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By Say J.-B.

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Extra info for A Treatise on Political Economy or the Production, Distribution and consumption of Wealth

Example text

The nature and origin of wealth he should first have ascertained ; of which, however, he did not form any opinion. We are, nevertheless, indebted to this distinguished author for the first philosophical examination of the principles of legislation ; and, in this point of view, he, perhaps, may be considered as the master of the English writers, who are so generally esteemed as being ours; just in the same manner as Voltaire has been the master of their best historians, who now furnish us with models worthy of imitation.

By the exclusive restriction of the term wealth to values fixed and realized in material substances, Dr. Smith has • See Chapter third, Book second. + Dr. Smith has, in a satisfactory manner, established the difference between the real and nominal prices of things, that is to say, between the quantity of real values which must be given to obtain a commodity, and the name which is given to the sum of these values. The difference here alluded to, arises from a more perfect analysis, in which the real price itself is decomposed.

SXVlh" INTRODUCTION. thorough knowledge of its principles, will supply us with the means of appreciating the efforts hitherto made towards the advancement of this science. The literature of the ancients, their legislation, their public treaties, and their administration of the conquered provinces, all proclaim their utter ignorance of the nature and origin of wealth, of the manner in which it is distributed, and of the effects of its consumption. They knew, what has always been known wherever the right of property has been sanctioned by laws, that riches are increased by economy, and diminished by extravagance.

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A Treatise on Political Economy or the Production, Distribution and consumption of Wealth by Say J.-B.

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