Political Economy pur far larger considerations than pure affords-that he gives that well-grounded feeling of command over the principles of the subject for 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 progress, 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 CHAPTER I. Of the Requisites of Production. § 1. Requisites of production, what, 2. The function of labour defined, 60 6. in the transport and distribution of the produce, 7. Labour which relates to human beings, § 1. Capital is wealth appropriated to reproductive employment, 2. More capital devoted to production than actually employed 3. Examination of some cases illustrative of the idea of Capital, 2. but does not always come up to that limit, -- 3. Increase of capital gives increased employment to labour, 7. Why countries recover rapidly from a state of devastation, 8. Effects of defraying government expenditure by loans, CHAPTER VI. Of Circulating and Fixed Capital. § 1. Fixed and Circulating Capital, what, 2. Increase of fixed capital, when at the expense of circulating, CHAPTER VII. On what depends the degree of Productive- § 1. Land, labour, and capital, are of different productiveness at superiority of intelligence and trustworthiness in the com- munity generally, 6. Superior security, 2. Effects of separation of employments analysed, . 3. Combination of labour between town and country, § 1. Advantages of the large system of production in manufac- 2. Advantages and disadvantages of the joint-stock principle, . § 1. Means and motives to saving, on what dependent, 2. Causes of diversity in the effective strength of the desire of CHAPTER XII. Of the Law of the Increase of Produc- § 1. The limited quantity and limited productiveness of land, the 2. The law of production from the soil, a law of diminishing return in proportion to the increased application of labour 3. Antagonist principle to the law of diminishing return; the 229 1. Remedies when the limit to production is the weakness of the principle of accumulation, . 2. Necessity of restraining population not confined to a state of |