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)
General
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
60. The consumption of wealth, as revenue, with a view to the final
purpose of all production—subsistence and enjoyment; but not with a view
to profit.
CHAPTER XI.
OBSERVATIONS ON THE DEFINITIONS.
_Def. 1._ The reader will be aware that, in almost all definitions, the
same meaning may be conveyed in different language, and that it is the
meaning rather than the mode of expressing it that should be the main
object of our consideration. The essential question in the definition of
wealth is, whether or not it should be confined to material objects, and
the reader is already apprised of my reasons for thinking that it
should. Even M. Say, who admits “_les produits immatériels_,” allows, as
I have before stated (p. 93), that the multiplication of them “_ne fait
rien pour la richesse_;” and M. Storch, in his able “_Cours d’Economie
Politique_,” though he justly lays great stress on what he calls _les
biens internes_, with a view to civilization and the indirect production
of wealth, confines the term _richesses_ to _biens externes_, or
material objects; and according to this meaning treats of the _Théorie
de la Richesse Nationale_, in the first, and far the largest, part of
his work. Altogether, I can feel no doubt that some classification of
this kind, or some separation of material from immaterial objects is, in
the highest degree, useful in a definition of wealth.
The latter part of the definition is of minor importance. It is intended
to exclude such material objects as air, light, rain, &c.—which, however
necessary and useful to man, are seldom considered as wealth; and,
perhaps, it is more objectionable to exclude them, by the introduction
of the term exchangeable value into a definition of wealth, than in the
mode which has been adopted. If the latter clause were not added, the
only consequence would be, that, in comparing different countries
together, such objects as air, light, &c., would be neglected as common
quantities.
_Def. 2._ I have already alluded to the manner in which M. Say has
applied the term Utility. His language cannot be considered as
consistent, when he says that the price of an article is the measure of
its utility, although it might be, according to his own expression, _la
chose la plus inutile_.[96] It is much better for the science of
political economy that the term should retain its natural and ordinary
meaning. All wealth is no doubt useful, but there are so very many
immaterial, and some material objects which are highly useful, and yet
not wealth, that there can be no excuse for confounding them. M. Storch
has not escaped the same kind of error.
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