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CONTENTS.
PART I.
RISE AND PROGRESS OF THE SCIENCE.
Definition of the Science-Its importance-Causes of its
being neglected in Greece and Rome, and in the Middle
Ages-Evidence on which its Conclusions are founded-
Rise of the Science in Modern Europe-Mercantile Sys-
tem-System of M. Quesnay and the French Economists
-Publication of the "Wealth of Nations"-Distinction
between Politics and Statistics and Political Economy, Page 1
Means by which the Productive Powers of Labour are in-
creased (1.) Security of Property--(2.) Division of Em-
ployments among Individuals-(3.) Accumulation and
Employment of Capital-(4.) Division of Employments
among Different Countries, or Commerce-Money,
SECTION III.
Different Employments of Capital and Labour--Agricul-
ture, Manufactures, and Commerce, equally advantageous
-The investment of Capital in different Businesses de-
termined by the Rate of Profit which they respectively
yield,
73
143
Improvements in Machinery similar in their Effects to Im-
provements in the Skill and Dexterity of the Labourer-
Do not occasion a Glut of Commodities-Sometimes force
Workmen to change their Employments, but have no ten-
dency to lessen the effective demand for Labour-Case
supposed by Mr Ricardo, with respect to Machinery,
possible, but exceedingly unlikely ever to occur-True
Cause of Gluts,
165
SECTION V.
Population always proportioned to the means of Subsistence
-Capacity of the Principle of Population to repair the
ravages of Plagues and Famines-Comparative increase of
Capital and Population,
PART III.
193
DISTRIBUTION OF WEALTH.
SECTION I.
Value of two sorts-(1) Exchangeable Value-How it is
determined-Conditions required to render a Commodity
invariable in its Exchangeable Value-(2) Real Value
-How it is determined-Conditions required to render
a Commodity invariable in its Real Value-Quantity of
Labour required to produce a Commodity different from
the quantity of Labour for which it will exchange, 210, 211
SECTION II.
Classes among which the Produce of Industry is divided—
Equality of Wages in all the Different Departments of
Industry-Equality of Profits-Capitals of every degree
of Durability,
227
Cost of Production the regulating principle of Price-In-
fluence of Variations in the Demand for and Supply of
Commodities on their Price-Influence of Monopolies-
Average Price always coincident with cost of Produc-
tion,
Page
248
SECTION IV.
Commodities belong, in the earliest stage of Society, exclu-
sively to the Labourers-Quantity of Labour required for
their Production, the only principle which then deter-
mines their Exchangeable Value,
(1.) Nature, Origin, and Progress of Corn or Produce Rents
-Rent not a Cause but a Consequence of the High Va-
lue of Raw Produce-Does not enter into Price-Dis-
tinction between Agriculture and Manufactures. (II.)Mo-
ney Rents depend partly on the Extent to which Tillage
has been carried, and partly on Situation-The Principle
that the Real Value of Commodities is regulated or de-
termined by the Quantities of Labour required for their
Production, not affected by the Payment of Rent,
SECTION VI.
Effect of the employment of Capital in Production on the
Exchangeable Value of Commodities-Effect of Varia-
tions in the Rate of Wages on Exchangeable Value—(1)
When the Capitals employed in Production are of the
same degree of Durability; and (2) When they are of
different degrees of Durability-Time not to be taken in-
to account in estimating Value-A High Rate of Wages
does not lay the Commerce of a Country under any dis-
advantage,
261
264
288
SECTION VII.
Circumstances which determine the Rate of Wages-(1.)
Market or Real Wages depend on the proportion between
Capital and Population-(2.) Natural or Necessary Wages
depend on the Species and Quantity of Food and other
articles required for the consumption of the Labourer;
different in different Countries and Periods- Effect of
Fluctuations in the Rate of Wages on the Condition of
the Labouring Classes—Advantage of a high rate of Wages
-Advantage of having the Labourers dependent for Sup-
port on the cheapest species of Food-High Wages not a
cause of Idleness-Effect of the Poor Laws and of Edu-
cation, on the condition of the Labourers-(3.) Propor-
tional Wages; depend partly on the amount and species
of the articles consumed by the Labourers, and partly on
the productiveness of Industry,
.
SECTION VIII.
Division of the Produce of Industry, under deduction of
Rent, between Capitalists and Labourers-Definition of
Profits-Mr Ricardo's Theory of Profits; sense in which
it is true-Causes which occasion a Rise or Fall of Pro-
fits-Accumulation of Capital, not a Cause of a Fall of
Profits-Influence of the decreasing Fertility of the Soil,
and of Taxation on Profits,
PART IV. ·
CONSUMPTION OF WEALTH.
Definition of Consumption-Consumption the end of Pro-
duction-Test of Advantageous and Disadvantageous
Consumption-Injurious operation of Sumptuary Laws-
Advantage of a Taste for Luxuries-Error of Dr Smith's
Opinion with respect to unproductive Consumption-Er-
ror of those who contend, that to facilitate Production, it
is necessary to encourage Consumption-Consumption of
Government-Conclusion,
326
363
389