Importance of the Science of Political Economy. 
sons in-a state-of comparative affluence, 
and another large;number ini poverty; 
buti a state in'iwhich noone need'be in 
absolute poverty.:) To this state a com- 
petent:knowledge-of the ‘science of poli- 
tical economy, and: of the principle. of 
population; fifty: years) ago, might, by this 
time, have brought us. It is to this 
scieheer that wenowe: the relaxation’ of 
our«pernicious navigation laws — the 
new mode of registering ships—the opi- 
nions which, at length, begin to prevail 
against) the abominable. corn-laws*—the 
nepeal-of the laws against the emigration 
of artizans—the repeal of the laws against 
combinations of workmen—the repeal of 
the laws which prohibited the exportation 
of| wool,and’ many other wholesome 
measures. To an ignorance of this 
science, we; owe our multitude of ab- 
surd, laws; which nothing: but a know- 
ledge: of political economy can‘extir= 
pate, but which, most’ certainly, as this 
Enowledge spréads, ‘will ‘gradually be 
extirpated. ‘To expect good laws from 
the best of men, who are ignorant of 
the seien of political economy, is 
to expect what is utterly impossible, 
Without a competent knowledge of 
this\,science,, legislation must continue 
to be, what i¢ has, until very lately, been 
=-4 game of) expedients, embarrassing 
anid: eonfounding the community, load- 
ing ‘the’ statute ‘book with pernicious 
and contradictory laws, impeding coni- 
of astonishment to our better-instruct- 
éd progeny. 
‘A wise legislator ‘said some months 
ago, that he could not give his assent 
to the dotttines of Mr. Ricardo; for as 
Mr. Ricardo had shewn that Adam 
Smith was incorreet, so some other 
person might shew that Mr, Ricardo 
was incorrect, Here was much such 
an. assertion as that used by your corre- 
spondent: “They disagree among them- 
selves, so I will not take the trouble 
tolascertain what'the facts of the case 
really are} but will condemn the whole, 
and by my example, persuade others to 
remdin, as d.am; ignorant.’ This is not, 
however, ‘the way. in which a good or a 
wise man; would proceed, Such a man 
AO - 
1 On which subject, see more in) the 
Topic; of the Month, im our ‘number fo 
Feb; 19 Woli duIKyopills asv9 porved orl 
ior 
631 
would say, “Here is a science; ora pre- 
tended science, about which men‘seem 
interested; I will therefore examime it); 
will ascertain what are its/merits or its 
demerits : if it be really useful, I wilhdo 
my best to promote it; but if, om the 
contrary, it be pernicious, I will expose 
it. I will shew in what particulars it is 
erroneous and pernicious, and thus guard 
people against it.” Tea 
No one has done this in respect ito 
the science of political economy; and 
yet, if its doctrines be erroneous, there 
cannot be much difficulty in exposing 
them. It is now three years since the 
first edition of “ Hiements or PoLrris 
caL Economy, by James Miny,) Author 
of the Histcry of British India,” was 
published. A very large number of the 
book has been sold, and no: oneohas 
been found to controvert the principles 
maintained im that small book. It treats 
of Labour, Capital, Rent, Wages, Profit; 
Commerce, Trade, Taxatiom and Popus 
lation. It explains the nature ofeach 
of those important subjects, and. shews 
their bearing on each other. Its demons 
strations are clear and convincing, and 
are calculated to do unspeakable service 
to mankind. 
On a subject of such vast importance, 
it is not too much to ask. those. who. 
deny it, to refute the doctrines contained 
in Mr. Mill’s book. For instance, a 
head might be selected, thus:-— _. 
Rent of Land. Political economists 
say, that the price of corn, and other 
farm-produce, is regulated by land which 
pays no Rent. This, Mr. Mill demon- 
strates. , 
Waces of Labour, then, he says, are 
regulated by the “ proportion between 
population and capital !” 
Prorirs. He defines the word, shews 
how profits arise, and how they are 
affected by wages, 
Taxes. He shews how these operate 
to injure a nation, how they affect trade 
and commerce: and thus he goes on 
through his subject. 
If, then, the doctrines he teaches in 
the school of Political Economy—if 
these, the received and acknowledged 
doctrines, be erroneous, nothing can, be 
so easy as a logical. refutation, and 
nothing can be more useful. ri 
If the political) economists, arein 
error, expose that error, and put an end 
to it, . Surely it would be much wiser 
to, do this, than to decry the science, by 
vague generalities, or oppose it, by 
practical, matters, which, proye, nothing 
against jt.» w agodtagh 4 
