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 undergone many changes of meaning since it was first invented. But at last, it having been appropriated in popular use to the production, distribution, and consumption of wealth, and this expression having been shown to be equivalent to commerce or exchanges, a large body of economists have defined political economy as the science of exchanges. But there is a general dissatisfaction among economists with such a name, because it naturally suggests the idea that it has something to do with politics; whereas all economists are agreed that it is entirely independent of politics and forms of political government. Various other designations have been proposed. Whately proposed Catallactics. That, no doubt, exactly expresses its meaning. Others have proposed Plutology or Chre-matology. Such names as these, however, would not be readily accepted, and it is not expedient to deviate too far from popular use. Economic science is so firmly rooted in the public mind that no advantage could be got by changing it. Moreover, it exactly expresses the nature of the science. Because in Greek is absolutely synonymous with

It is sometimes supposed that in Greek means a house, and that an economist is the master of a house. But has a much more extensive meaning than that of a house only. Throughout the whole range of Greek literature, from Homer to Ammonius, means property or estate of every description. It includes not only houses, lands, money, and all material things, but also all such property as debts, bank notes, bills of exchange, the funds, shares in commercial companies, copyrights, patents, etc. It is the technical term in Attic law for a person's whole property or estate of every description. The word "economy" is more usually appropriated to ideas of thrift or parsimony. I therefore proposed to term it Economics, which has a little peculiarity to distinguish it, and yet does not differ in any way from popular usage. And I am happy to say that this suggestion is now meeting with very general acceptance. Wherever you turn now the term economics meets your eye. Economics, then, is simply the science of exchanges, or commerce in its widest extent, and in all its forms and varieties. It is the theory of value.

I myself have offered this definition - Economics is the science which treats of the laws which govern the relations of exchangeable quantities.

And M. Michel Chevalier did me the honour to say that he thought that was the best definition which had yet been proposed.

I venture to hope, then, that this name will meet with your approbation, and that you will also adopt the name of economics for the science of commerce.