For works with similar titles, see Principles of Political Economy.
This is the seventh edition of the Principles, which was first published 1848.
LONGMANS, GREEN, READER AND DYER.
SAVILL, EDWARDS AND CO., PRINTERS, CHANDOS STREET.
​The most characteristic quality of that work, and the one in which it most differs from some others which have equalled and even surpassed it as mere expositions of the general principles of the subject, is that it invariably associates the principles with their applications. This of itself implies a much wider range of ideas and of topics, than are included in Political Economy, considered as a branch of abstract speculation. For practical purposes, Political Economy is inseparably intertwined with many other branches of social philosophy. Except on matters of mere detail, there are perhaps no practical questions, even among those which approach nearest to the character of purely economical questions, which admit of being decided on economical premises alone. And it is because Adam Smith never loses sight of this truth; because, in his applications of Political Economy, he perpetually appeals to other and often far larger considerations than pure Political Economy affords—that he gives that well-grounded feeling of command over the principles of the subject for purposes of practice, owing to which the "Wealth of Nations," alone among treatises on Political Economy, has not only been popular with general readers, but has impressed itself strongly on the minds of men of the world and of legislators.
It appears to the present writer, that a work similar in its object and general conception to that of Adam ​Smith, but adapted to the more extended knowledge and improved ideas of the present age, is the kind of contribution which Political Economy at present requires. The "Wealth of Nations" is in many parts obsolete, and in all, imperfect. Political Economy, properly so called, has grown up almost from infancy since the time of Adam Smith; and the philosophy of society, from which practically that eminent thinker never separated his more peculiar theme, though still in a very early stage of its progress, has advanced many steps beyond the point at which he left it. No attempt, however, has yet been made to combine his practical mode of treating his subject with the increased knowledge since acquired of its theory, or to exhibit the economical phenomena of society in the relation in which they stand to the best social ideas of the present time, as he did, with such admirable success, in reference to the philosophy of his century.
The present edition, with the exception of a few verbal corrections, corresponds exactly with the last Library Edition and with the People's Edition. Since the publication of these, there has been some instructive discussion on the theory of Demand and Supply, and on the influence of Strikes and Trades Unions on wages, by which additional light has been thrown on these subjects; but the results, in the author's opinion, are not yet ripe for incorporation in a general treatise on Political Economy.[1] For an analogous reason, all notice, of the alteration made in the Land Laws of Ireland by the recent Act, is deferred until experience shall have had time to pronounce on the operation of that well-meant attempt to deal with the greatest practical evil in the economic institutions of that country.
Does nature contribute more to the efficacy of labour in some occupations than in others?
Chapter V. Fundamental Propositions respecting Capital.
Chapter VII. On what depends the degree of Productiveness of Productive Agents.
Chapter IX. Of Production on a Large, and Production on a Small Scale.
Chapter XII. Of the Law of the Increase of Production from Land.
Chapter XIII. Consequences of the foregoing Laws.
Chapter I. Of Property.
Should the right of bequest be limited, and how?
Chapter III. Of the Classes among whom the Produce is distributed.
Is its abolition desirable?
Chapter X. Means of abolishing Cottier Tenancy.
Chapter XII. Of Popular Remedies for Low Wages.
Chapter XIII. Remedies for Low Wages further considered.
Chapter XIV. Of the Differences of Wages in different Employments.
Chapter XV. Of Profits.
Chapter XVI. Of Rent.
Chapter I. Of Value.
Chapter II. Of Demand and Supply, in their relation to Value.
Chapter V. Of Rent, in its relation to Value.
↑ The present state of the discussion my be learnt from a review (by the author) of Mr. Thornton's work "On Labour," in the "Fortnightly Review" of May and June, 1869, and from Mr. Thornton's reply to that review in the second edition of his very instructive book.
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