A Treatise on Political Economy

[...]... corpi, come sono i minerali, i sassi, le piante spontanee delle selve, etc., e Tunica che da valore alia cosa La quantita della materia non per altro coopera in questi corpi al valore se non parche aumenta o senna la fatica." (GALIANI, della Moneta Lib I, cap 2.) " In relation to labour I will remark, that not only in productions which are entirely the work of art, as in painting1, sculpture, engraving,... of knowledge Political economy belongs to the latter; in showing the manner in which events take place in relation to wealth, it forms a part of experimental science.* But facts that take place may be considered in two points of view; either as general or constant, or as particular or variable General facts are the results of the nature of things in all analogous cases; particular facts as truly result... which laws have but an accidental and indirect influence Thence what interminable digressions! If, for example, commerce constitutes a branch of political economy, all the various kinds of commerce form a part; and as a consequence, maritime commerce, navigation, geography—where shall we stop ? All human knowledge is connected Accordingly, it is necessary to ascertain the points of contact, or the articulations... furnish any data for absolute calculations In political as well as in physical science, all that is essential is a knowledge of the connex ion between causes and their consequences Neither the phenomena of the moral or material world are subject to strict arithmetical computation.* # We may,forexample, know that.for any given year the price of Yvme will infallibly INTRODUCTION XXVli These considerations... the abbe Galiani, so weli known since from his connexion with many of the French philosophers, and by his Dialogues on the Corn Trade, although at that time a very young man, published a Treatise on Money, which discovered such uncommon talents and information, as to • Breve Trattato d*U-e cause che possono far abondare li regni d'oro et d'argento dow ton son, miniere INTRODUCTION induce a belief that... production 71 IV Of natural agents, that assist in the production of wealth, and specially of land 74 V On the mode in which industry, capital, and natural agents unite in production 77 VI Of operations alike common to all branches of industry \ 79 VII Of the labour of mankind, of nature, and of machinery respectively 85 VIII Of the advantages and disadvantages resulting from division of labour; and... productions of nature, as on metals, minerals, and plants, their value is entirely derived from the labour bestowed on their creation The quantity of matter affects the value of thinga only so far as it requires more or less labour." In the same chapter Galiani also remarks, that man, that is to say bis labour, is the only correct measure of value This, also, according to Dr Smith, is a principle; al though... production He styles natural, whatever creates those objects of consumption required by a family, or, at most, whatever is obtained by exchanges in kind No other advantage, according to him, is derived from real production; artificial gain he condemns Besides, he does not support these opinions by any reasoning founded upon accurate observation *he cause of our always being misled in political economy, ... possession, are only true for an instant Dr Smith accordingly avows, that he puts no xx INTRODUCTION great faith in political arithmetic; which is nothing more than the arrangement of numerous statistical data Political economy, on the other hand, whenever the principles which constitute its basis are the rigorous deductions of undeniable general facts, rests upon an immoveable foundation General facts undoubtedly... can already perceive the unequivocal figns of the approaching fulfilment of this prediction Since it was hazarded, two works have appeared, each of which, in its own peculiar line, is eminently calculated to correct the errors which previously prevailed These publications are, 4 A Critical Dissertation on the Nature, Causes and Measures of Value, by an anonymous author;' and * Thoughts and Details on . theory and destructive to national prosperity. W henever American Statesmen and legislators shall have as clear and steady per Xit ADVERTISEMENT TO THE FIFTH EDITION. ceptons as Franklin of the. into the current coins, weights and measures of the United States, wnen the context strictly required it by a rigorous reduction, and when merely assumed as a politico-arithmetical illustration,. mathematical cast given to their reason* ings by these writers, has captivated and led astray the understandings of intelligent and sagacious readers, and induced them to adopt, as scientific truths,