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his office, he may contribute to bring about that state of things which is most favourable to industry, and abstain from such measures as operate injuriously upon it.

Political economy as a department of the great region of science is intimately connected with many others, although it is sufficiently distinct from them. To the physical inquirer, the physician, the metaphysician, the moralist, the divine, we leave their several provinces untouched. Political economy is distinguished from natural philosophy in that, whilst the latter relates to the laws of nature, the discovery and development of the particular processes and most advantageous methods of directing individual labour in the several branches of industry, as in agriculture, manufactures, and the like, and without regard of the persons to whom their effects may apply, or by whom they may be brought about, whether to or by one or many; the former takes a more general and extensive range, and while it does not overlook the individual engaged in labour, devotes itself more especially to these laws as they may be brought into operation by the aggregate and combined exertions of a social community, and as their effects operate, not on the individual solely, but on the common welfare.

If mankind existed in a state of separation and independence of each other, as then political association would have no existence, so political science would have no place. Without relations of fellow-citizens or fellow-subjects, the inquiries of man would be limited to the physical laws of the universe-to agriculture, to manufactures, to mechanics, to chemistry, and inquiries by which individual labour might be made successful, without reference to the parties by whom they might be brought into operation, or to whom their effects might apply. But a state of society, which introduces a distribution of employments, the interchange of commodities, a mutual connexion and dependence of men on one another, and in which the actions of one individual have an effect on the condition of many, presents to view human industry in a state of combination, and brings with it the necessity for a knowledge, not only of the physical laws of the universe, but of those social laws, for an acquaintance with which an examination of the phenomena that

industry in such a state exhibits is necessary. In this state of the case, it is not enough that agriculture, manufactures, mechanics, and the like, be well understood and practised; they must be followed in certain proportions to one another, according to certain methods; and the whole industry must be properly arranged and combined. Through a knowledge of these social laws, such arrangement and combination may be effected; the labours of the whole community may be conducted, to a certain extent, in unison, by a combined and harmonious plan of operations; and the disorder and confusion in industry, and the jostling, if one may so speak, of one man against another, which would frustrate the attainment of the ends of labour, be in a measure prevented.

Political economy is distinguished from moral philosophy in that, while the latter treats on human actions as affecting human happiness, here and hereafter, the former treats on that class of actions which in particular regard our industry and affect our pecuniary circumstances, in order that through a wise and skilful application and direction of our industrious faculties and property, that happiness may be realized which is derivable from external circumstances that are favourable to its existence.

Again, political economy is sufficiently distinct from the other departments of political science. Here we have nothing to do with the forms, constitution, or powers of government,-whether monarchical, aristocratical, republican, or mixed; nor with the ruling or directing power in the state,-whether it be a prince, a council, or senate. Neither does it concern us to inquire into the legitimacy or rightfulness of the authority exercised. The superior advantages for attaining the ends of civil government which one or other of these forms, or ruling powers, presents over the rest, belong to an inquiry wholly distinct. Our investigations relate to measures, and not to the means or the parties by whom they may be put in practice.

The degree in which the rights of person and property are maintained, the laws of succession to property, and the distribution of it which obtains in a community, are circumstances that operate powerfully on the production and maintenance. of wealth. The investigation and development of the effects

which these have on industry, as causes of opulence or poverty and the mode of their operation, belong to political economy. The other effects they may have on the welfare of society, and the happiness or misery they may occasion in other ways, form a distinct inquiry, referable to the study of jurisprudence. The rights of property cannot be maintained, except through the medium of a magistracy and police, nor without the existence of laws and punishments for the repression of the offences by which those rights are violated. The inquiries of political economy, however, are confined merely to the effects resulting from the security or insecurity of property, leaving out of view the means by which that security may be obtained. The rules of civil and criminal law, the reasons, the end, and measure of punishments, with such like questions of civil polity, more conveniently form the subjects of a separate discussion.

SECTION II.

ON THE MEASURE OF THE PRODUCTS OF INDUSTRY.

It seems natural to refer the products created by industry to some standard of valuation, for the purpose of estimating their amount, and thereby the result of any kind of labour, or of any legislative measure or system of measures that have been applied to the direction of industry, in order to ascertain whether they have proved beneficial or injurious, or whether some are more or less so than others. Some such standard seems to be called for in order to enable us to affirm on which side the resulting balance of advantage or loss may have preponderated.

But, with reference to a measure for application to the products of industry, or a quality by which to estimate their magnitude, let it be recollected, that it is not with products alone that economical science is concerned. In the subjects of that science are comprised, not only the products of industry actually existing at any time, and susceptible of valuation, but the sources whence

they are drawn. One of these sources is labour, or the exertion of the human faculties, which is not appreciable or comparable in the same way as its products. An examination of the laws of social industry has for its object to increase the productiveness of these sources, or the produce they may be made to yield by their employment, not less than to augment the quantity and quality of the stock of these products actually existing on hand unconsumed. Since then the productiveness of the sources of wealth, and the facility with which they yield, may be increased or diminished without materially affecting the amount of stock on hand, it is plain, that whatever be the measure or the quality by which the existing amount of this stock may be estimated, it can show only in a very uncertain degree the good or bad consequences resulting from any legislative measure or measures operating on the industry of a community.

Again, the same uncertainty must exist if we apply this measure to estimate the amount, not of the products of industry actually on hand, but of the products which are created in a community in any given time; and for this reason, that the industry of the community, by which these products are acquired, may be exerted or prove successful in a greater or less degree during that particular time; and the products, consequently, be great or small, not from our ability to earn much or little, but from our being idle or industrious. The means of producing may exist without being called into exercise; and, again, the seasons, or other adventitious circumstances, may be more or less propitious. Once more, the products created may be well or ill adapted to the wants and wishes of the people. The objects of political economy are, to discover the means of facilitating production, and increasing the leisure time of the people, as well as to augment their riches; and their ease and leisure may become more, while their riches are not greater. No positive conclusion, therefore, can be drawn from the fact of an augmentation or diminution, either of the actually existing stock of objects of wealth on hand, or of the objects which are produced in a given time, as to the real ability of the people to produce, and as to the ease or shortness of time required for the production of the objects created.

Bearing in mind, therefore, the degree of indeterminateness of any inferences which may appear deducible from the augmentation or diminution, both of the stock on hand of objects of wealth, and of the quantity created in a given time, we proceed to notice the means or measure by which the products of industry are appreciable.

In the acquisition of objects which minister to our wants and desires, and in the studies we undertake with reference to such acquisition, we have two ends in view, which in their most general sense may be thus stated,-first, to procure pleasure; and, secondly, to avoid pain: in other words, we wish to heighten as much as possible the gratification which these objects may yield, and on the other hand, to lessen as much as possible the sacrifice of toil or labour necessary to procure them. Now, such being the ends in view, these two elements, gratification on one side and toil on the other, must of necessity be found in every standard which can be applied as a just estimate to express the amount of the products of industry, or to indicate the degree in which success or failure attends our endeavours to heighten gratification or lessen labour. A standard which should express only one of these elements, as for instance, toil, would evidently be inadequate to its purpose; because the toil required for the acquisition of any article may be greater or less in different circumstances, while the article itself remains the same. And again, an article which may have been produced at a great sacrifice of labour, may after all be incapable of affording gratification, and altogether worthless; or, perhaps, afford a less gratification than the worth of the sacrifice of toil that has been made to procure it. Neither can the gratification which an article may yield, be the only thing by which a correct estimate of it can be formed. It is necessary to inquire what was its cost. A dress of fine cloth may afford more pleasure in the wear than a dress of coarse cloth; but if the fine should cost twice as much as the coarse, while the additional pleasure should be only half as much more, it would plainly be unwise to make a double sacrifice for a pleasure only half as much greater. Again, this standard of production must not only express the value of both these circumstances, gratification and toil, but it

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