The Principles of Economical Philosophy, Volume 1

Front Cover
Longmans, Green, Reader, and Dyer, 1875
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Contents

Smith allows that all Value is not due to Labour
9
Error of Malthus on Rent
10
Smith on Rents in Shetland
11
Bacon on trade Profits
12
Calvin on Interest 13 Cabs in London and provincial towns
13
Gradual separation of employments
14
De Fontenay on Rent 13 Rent an example of the General Law of Value 14 Land reclaimed during the Revolutionary War 15 Cost of Production of C...
15
Molerate farms let better than very large ones
16
On Cornrents
17
Ricardo on Rent of Mines
18
Absurdity of the RicardoMill Theory of Rent
19
Rent of Mines and Shops
20
Erroneous doctrine of Ricardo
21
Anderson Ricardo and Mill on Rent Selfcontradiction of Ricardo
22
Smith wrongly calls Agricultural Labour the most productive
23
Smiths error on Labour as a Standard of Value
24
Exchangeability the sole essence of Wealth and Value
25
Error of Mill on Productive Labour
26
When Labour is productive
27
On Interest
28
The same continued
29
Apparent violation of this Law in 1866
30
Fourth example of LawismThe Bank of Norway
31
Smith on Wages
32
Fifth exampleThe American banking convulsions of 18379
33
Fundamental vice of the constitution of the Bank of England
34
The consequences of this vicious principle are prevented by its being limited to that single instance
35
ON THE THEORY OF BASING A PAPER CURRENCY ON THE DIS COUNT OF MERCANTILE BILLS
36
Refutation of this theory by the Bullion Committee
37
This refutation incomplete
38
Demonstration of the fallacy of this theory on the principles of this work
39
The same continued
40
Specific meaning of overissue
41
Fallacy of the expression good bills
42
Adam Smith adopts both these currency fallacies
43
Bullion as the representative of debt is the only proper basis
44
1
60
CHAPTER XVII
70
Final abolition of Usury Laws in England 32 Confusion of Mill on Value of Money 33 Value of Money has two meanings
74
Difference of Profit between Interest and Discount
76
On Rate of Interest
78
Rent and Interest analogous Differences in Rate of Interest
79
37
80
Smith and Hume on Rate of Interest 39 Effect of increase of Money on Interest 40 How an increase of Money affects Prices and Interest 41 Hume on...
85
On Fixed and Variable Price
105
Error of confounding the Measure with the Cause of Value
110
CONCLUSION OF PURE ECONOMICS
114
Erroneous doctrine of Ricardo
115
The alleged Wages Fund
123
All Negotiable Instruments are CURRENCY
133
PAGE 35
138
37
139
39
140
Further examples of this law
141
42
142
43
143
46
144
48
145
49
146
Wages usually high when food low
147

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Page 161 - Each person, therefore, making a tenth part of forty-eight thousand pins, might be considered as making four thousand eight hundred pins in a day. But if they had all wrought separately and independently, and without any of them having been educated to this peculiar business, they certainly could not each of them have made twenty, perhaps not one pin in a day...
Page 171 - In the progress of the division of labour, the employment of the far greater part of those who live by labour, that is, of the great body of the people, comes to be confined to a few very simple operations, frequently to one or two. But the understandings of the greater part of men are necessarily formed by their ordinary employments.
Page 160 - ... it is even a trade by itself to put them into the paper; and the important business of making a pin is, in this manner, divided into about eighteen distinct operations, which, in some manufactories, are all performed by distinct hands, though in others the same man will sometimes perform two or three of them.
Page 103 - The property which every man has in his own labour, as it is the original foundation of all other property, so it is the most sacred and inviolable. The patrimony of a poor man lies in the strength and dexterity of his hands; and to hinder him from employing this strength and dexterity in what manner he thinks proper without injury to his neighbour is a plain violation of this most sacred property.
Page 171 - He naturally loses, therefore, the habit of such exertion, and generally becomes as stupid and ignorant as it is possible for a human creature to become. The torpor of his mind renders him, not only incapable of relishing or bearing a part in any rational conversation, but of conceiving any generous, noble, or tender sentiment, and consequently of forming any just judgment concerning many even of the ordinary duties of private life.
Page 268 - ... if the invention of the ship was thought so noble, which carrieth riches and commodities from place to place, and consociateth the most remote regions in participation of their fruits ; how much more are letters to be magnified, which, as ships, pass through the vast seas of time, and make ages so distant to participate of the wisdom, illuminations, and inventions, the one of the other...
Page 109 - The value of any commodity, therefore, to the person who possesses it, and who means not to use or consume it himself, but to exchange it for other commodities, is equal to the quantity of labour which it enables him to purchase or command. Labour, therefore, is the real measure of the exchangeable value of all commodities.
Page 168 - This great increase of the quantity of work, which, in consequence of the division of labour, the same number of people are capable of ' performing, is owing to three different circumstances : first, to the increase of dexterity in every particular workman ; secondly, to the saving of the time which is commonly lost in passing from one species of work to another...
Page 172 - His dexterity at his own particular trade seems, in this manner, to be acquired at the expense of his intellectual, social, and martial virtues. But in every improved and civilized society, this is the state into which the labouring poor, that is, the great body of the people, must necessarily fall, unless government takes some pains to prevent it.
Page 168 - A common smith, who, though accustomed to handle the hammer, has never been used to make nails, if, upon some particular occasion, he is obliged to attempt it, will scarce, I am assured, be able to make above two or three hundred nails in a day, and those too very bad ones. A smith who has been accustomed to make nails, but whose sole or principal business has not been that of a nailer, can seldom, with his utmost diligence, make more than eight hundred or a thousand nails in a day.

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