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Completing the Narrative of a Tour through Parts of the Netherlands, Holland, Germany, Switzerland, Savoy, and France, in the Year 1821-2; including a Description of the Rhine Voyage in the middle of Autumn, and the Stupendous Scenery of the Alps in the depth of Winter. By Charles Tennant, Esq. 2 vols. 8vo. London: Printed by C, Roworth, Bell yard, Temple-bar. THE QUARTERLY REVIEW. JANUARY, 1824. ART. I.-Essay on Political Economy. Supplement to the Encyclopædia Britannica. Vol. VI. Part I. Edinburgh. 1823. THE purpose of this Treatise, as stated by the author, is to de fine the objects and limits of the science of political economy -to trace its progress to exhibit and establish the fundamental principles on which it is founded-and to point out the relation and dependence subsisting between its different parts. Much of what is here stated is ably accomplished, particularly a very useful sketch of the progress of the science; and the whole is executed with so much talent and general knowledge of the subject, as to give considerable weight to the opinions advanced. Yet, we think, that the author, in exhibiting the fundamental principles on which he conceives the science of political economy to be founded, has fallen into some most important errors; and as both his ability as a writer, and the depository in which his treatise is found, will necessarily give it a wide circulation, the interests of the science seem to require that these errors should be pointed out. Of the work of Adam Smith, on the Nature and Causes of the Wealth of Nations, the author says, (p. 233.) that it has done for political economy, what the Principia of Newton did for physics. The principles of a work which will admit of being so characterized, should not certainly be rejected or modified but on grounds which will stand the test of the strictest examination. We should be among the last to check free and continued inquiry in any science, particularly in one which is most justly described in the present treatise as a science, not of speculation, but of fact and experiment. On such a subject, no writer, however great, can be expected to produce a work which may not subsequently require some modifications and corrections. We do not therefore object to the author of this treatise and the school which he represents, that they differ from Adam Smith; but that, in rejecting some of the fundamental principles of that great master, they propose to substitute others, which not only do not so well account for the facts with which we are surrounded, but are in many cases absolutely inconsistent with them. They seem to have pro VOL. XXX. NO. LX. U ceeded ceeded upon a principle just the very reverse of the position above laid down by the author, and to have altered the theories of Adam Smith upon pure speculation; and not because they do not accord with facts and experience... The Treatise is divided into four parts I. The Definition and History of the Science. II. The Production of Wealth. III. The Distribution of Wealth. IV. The Consumption of Wealth. We shall make some remarks on the principles laid down in each of these parts. The author begins with a definition of the science, to which we see no objection, although we do not think that it expresses so clearly and happily the precise object in view as the title of Adam Smith's work. He then notices the importance of making a proper distinction between value in exchange, and utility. In this we entirely agree with him, and have always thought that M. Say, whose opinions seem chiefly to be alluded to, by applying utility in a sense altogether inconsistent with the common meaning of the term, has obscured a part of the subject which was before sufficiently clear: we were not, however, aware that Mr. Malthus, whose name is coupled with that of M. Say, had fallen into a similar error. Our impression is, that he has adhered to the distinction stated by Adam Smith, which is plain and intelligible, and requires neither the rejection nor the alteration of common termschanges which it is always desirable to avoid, unless really ne cessary. The author next proceeds to the definition of the term wealth; and here he has made a useful addition to the definition of Mr. Malthus. He says, Mr. Malthus has defined wealth to consist of those material objects which are necessary, useful, or agreeable to man'-(p. 217.) but that this definition is too comprehensive, as it would include such material products as atmospheric air, and the heat of the sun, which are highly useful and agreeable, yet, by universal consent, are excluded from the investigations of political economy: he proposes, therefore, to limit the definition of wealth to those objects alone which have exchangeable value, and it will then stand thus, those material products which have exchangeable value, and which are either necessary, useful, or agreeable to man; and to this definition we see no objection. The author is very decided as to the propriety of confining the definition of wealth to material objects, as the following passage will show. Having observed that some economists had considered considered wealth as synonimous with all that man desires as useful and agreeable to him, he goes on to say, But if political economy were to embrace a discussion of the production and distribution of all that is useful and agreeable, it would include within itself every other science'; and the best Encyclopædia would really be the best treatise on political economy. Good health is useful and delightful; and, therefore, on this hypothesis the science of wealth ought to comprehend the science of medicine. Civil and religious liberty are highly useful, and, therefore, the science of wealth must comprehend the science of politics. Good acting is agreeable, and therefore, to be complete, the science of wealth must embrace a discussion of the principles of the histrionic art, and so on. Such definitions are worse than useless. They can have no effect but to generate confused and perplexed notions respecting the objects and limits of the science, and to prevent the student ever acquiring a clear and distinct idea of the nature of the inquiries in which he is engaged.' p. 217. " In all this we agree with the author, and the author agrees with Adam Smith: we were, therefore, greatly surprised to find him afterwards totally differing on a point so very closely connected with the definition of wealth, as the definition of productive labour. To us, indeed, it appears that the term productive labour, when used in an Inquiry into the Nature and Causes of the Wealth of Nations, is absolutely unmeaning and useless, unless it be applied, according to the intention of Adam Smith, to signify the labour which is directly productive of wealth; and if the term wealth be confined to material products, this must be the labour which is so fixed and realized on these products as to be estimated in their value when they become the subjects of exchange. But, according to our author, this distinction is illfounded: let him, however, speak for himself. Having quoted the passage of Adam Smith, in which he clearly explains the difference between what he has denominated productive, and what unproductive labour, he thus proceeds: Such are the opinions of Dr. Smith, and it will not we think be very difficult to show the fallacy of the distinctions he has endeavoured to establish between the labour, and consequently, also the consumption of the different classes of society. To begin with the case of the menial servant :-Dr. Smith says that his labour is unproductive, because it is not realized in a vendible commodity, while the labour of the manufacturer is productive, because it is so realized. But of what, may we ask, is the labour of the manufacturer really productive? does it not consist exclusively of comforts and conveniences required for the use and accommodation of society? The manufacturer is not a producer of matter, but of utility only; and is it not obvious that the labour of the menial servant is also productive of utility? If, for ex U 2 ample, |