Political Economy

Nassau W. Senior, from the Warren J. Samuels Portrait Collection
Senior, Nassau W.
(1790-1864)
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First Pub. Date
1850
Publisher
London: Richard Griffin and Co.
Pub. Date
1854
Comments
3rd edition.
Copyright
The text of this edition is in the public domain. Picture of Nassau Senior courtesy of The Warren J. Samuels Portrait Collection at Duke University.
About this Book

Definition of the Science.--We propose in the following Treatise to give an outline of the Science which treats of the Nature, the Production, and the Distribution of Wealth. To that Science we give the name of Political Economy. Our readers must be aware that that term has often been used in a much wider sense. The earlier writers who assumed the name of Political Economists avowedly treated not of Wealth but of Government. Mercier de la Riviere entitled his Work The Natural and Essential Organization of Society, and professed to propose an organization "which shall necessarily produce all the happiness that can be enjoyed on earth." Sir James Steuart states, that "the principal object of the Science is to secure a certain fund of subsistence for all the inhabitants, to obviate every circumstance which may render it precarious, and to provide everything necessary for supplying the wants of the society." The modern continental writers have in general entered into an equally extensive inquiry. "Political Economy," says M. Storch, "is the Science of the natural laws which determine the prosperity of nations, that is to say, their wealth and their civilization." M. Sismondi considers "the physical welfare of man, so far as it can be the work of government, as the object of Political Economy." "Political Economy," says M. Say, "is the economy of society; a Science combining the results of our observations on the nature and functions of the different parts of the social body." The modern writers of the English school have in general professed to limit their attention to the theory of Wealth; but some of the most eminent among them, after having expressed their intention to confine themselves within what appears to us to be their proper province, have invaded that of the general legislator or the statesman. Thus Mr. M'Culloch, after having defined Political Economy to be "the Science of the laws which regulate the production, accumulation, distribution, and consumption of those articles or products that are necessarily useful or agreeable to man, and possess exchangeable value" or, "the Science of Values;" adds, that "its object is to point out the means by which the industry of man may be rendered most productive of wealth, to ascertain the circumstances most favourable to its accumulation, the proportions in which it is divided, and the mode in which it may be most advantageously consumed." [From the Introduction]