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More imports obtained by lessening the price of exports
All three branches of industry need development
Warning from the experience of England.
Free trade economists admit these principles
Protection benefits agriculturists more than manufacturers
Effect of doubling the duty on imported manufactures
Prices not increased by the full amount of the duty
Compensation for slightly increased prices.
How England has extended her manufactures
Free trade applicable under certain circumstances
Cost of transportation acts in favor of England
Excessive imports cause ruinous fluctuations of price
Taxes on articles bought for display cost nothing
Protective duties on them are a clear saving
Private and public interest not always identical .
The maxim, "buy at the cheapest market," examined
Refutation of it from experience

Fallacious illustrations from extreme cases

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PRINCIPLES

OF

POLITICAL ECONOMY.

CHAPTER I.

WEALTH AND ITS TRANSMUTATIONS.

THE most obvious, though certainly not the most important, difference between a civilized community and a nation of savages consists in the vastly greater abundance, possessed by the former, of all the means of comfort and enjoyment. These means, including the necessaries, conveniences, and luxuries of life, are chiefly material objects, such as manufactured goods, articles of food and clothing, ships and buildings, the useful and the precious metals, tools and machines, and ornaments, or things designed to gratify the taste and the senses. Some, however, are immaterial, and yet are just as much objects of desire, just as much objects of barter and sale, as cloth and bread. The legal knowledge and acumen of a lawyer, for instance, the vocal powers of a remarkable singer, the mimetic talent of an actor, the practised hand of an ingenious and thoroughly-trained artisan, all command a price in the market quite as readily as any goods in a shop. When an occasion. arises, we buy the services of a lawyer or a physician, just as we buy a ticket to a concert, or an instrument of music for a drawing-room.*

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Many Political Economists exclude immaterial products from their definition of wealth, because the labor which is devoted to such products "ends in immediate enjoyment, without any increase of the accumulated stock of permanent means of

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