POLITICAL ECON'OMY, the science of the laws which regulate the production, distribution. and consumption of the pro ducts, necessary, useful. or agreeable to man, which it requires some portion of voluntary labor to produce, procure, or preserve. It must be observed, however, that the limits of this department of knowledge are not yet accurately defined , hence much discussion has arisen among different writers as to its extent, object, and the various subjects to he compre hended under it. It is, in general, said of political economy, that its object is to ascertain the circumstances most fa vorable for the production of wealth, and the laws which determine its distribution. among the different ranks and orders into which society is divided ; and this defini tion seems quite unexceptionable, pro vided it be clearly understood, that by wealth, in this science, is meant only those articles or products which require seine portion of human industry for their production, acquisition, or preservation, and which, consequently, possess ex changeable value. The principal topics
discussed by political economists are: 1. The definition of wealth ; 2. of pro ductive and unproductive labor ; 3. on the nature and measures of value ; 4. on the rent of land ; 5. the wages of labor ; 6. the profits of capital ; 7. the results of machinery ; 8. the circulating medium or currency ; 9 the nature and conditions of commerce, or exchange of commodities. Continental writers on political economy not only treat of the principles which govern the production and accumulation of wealth, and its distribution and con sumption, but also introduce in their systems inquiries into the principles ac cording to which the governments of states may be organized so as to promote in the best manner the well-being of those subjected to their authority ; but this last subject belongs properly to general politics.