-

tute the money of the world.

23

Chapter IV.-Definitions of capital, of the wages of labour,

and of the accumulation of wealth-Immaterial as well

as material products the subjects of accumulation.

Chapter V.-Constituent elements of capital-Productive

and unproductive consumption-Distinction of capital

into fixed and circulating.

Chapter VI.-Distinction between the labour which is produc-

tive and that which is unproductive-Why it may be

dispensed with.

Chapter VII.-Influence of supply and demand in determin-

ing the exchangeable value of a commodity.

26

32

35

40

Chapter VIII.-The same subject continued.

46

Chapter IX.-Natural as distinguished from market prices-

Natural wages.

Chapter X.-The subject of natural wages continued.

Chapter XI.-Natural prices-General rate of profits-Trans-

fer of capital.

57

Page

Chapter XII. Subject of natural prices continued-The

ordinary rates of profits-Determination of the prices

of commodities by the cost of producing them.

Chapter XIII.-Effects of monopolies on prices.

Chapter XIV.—Of rent.

Chapter XV. The subject of rent continued-Distribution of

the wealth produced, among the different classes of

landlords, capitalists, and labourers.

Chapter XVI. The different modes in which the cost of pro-

duction, and therefore prices, may be made to vary.

Chapter XVII. The price, or exchangeable value, of any

thing cannot be regarded as determined in every

instance by the quantity of labour applied, from first to

last, in producing it.

BOOK SECOND.

On the tendency of rents, profits, and wages, to rise or

fall in the progress of society;-together with the

laws which determine the numbers of a people.

Chapter I.-Effects of the diminishing returns from the land

upon the exchangeable value of the different products

of industry, and upon rents--Objections to the theory

of rent refuted.

Chapter II.-Farther effects of the diminishing returns from

the land on the exchangeable values of commodities,

on the sum of profits and wages, on profits, and on the

increase of population and wealth.

61

64

68

71

74

80

85

90

Chapter III.-Effects, in an opposite direction, of the

progress

of human invention.

94

Chapter IV.-Intimate connexion of the subjects of wages

and population-Checks to population.

99

Chapter V.-The subject of population continued.

Chapter VI.-The same subject continued-Habits of the com-

105

munity in relation to marriage-How those habits are

to be improved.

110

Pago

Chapter VII.-Means of enlarging the desires of men, and of

inculcating upon them habits of foresight-Influence

of moral causes in determining the command of the

community over the necessaries and luxuries of life.

Chapter VIII.-An increase of population not a criterion of

national prosperity-Emigration from, and immigra

tion into, a country-Importance of capital augmenting

at an uniform or accelerated rate.

Chapter IX.-Effects of cheap or dear food on the numbers

and condition of a people-And effects, on their num-

bers, of an extraordinary mortality, of improvements

in medicine, and of the monastic institutions.

BOOK THIRD.

The theories of money, and of banking.

Chapter I. On the comparative value of gold and silver

money, in different countries, and at different times in

the same country.

Chapter II.-The same subject continued.

115

120

124

130

135

Chapter III.-The same subject continued.

139

Chapter IV.-Effects of the use of paper money.

143

Chapter V. Of the different constituent portions of the circu-

lating medium; and their relative efficiency.

Chapter VI.-The value of the entire circulating medium

remains always unaltered-Consequences from this

principle.

148

150

Chapter VII.-The different kinds of banks-How the credit

of banks of circulation is maintained.

Chapter VIII.-Tendency of bank notes to expel specie from

the circulation-Manner in which the notes issued by

one bank check the issues of another.

Chapter IX.-Impossibility of permanently expanding the

circulating medium of a country beyond the amount

which is determined by the cost of producing the

precious metals.

153

157

162