ECO 



EDI 



topics of national security, freedom, and 

 happiness, these are then passing the 

 strict limits of their science. 



Political economy, in some of its 

 branches, has engaged the attention of 

 speculative men in all ages ; but it is only 

 in very recent times that the truths it ex- 

 hibits have been collected, arranged, 

 and demonstrated with such precision, as 

 to entitle it to the name and dignity of a 

 science. 



The writers on political economy may 

 be arranged in two great classes ; the 

 former composed of those who regard 

 commerce, and the latter of those who 

 regard agriculture as the principal source 

 of national wealth. Almost all the older 

 writers belong to the former class. The 

 most considerable English writers of this 

 class are Dr. d'Avenant and Sir John 

 Stewart, and their principles are inter- 

 woven in the elaborate history of Com- 

 merce, by Anderson. The decisions of 

 the English legislature have usually 

 been guided by the principles of these 

 writers. 



The commercial system of political 

 economy is very perspicuously explain- 

 ed, and very ably examined, in the fourth 

 book of Smith on the Wealth of Na- 

 tions. 



The agricultural system is of compara- 

 tively recent origin. It was first brought 

 into vogue by Mons. Quesnai, a celebrat- 

 ed French physician. His ideas were 

 adopted and diffused by several very able 

 writers, and are thought to be most clear- 

 ly explained in " L'Ordre Natural de So- 

 cietes Politiques," by Mercier de la Ri- 

 viere. The writings of Quesnai have 

 been published, with remarks and illus- 

 trations, in a work entitled " Physiocra- 

 tie," by Dupont de Nemours. The fol- 

 lowers of Quesnai are styled the econo- 

 mists. There is no English wViter of ce- 

 lebrity by whom these principles have 

 been adopted in their whole extent ; but 

 they are stated, and in some degree con- 

 troverted, in the last chapter of the fourth 

 book of Smith. 



By far the greatest work on political 

 economy is the treatise on " The Wealth 

 of Nations," by Adam Smith. The acute- 

 ness of later writers may have discovered 

 some inconsiderable errors in the reason- 

 ings; may have shewn that some por- 

 tions of it are not so completely finished 

 as the rest ; and that some well grounded 

 objections may be urged against parts of 

 its arrangement ; but the most able judges 

 unanimously regard it as a work at once 



original, accurate, and profound ; as just 

 in its principles, and perspicuous in its 

 illustrations ; and as entitling Smith, 

 among other writers on political econo- 

 my, to the same distinguished rank 

 which among astronomers is held by 

 Newton. 



A striking and very important differ- 

 ence between the old and new systems of 

 political economy consists in the former 

 calling, upon all occasions, for the regula- 

 tion and controul of laws, and regarding; 

 the legislature as best qualified to esti- 

 mate the value of any particular branches 

 of trade, or modes of conducting busi- 

 ness ; while by the latter the merchant is 

 supposed to be the best judge of the 

 most eligible method of conducting his 

 own affairs. The former is a system of 

 restrictions and encouragements, in which 

 little is left to the choice and sagacity of 

 individuals ; in the latter it is supposed 

 that national wealth, which is the aggre- 

 gate of individual wealth, will increase 

 most rapidly, where, while private pro- 

 perty is rendered sacred by the laws, ta- 

 lent and enterprise are under the least 

 possible restraint. 



EDDY tide, or Eddy water, among sea- 

 men, is where the water runs back con- 

 trary to the tide ; or that which hinders 

 the free passage of the stream, and so 

 causes it to return again. 



EDDY wind, is that which returns, or is 

 beat back from a sail, mountain, or any 

 thing that may hinder its passage. 



EDGE, in general, denotes the side or 

 border of a thing ; but is more particular- 

 ly used for the sharp side of some wea- 

 pon, instrument, or tool. Thus we say, 

 the edge of a sword, knife, chissel, &c. 

 In the sea language, a ship is said to 

 edge in with another, when making up 

 to it. 



EDGINGS, among gardeners, the se- 

 ries of small but durable plants, set round 

 the edges or borders of flower-beds, &c. 

 The best and most durable plant for 

 this use is box, which, if well planted 

 and rightly managed, will continue in 

 strength and beauty for many years. 

 The seasons for planting these are the au- 

 tumn, and very early in the spring; and 

 the best species for this purpose is the 

 dwarf Dutch box. 



EDICT, in matters of polity, an order 

 or instrument, signed and sealed by a 

 prince, to serve as a law to his subjects. 

 We find frequent mention of the edicts of 

 the Praetor, the ordinances of that officer 

 in the Roman law. In the French law* 



