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By Say J.-B.

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Extra resources for A Treatise on Political Economy or the Production, Distribution and consumption of Wealth

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Moderation and economy were turned into ridicule. The courtiers of the prince, either by persuasion or corruption, encouraged him in every species of extravagance. At this period, the maxim that a state is enriched by luxury was reduced to system. " * From my own inability of judging of the merits of such of these writers whose works have not been translated, I have availed myself of the opinions of one of the translators of this Treatise into the Spanish language, Don Jose Queypo, an individual Alike distinguished by his abilities and patriotism, whose remarks I have only i d INTRODUCTION.

I must, therefore, apologize to the owners of the former editions, for the numerous corrections I have made in the present It became my duty in treating of a subject of such essential importance to the general welfare, to give it all the perfection within my reach. Since the publications of the former editions of this work, various authors, some of whom enjoy a well merited celebrity,t have given to the world new treatises on political economy. It is not my province, either to pronounce upon the general character of these productions, or to decide whether they do, or do not, contain a full, clear, and well digested exposition of the fundamental principles of this science.

Dr. Smith has, in a satisfactory manner, established the difference between the real and nominal prices of things, that is to say, between the quantity of real values which must be given to obtain a commodity, and the name which is given to the sum of these values. The difference here alluded to, arises from a more perfect analysis, in which the real price itself is decomposed. t It is not, for example, until after the manner in which production takes place ia thoroughly understood, that we can say how far the circulation of money and commodities has contributed towards it, and consequently what circulation is useful, and what is not; otherwise, we should only talk nonsense, as is daily done, respecting the utility of a quick circulation.

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