TRANSACTIONS 
NEW ZEALAND INSTITUTE, 
1878, 
I.—MISCELLANEOUS. 
Art. I.—On some of the Terms used in Political Economy. 
By Jons Carrutuers, M.Inst.C.E. 
[Read before the Wellington Philosophical Society, 18th July, 1878.] 
PornrmcaAn Economy has been very unfortunate in its nomenclature, which 
has been drawn from the vocabulary of the mercantile world, every word 
of which, besides its direct notation, connotes more or less distinctly some 
economie doctrine. In spite of definitions, the secondary meanings of the 
several words have influenced the thoughts and teaching of politieal 
economists. 
The object of this paper is to examine some of the principal terms in 
general use, and their definitions as given in Mill's ** Principles of Political 
Economy," whieh is almost universally accepted as the best exponent of 
modern thought on the subject. I hope to be able.to suggest others, which 
wil not be so liable as those given by Mill to confuse the thoughts by 
suggesting a secondary meaning not included in the definition itself. Even 
should I not succeed my labour will not be thrown away, as it is always 
useful to look at scientific problems from more than one point of view. 
Wealth. 
Mill defines wealth to be “all useful or agreeable things which possess 
exchangeable value.” To this definition it may fairly be objected that 
exchangeable value is a merely accidental quality of some things useful or 
agreeable, and should not, therefore, be treated as essential. Robinson 
Crusoe’s cave and garden were just as much wealth as if he had been able - 
to exchange them for other things. Exchangeable value is, it is true, a 
