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On The Modern Science Of Economics | by Henry Dunning MacLeod



It is a matter of common notoriety that while economists, in this country at least, have during the last three-quarters of a century achieved a series of great successes, the science of Political Economy itself, or Economics as it may more aptly, and is now becoming more usually termed, is in a most unsatisfactory state; and, indeed, a very large number of persons deny that there is any intelligible science of Economics at all...

TitleOn The Modern Science Of Economics
AuthorHenry Dunning MacLeod
PublisherJohn Heywood, Deansgate And Ridgefield
Year1887
Copyright1887, John Heywood, Deansgate And Ridgefield
AmazonThe 4-Hour Workweek

By Henry Dunning Macleod, M.A.

Read April 20th, 1887.

Manchester Statistical Society.

-Preface
It is a matter of common notoriety that while economists, in this country at least, have during the last three-quarters of a century achieved a series of great successes, the science of Political Econ...
-On The Definition Of Wealth
And in submitting to your consideration the true definition of the word wealth, I hope that you will not think that I am going to amuse you with vain logomachy or curious speculation. On the contrary,...
-Ancient Dialogue To Show That Labour Is Wealth
There is a remarkable ancient work extant, which is, as far as I am aware, the earliest regular treatise on an economical question. It is termed the Eryxias, or On Wealth. The purport of this dia...
-Demosthenes Shows That Personal Credit Is Wealth
But personal qualities may be used as purchasing power in another way besides that of labour. If a merchant enjoys good credit, as it is termed, he may go into the market and buy goods, not with mon...
-All Jurists Show That Rights Are Wealth
But there is yet another order of quantities which can be bought and sold, or exchanged, and whose value can be measured in money, and which are therefore wealth by the definition, and it is to this o...
-All Jurists Show That Rights Are Wealth. Continued
Under the term wealth, not only ready money but all things both immovable and movable, both corporeal tilings and rights, are included. Also Rei appellatione et Causę et Jura continentur. Under th...
-On The Meaning Of Wealth In Modern Times
We have now to investigate the meaning of wealth in modern times, and I must ask you to pretend to forget all that I have already said, because it was totally unknown until I brought it to light For ...
-Origin Of Political Economy In Modern Times
I will now relate the circumstances which gave rise to a sect of illustrious philosophers who founded economics as a science. In 1721, John Law's theory of paper money had been tried in France, and p...
-Physiocrate Doctrine Of Productive Labour
I have now to direct your attention to a remarkable doctrine of the economists, which was, as I shall show, the cause of Smith's work. They defined productive labour to be labour which left a profit ...
-Ricardo
Ricardo was the first economist in this country who perceived the necessity of reducing the laws of value to general principles. He calls his work The Principles of Political Economy and Taxation. B...
-The Second School Of Economists
Unfortunately, an economist of the highest distinction introduced a fatal change in the fundamental conception of the science, which has thrown it into utter confusion, and has arrested its progress u...
-The Second School Of Economists. Continued
When the idea of permanence is introduced into the notion of wealth it at once becomes altogether vague and uncertain. Things are of all degrees of permanence, from the land which lasts for ever to th...
-On The Best Name For The Science
Having then, I trust, satisfied you that there is a positive definite science of commerce or exchanges, we have next to determine what is the best name for it. The term Political Economy has undergo...
-Economics Is A Physical Science
We now, then, perceive how economics is a physical science. One of the most distinguished physical philosophers of the day expressed to me a doubt that economics is a physical science. But that all de...









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