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OF TAE LOGICAL METHOD OF POLITICAL ECONOMY.

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§ 1. The method of Political Economy inculcated in the preceding

lecture, the same which has, in fact, been followed by the

leading authorities in the science .

Mr. Tooke's method in monetary investigation

§ 2. Analysis of the doctrine that 'cost of production regulates the

value of freely produced commodities'

Nature of the evidence by which an, economic law is estab-

lished or refuted

§ 3. Illustrations from the 'Wealth of Nations

from Ricardo's works

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§ 1. Circumstances in which an economic law, regarded logically,

differs from a law in the more advanced physical sciences--

unsusceptibility of precise quantitative statement
[Note.--Mr. McLeod's and Mr. Jennings' view]
Unprecise character of economic laws illustrated by the

theory of the decline of profits
And by the variations in the price of food

And by the effects of changes of taxation on consumption
§ 2. Consequence of the unprecise character of economic laws as

affecting the solution of economic problems
Illustrations-drain of silver to the East in 1856

high price of corn during the four years 1853
to 1856 inclusive.
§ 3. Prevalent ignorance as to what the solution of an economic

problem means

Illustrations (vide also notes]

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