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even the principal object which the Author has in view. The design of the book is different from that of any treatise on Political Economy which has been produced in England since the work of Adam Smith.
The most characteristic quality of that work, and the one in which it most differs from some others which have equalled or even surpassed it as mere expositions of the general principles of the subject, is that it invariably associates the principles with their applications. This of itself implies a much wider range of ideas and of topics, than are included in political economy, considered as a branch of abstract speculation. For practical purposes, political economy is inseparably intertwined with many other branches of social philosophy. Except on matters of mere detail, there are perhaps no practical questions, even among those which approach nearest to the character of purely economical questions, which admit of being decided on economical premises alone. And it is because Adam Smith never loses sight of this truth; because, in his applications of Political Economy, he perpetually appeals to other and often far larger considerations than pure Political Economy affords— that he gives that well-grounded feeling of command
over the principles of the subject for purposes 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 of society in the relation in which they stand to the best social ideas of the present time, as he did, with such admirable
Such is the idea which the writer of the present work has kept before him. To succeed even partially in realizing it, would be a sufficiently useful achievement, to induce him to incur willingly all the chances of failure. It is requisite, however, to add, that although his object is practical, and, as far as the nature of the subject admits, popular, he has not attempted to purchase either of those advantages by the sacrifice of strict scientific reasoning. Though he desires that his treatise should be more than a mere exposition of the abstract doctrines of Political Economy, he is also desirous that such an exposition should be found in it.
The present fifth edition has been revised throughout, and the facts, on several subjects, brought down to a later date than in the former editions. Addi. tional arguments and illustrations have been inserted where they seemed necessary, but not in general at
any considerable length.
CHAPTER II. Of Labour, as an Agent of Production.
. Labour of invention and discovery . . . . . . . .
. Labour agricultural, manufacturing, and commercial . . 53
or in operations preparatory to its production . . . 37
2. Labour employed in producing subsistence for subsequent
labour . . . . . . . . . . . . . . . . . 39
3. – in producing materials . . . . . . . . . . . 42
4. – or implements . . . . . . . . . . . . 44
5. – in the protection of labour . . . . . . . . . 46
6. – in the transport and distribution of the produce . . 47
7. Labour which relates to human beings . . . . . . . 50
. Labour does not produce objects, but utilities .
and embodied in material objects . . . .
. Labour for the supply of Productive Consumption, and
labour for the supply of Unproductive Consumption
CHAPTER IV. Of Capital.
2. Increase of fixed capital, when at the expense of circu-
lating, might be detrimental to the labourers .
3. – this seldom if ever occurs