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The prevailing ideology of the modern west - which is political economy - is in the doghouse. Having failed to notice atmospheric pollution, the economists then frightened themselves with the sort of financial crisis they said they had abolished.
We propose in the following Treatise to give an outline of the Science which treats of the Nature, the Production, and the Distribution of Wealth. To that Science we give the name of Political Economy.
Not wishing to be disturbed over moral issues of the political economy, Americans cling to the notion that the government is a sort of automatic machine, regulated by the balancing of competing interests.
There are no doubts that, the situation in the country today, indicates that there is much more work to do in the process of reforming the political economy and improving the quality of life of our people and communities.
If men understood domestic economy half as well as women do, then their political economy and their entire consequent statecraft would not be the futil muddle which it is.
It's called political economy because it is has nothing to do with either politics or economy.
Our object in these remarks has been not only to account for the slow progress which has as yet been made by Political Economy, and to suggest means by which its advancement may be accelerated, but also to warn the reader of the nature of the following Treatise.
The confounding Political Economy with the Sciences and Arts to which it is subservient, has been one of the principal obstacles to its improvement.
Many writers upon the science of political economy have declared that it is the duty of a nation first to encourage the creation of wealth; and second, to direct and control its distribution. All such theories are delusive.
From my earliest acquaintance with the science of political economy, it has been evident to my mind that capital was the product of labor, and that therefore, in its best analysis there could be no natural conflict between capital and labor.
