Principles of Political Economy

This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1891 edition. Excerpt: ... whose wealth in fact results from the wealth of the individuals in it. Wealth, strictly speaking, embraces appropriable things only, not those that, owing to their inexhaustible profusion, are not the object of property. In appropriable things we have to consider the utility and the value, i.e. the relation of the object to the satisfaction of man, and the relation of the object to another object with a view to exchange. The ratio of wealth essentially consists in the utility of things, not in their value. Wealth, understood as an appurtenance of Political Economy, is restricted to material goods only. Immaterial goods, being incapable of exchange and money-valuation, are outside its province. CHAPTER II. THE PRODUCERS OF WEALTH. INCE the ratio of wealth consists in the utility of things, to produce wealth means in Political Economy to produce utility. Now this can be done in two ways. The useful object may be produced; . useful in itself, as when a lamb is born from a ewe: or a pre-existing object useless in itself may be transformed either to make it useful, or, if already useful, to give it some new sort of utility, as when cloth is made of wool already spun, or sand made into glass. Here we have to enquire what are the agents with respect to such productions, or, in other words, what the producers of wealth are. Article I. There Are Two Producers Of Wealth, Nature And The Labour Of Man. 26. Some Economists apparently attribute the production of wealth to labour only. "Man, from the time of his birth," says Sismondi, " has wants to satisfy necessary for the support of life, desires that make him look for happiness in certain enjoyments, and industry or aptitude for work, which enables him to satisfy both. This industry is the source...