This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1904 edition. Excerpt: ... is no less true of the Wealth of Nations and its most distinguished successors. A tiro can now see the fallacy of Adam Smith's statement, that "labour never varying in its own value " is a "universal" and "accurate standard of the exchangeable value of all commodities at all times and places"; the staunchest ...
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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1904 edition. Excerpt: ... is no less true of the Wealth of Nations and its most distinguished successors. A tiro can now see the fallacy of Adam Smith's statement, that "labour never varying in its own value " is a "universal" and "accurate standard of the exchangeable value of all commodities at all times and places"; the staunchest Ricardian would refuse to follow his master in maintaining that a tax on corn would cause labourers "no other inconvenience than that which they would suffer from any other mode of taxation"; the most faithful disciple of J. S. Mill would not fall into the confusion between "interest" and "profit" which seriously impairs the value of important parts of his discussions. Much progress, I doubt not, still remains to be made, by steadily continuing that labour of reflective analysis through which our conception of fundamental economic facts has grown continually fuller and more exact; but no one who examines impartially the writings of our most eminent predecessors can ignore the progress that has already been made. I now pass to consider another old charge against political economists, which has been recently revived: the charge of confining their attention too much to the special group of phenomena with which they are primarily concerned, and neglecting the relations of these to other social facts. There have, no doubt, been writers--Senior is, perhaps, the most important--in whom such neglect was deliberate and systematic; but their peculiar view of economic method has long ceased to have much influence on current thought; and I hardly think that political economists are now more open to the charge of systematic narrowness than any other set of students who do not "take all knowledge for their province," but accept the limitations which the...
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