Principles of Political Economy

A systematic exposition of political economy that frames economic activity as exchanges among persons, replacing the traditional focus on wealth with the scientific concept of value encompassing commodities, services, and credits. It builds economics around reciprocity, arguing that every sale is simultaneously a purchase and emphasizing mutual satisfaction as the motive for voluntary exchange. The text analyzes the elemental structure of buying and selling — persons, desires, efforts, estimates, renderings, satisfactions — and applies this framework to land, money, and foreign trade, critiques restrictive government interference, and demonstrates inductive reasoning and pedagogical organization for instruction in the subject.