Definitions in Political Economy,: Preceded by an Inquiry Into the Rules which Ought to Guide Political Economists in the Definition and Use of Their Terms; with Remarks on the Deviation from These Rules in Their WritingsMalthus, T. R. (Thomas Robert)
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Definitions in Political Economy,: Preceded by an Inquiry Into the Rules which Ought to Guide Political Economists in the Definition and Use of Their Terms; with Remarks on the Deviation from These Rules in Their Writings
Malthus, T. R. (Thomas Robert)
Classical school of economics; Economics
His definition of wealth, for instance, is not sufficiently accurate;
nor does he adhere to it with sufficient uniformity: yet it cannot be
doubted that he means by the term generally the material products which
are necessary, useful, and agreeable to man, and are not furnished by
nature in unlimited abundance; and I own I feel quite convinced that it
is in this sense in which it is most generally understood in society,
and in which it may be most usefully applied, in explaining the causes
of the wealth of nations.
In adopting the labour which a commodity will command as the measure of
its value, he has not, as it appears to me, given the most conclusive
reasons for it, nor has he in all cases made it quite clear whether he
means the labour which a commodity will command, or the labour worked up
in it. He has more frequently failed in not adhering practically to the
measure he had proposed, and in substituting as an equivalent the
quantity of corn a commodity will command, which, as a measure of value,
has properties essentially distinct from labour. Yet, with all this, it
must be acknowledged that he has generally used the terms labour and
value in the sense in which they are ordinarily understood in society,
and has, with few exceptions, applied labour as the measure of value in
the way in which it may be made most extensively useful in the
explanation of the science.
It has been sometimes objected to Adam Smith, that he has applied the
term _productive_ in a new and not very appropriate sense. But if we
examine the manner in which this term is applied in ordinary
conversation and writing, it must be allowed that, whatever meaning may
be thought to attach to it, from its derivation, it is practically used
as implying causation in regard to almost any effect whatever. Thus we
say that such and such things are productive of the best effects, others
of the very worst effects, and others are unproductive of, or do not
produce, any perceptible effects; meaning by these expressions, that
some things cause the best effects, others the worst effects, others,
again, cause no perceptible effects; and these effects may, of course,
apply according to the context, and the subject under discussion, to the
health of the body, the improvement of the mind, the structure of
society, or the wealth of a nation.
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