Principles of Political Economy / Abridged with Critical, Bibliographical, and Explanatory Notes, and a Sketch of the History of Political Economy

The work presents a systematic survey of political economy, beginning with production—its requisites of labor, capital, and land—and distinguishing productive from unproductive labor, circulating and fixed capital, and the role of saving. It analyzes factors that raise productivity, the laws governing the growth of population, capital, and agricultural output, and the distribution of income into wages, profits, and rent. Later sections treat money, value, taxation, government influence, and contemporary controversies such as wages, socialism, bimetallism, and paper currency. An introductory history of economic thought, critical and bibliographical notes, American illustrations, charts, and teaching aids accompany the abridged text.