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CHAPTER I.
IS POLITICAL ECONONY A SCIENCE?
THE following pages speak of Practical Political Eco-
nomy. The expression might seem to denote a par-
ticular department of what is called Political Economy,
or else a special application of its truths. I do not use
the term in either of these senses. I mean by it simply
Political Economy itself. The word Practical is added
solely in contradistinction to what may be called Scien-
tific Political Economy. It is intended to indicate a
mode of treatment which not only does not claim to
be scientific, but which supposes the strictly scientific
method to be a mistake. It implies that the body of
knowledge, summed up under the title of Political
Economy, belongs entirely to the every-day practice
of human life.
Political Economy finds processes applied all the
world over to the satisfaction of the wants of human
life in the matter of wealth. It does not invent nor
discover them. It does not announce them, like the
developments of geometry or the generalisations of
physical science, as new discoveries previously unknown,
but now revealed by the application of systematic
reasoning. The ordinary instincts of human nature.
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