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far larger considerations than pure Political Economy affords—that he gives that well-grounded feeling of command over the principles of the subject for pur. poses of practice, owing to which the “Wealth of Nations,” alone among treatises on Political Economy, has not only been popular with general readers, but has impressed itself strongly on the minds of men of the world and of legislators. It appears to the present writer, that a work similar in its object and general conception to that of Adam Smith, but adapted to the more extended knowledge and improved ideas of the present age, is the kind of contribution which Political Economy at present requires. The “Wealth of Nations” is in many parts obsolete, and in all, imperfect. Political Economy, properly so called, has grown up almost from infancy since the time of Adam Smith: and the philosophy of society, from which practically that eminent thinker never separated his more peculiar theme, though still in a very early stage of its prog. ress, has advanced many steps beyond the point at which he left it. No attempt, however, has yet been made to combine his practical mode of treating his subject with the increased knowledge since acquired

of its theory, or to exhibit the economical phenomena

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§ 1. Requisites of production, what, . - - - - . 45

2. The function of labour defined, - - - - . 47

3. Does nature contribute more to the efficacy of labour in

some occupations than in others? - - - . 49

4. Some natural agents limited, others practically unlimited, in

quantity, . - . 50

CHAPTER II. Of Labour, as an Agent of Production.

§ 1. Labour employed either directly about the thing produced,

or in operations preparatory to its production, - . 53

2. Labour employed in producing subsistence for subsequent

labour, . - - - - - - - - . 55

3. – in producing materials, . . - - - - . 58

4. – or implements, . . . . . . . . 60

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CHAPTER W. Fundamental Propositions respecting

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All other labour, however useful, is classed as unproductive

. Industry is limited by Capital, . - - - -

. — but does not always come up to that limit, . - -
. Increase of capital gives increased employment to labour,

without assignable bounds,

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CHAPTER VII. On what depends the degree of Productive-

ness of Productive Agents.

§ 1. Land, labour, and capital, are of different productiveness at

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