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

SECTION III.

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,

SECTION V.

(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,

Page

326

363

389