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PRE FACE.

CHE Delegates of the Clarendon Press, having detered on issuing a series of manuals intended for cational purposes, have entrusted me with the duty applying a short treatise on Political Economy. The ral topics discussed in this little work have formed material for certain courses of lectures which I have 7 during some years in London and Oxford, though are presented in the following pages in a condensed , many historical and statistical illustrations being ced. These illustrations, which should be supplied ne teacher, are of the utmost importance in the study e science, for just as the historian who is ignorant e interpretations of political economy is constantly d in a medley of unconnected and unintelligible

so the economist who disdains the inductions of -y is sure to utter fallacies. Much of the merit of

Smith's great work is derived from the steady use

this philosopher made of history and statistics, h in his time the former was uncritical, the latter

inexact.

There is I believe reason to differ from some of the views generally entertained by economists on the subjects of Population, Rent, Wages, Profit, and one or two other cognate terms. My reader will be able to judge whether I have succeeded in substantiating the conclusions at which I have arrived on those topics. The ordinary theory of Rent is not historically supported by the facts which it has assumed, and the theory of Population is closely connected with that of Rent.

It is unnecessary that I should comment on the importance of exactly demonstrating all such social laws as the economist attempts to collect. Errors in such inferences are always more mischievous than any other fallacies; most mischievous when the social system of any country is in course of reconstruction, and at a time when the people whose institutions are being remodelled are slow to accept the rule of the great French economist, Tous les intérêts légitimes sont harmoniques.

JAMES E. THOROLD ROGERS.

OXFORD, March 11, 1868.

49

That which is saved is capital, in whatever form it may be rendered

useful

50

Wages, what they are

50

Profit, what it strictly is

51

Rent the residue of the price when wages and profit are satisfied 52

CHAPTER VI.

Capital. 53–61.

The meaning and origin of capital

The employment of capital

Relations of capital and labour

Profit of capital

Accumulation of capital

Errors made by labourers and capitalists

Credit not capital, except metaphorically

53

54

55

56

57

58

61

CHAPTER VII.

Labour and Wages. 62-67.

Wages of labour determined by certain causes

Adult labour an investment of capital

Food of the labourer relevant to his rate of wages .

Capital invested in labour must be replaced

Labour be understood in a generic sense

62

63

64

65

66

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