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useful, have thrown considerable light upon this de-
totality of the private property of its individuals “;
others, in the abundance of its commodities.f
assign to the former a value in use, but no value in
exchange; and to the latter, an exchangeable value,
* Sir William Petty's Treatise on Taxes and Contributions; 1667. Gregory King's Calculation, published by Davenant. Adam Smith's Wealth of Nations, B. iv. c. 1. Dr, Peeke's Observations on the Produce of the Income-Tax.
+ Dixmeroyale du Maréchal de Vauban.
} -- - . - is dehave thrown considerable light o *: useful, bo fiuman knowledge; and, by ! al Ecopooj have at length placed Politic its impo the first rank of political sciences eneral nomy in if the inability of ascending * . of But, o the inevitable lot of man, the soul US stW. vehitherto escaped the mo" o: most Wealt i. solitary and combined effort* of the d nasearch shea writers amo the most celebrate 1 the o o e, have alike been unable to o intions of . these sources * enveloped. h p ed clouds lsh ments, and controversieh have been . o which by their variety and multitu O *
- hoosbarrass and fatigue the mind. The difficulty oft
nd leaves ong them disheartens to student, a ing am . in doubt and uncertainty.
innatio If he should wish to know wherein . at meeting ists: how grea" will be his suo opinions in consists : y differen: and even cont" with so man
... ON rug: y AR100° systEMs
thors : - ist in the o of a nation to consistin"
• - #, me statt of its individuals"; - f tl Wate prop - mmodities" totality." e abundano of o CO rivate wealth others, todist guishing pub m O 3.
or PoliticAL EconoMY. 3.
but no value in use; and make public wealth to consist in the exchangeable value of the net produce." Others state wealth to consist of all the material commodities which man may use to supply a Want, or to procure an enjoyment either to his sensuality, his fancy, or his vanity.f One writer considers wealth as being the possession of a thing more desired by those who have it not, than by those who possess it.t Another defines wealth, whatever is superfluous. § A modern French writer calls wealth the accumulation of superfluous labour: and a noble English author, who, like the French economists, distinguishes individual riches from public wealth, submits that “the latter may be accurately defined to consist of all “that man desires as useful or delightful to him; “ and the former to consist of all that man desires
“as useful or delightful to him, which exists in a de“gree of scarcity.”T
• Physiocratic, p. 118. Philosophie rurale, ou Economie générale et politique de l'Agriculture, p. 60.
t Essai sur la nature du Commerce, par Cantillon.—Abrégé des Principes d'Economie Politique, par Mr. le Sénateur Germain Garnier; Paris, 1796.
t Richezza e il possesso d'alcuna cosa chesia piu desiderata dal altri, che dal possessore. Galiani della Moneta. § Il superfluo costituisce la richezza.
Palmieri publica Felicità, vol. i. p. 155.
| Principes d'Economie Politique, par B. W. F. Canard. Paris, 1801.
, "I An Inquiry into the Nature and Origin of public Wealth, by the Earl of Lauderdale. Edinb. 1804. ch. ii. P. 56, 57. But
the French author, by saying, “qui disting” la richesse particit
The same uncertainty, the existence of which we deplore concerning the nature of wealth,” prevails with regard to the means of contributing to its progress and increase.
Those who first wrote upon this important subject, being misled by appearances, assigned the precious metals obtained in return for the raw and manufactured produce exported, as the cause of the wealth of nations.f
“l ore de a richesse générale, définit la première tout ce que l'homme “ désire comme atile ou agréable, et la seconde tout ce que l'homme “ dési e comme utile ou agréable, mais qui n'eriste que dans un certain “ degré de rareté;” states the very reverse of what His Lordship has asserted.-T. * According to one German writer, National Wealth is the sum total of productive powers actually exerted in a nation. C. D. Voss, Staatswirthschaftslehre. Erste abtheilung. Zweyter Abschnitt. Leipz. 1798. According to another, it is the aggregate of all the property belonging to a nation, and to every one of its individual members. L. H. Jakob. Grundsaetze der National Oekonomie ; Halle, 1805. See also page 6, of Boileau's Introduction to the Study of Political Economy. The definition of public wealth, as “the surplus of the national income above the actual “expenditure of a nation,” given in the second page of that work, appears equally correct, since it is out of this surplus that whatever constitutes public or private property, is obtained.—T. + in England, Raleigh in his Essay on Commerce; 1595. Edward Misselden on Commerce; 1623. Lewis Róberts, the Treasure of Traffic; 1641. Thomas Mun's England's Treasure by Foreign Trade; 1664. Fortrey's Interests and Improvements of England; 1664. Davenant's Works relating to the Trade and Revenue of England; 1696. M. Martin, Inspector-General of the Customs. King's British Merchant, or Commerce Preserved; 1713. In Holland, Jean de Witt Memoires; 1669.
- ich wo me uncertainty, the *. . revails The sa ncerning the na" of weal 't . pro. . to the means of contributing to with regar ress and increaso. his important subject, Those who first wrote upon tho' . the precious being misled by appearances *: and manufao eill - for the T - turn sealthof btained in st the wealt * o exported, * the cause of tured pr
other, to an every one of its
Others ascribed the origin of wealth to the lowering of the legal rate of interest.* Deluded by a fascinating and captious theory, the French economists greatly extolled the Agricultural system.f Adam Smith gave the preference to “Labour im“proved by subdivision, which fixes and realizes “itself in some particular object or vendible com“modity, which lasts for some time, at least, after “that labour is past.”t Lord Lauderdale, in the work which we have quoted before, and which is remarkable for the saga
city of its views, states that, “man owes his wealth
“to the power of directing his labour to the increasing “of the quantity or the meliorating of the quality of
In Italy, Serra Breve Trattato delle Cose che possono far abondare li Regni d'Oro; 1613. Genovcsi, Lezioni di Econom, Civile;
1764. Muratori, Felicit, publ. cap. 16. sul principio. Corniani, Reflez, sul le Monete.
In France, the Cardinal de Richelieu, and Colbert, Ordonnances et Réglemens pendant leur Administration.
" Thomas Culpeper's useful Remarks on the Mischief of an high National Interest; 1641. Sir Josiah Child's Brief Observations °ncerning Trade and Interest of Money; 1651. Samuel Lamb
on Banks; 1657. William Paterson, author of the Project of the London Bank; 1694.
Barnard's Discourses on the lowering of the Interest of Money; 1714. -> t Physiocratie. ii ** Smith's Wealth of Nations, Eleventh Edition, 1805, vol. '*** 8. P. 2. David Hume has probably sug, ; : : this theory to Ada P y suggested the idea of
* Smith. He expressly says: “Ereru thing “the world is purchased by labour.” y say y thing an
“the productions of nature, and to the power of sup“planting and performing labour by capital.” The same variety of opinions prevails respecting the action or influence of the causes of wealth, their immediate or distant effects, their apparent or actual results. Some systems agree on a few points, and are at variance upon others; and generally they disagree in so many respects, that they cannot possibly be reconciled, reduced to common tenets, or condensed into a general theory. Hence that variety of systems among authors, of methods among governments, of opinions among the learned; hence the discouragement of those who are desirous of studying the science, and the indifference of those whom a sense of duty should prompt to acquire the knowledge of it; hence also the little consideration which Political Economy enjoys in the world, and its total exclusion from the official routine of practical statesmen. Some, in other respects well-informed men, doubt the existence of the science; others are even tempted to consider it as an occult one, the mysteries of which are revealed only to a few initiated individuals: thus ignorance, in this as in many other instances, begets alike incredulity and superstition. When, in the course of private life, certain individuals get rich while others grow poor, the generality
* An Inquiry into the Nature and Origin of Public Wealth, and into the Means and Causes of its Increase; by the Earl of Lauderdale. Edinb. 1804. p. 363.