The Principles of Political Economy |
Contents
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Common terms and phrases
actually Adam Smith aggregate amounts of wealth applied average bankers capital causes ceteris paribus chapter civilised coin commodities commonly competition concrete law consider consumers convenient cost of production deductive deductive reasoning definition demand desire determined discussion Distribution doctrine doubt duction economists effect employed England equally estimate exchange value extensive quantity extent fact gain given gold Hence important increase individuals industry instruments interest Invention J. S. Mill James Mill Jevons kind land latter less material means measure medium of exchange merely method Mill Mill's natural nomic notion observed obtained obvious ordinary persons Physiocrats Political Economy portion precise present profit proportion purchasing question reason regard remuneration render result Ricardo seems social society speaking supply suppose tends term Theory of Production things tion trade utility variations varying wages Wealth of Nations writers
Popular passages
Page 16 - ... the duty of erecting and maintaining certain public works, and certain public institutions, which it can never be for the interest of any individual, or small number of individuals, to erect and maintain ; because the profit could never repay the expense to any individual, or small number of individuals, though it may •frequently do much more than repay it to a great society.
Page 240 - that which passes freely from hand to hand throughout the community in final discharge of debts and full payment for commodities, being accepted equally without reference to the character or credit of the person who offers it and without the intention of the person who receives it to consume it or apply it to any other use than in turn to tender it to others in discharge of debts or payment for commodities.
Page 60 - Equal quantities of labour, at all times and places, may be said to be of equal value to the labourer. In his ordinary state of health, strength, and spirits ; in the ordinary degree of his skill and dexterity, he must always lay down the same portion of his ease, his liberty, and his happiness.
Page 310 - This sum is not regarded as unalterable, for it is augmented by saving, and increases with the progress of wealth ; but it is reasoned upon as at any given moment a predetermined amount.
Page 183 - If one of two things commands, on the average, a greater value than the other, the cause must be that it requires for its production either a greater quantity of labour, or a kind of labour permanently paid at a higher rate ; or that the capital, or part of the capital, which supports that labour, must be advanced for a longer period ; or, lastly, that the production is attended with some circumstance which requires to be compensated by a permanently higher rate of profit.
Page xx - Happily, there is nothing in the laws of Value which remains for the present or any future writer to clear up; the theory of the subject is complete...
Page 327 - The whole of the advantages and disadvantages of the different employments of labour and stock must, in the same neighbourhood, be either perfectly equal or continually tending to equality. If, in the same neighbourhood, there was any employment evidently either more or less advantageous than the rest, so many people would crowd into it in the one case, and so many would desert it in the other, that its advantages would soon return to the level of the other employments.
Page 30 - ... different kinds of causes; and therefore not only may with advantage, but must, be studied apart : just as in the natural body we study separately the physiology and pathology of each of the principal organs and tissues, though every one is acted upon by the state of all the others : and though the peculiar constitution and general state of health of the organism co-operates with, and often preponderates over, the local causes, in determining the state of any particular organ.
Page 50 - Plato know, only it is a truth difficult to retain and apply, — that what we gain by discussing a definition is often but slightly represented in the superior fitness of the formula that we ultimately adopt; it consists chiefly in the greater clearness and fulness in which the characteristics of the matter to which the formula refers have been brought before the mind in the process of seeking for it. While we are apparently aiming at definitions of terms, our attention should be really fixed on...
Page 7 - Economics comes to be established, it will be seen that that able but wrong-headed man, David Ricardo, shunted the car of Economic science on to a wrong line, a line, however, on which it was further urged towards confusion by his equally able and wrong-headed admirer John Stuart Mill.