Publisher's Synopsis
Excerpt from Economics or the Science of Wealth
I have been induced to undertake this work by a conviction, the result of many years of experience as a teacher, that, to a considerable extent, the definitions in use in the science of which I have attempted to treat are indeterminate. Especially has it seemed to me, that while in all our treatises the subject matter of the science is assumed to be wealth, that word is either left without any satisfactory definition, or if a valid definition is given, it is not applied to the whole group of phenomena embraced in it. The words labor and capital also seem to me to have been so loosely defined, as to give an aspect of indefiniteness to the whole science. I can hardly be mistaken on this point. I have constantly seen the evidence in each successive class, and whatever text-book I have employed, that intelligent minds are aware of this indefiniteness, and their interest in the science is diminished by it. The same thing is apparent in the general public. Many intelligent minds either deny that any science of Economics exists, or if they admit its existence, they regard it as so vague and indeterminate as hardly to deserve to be called a science.
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