Publisher's Synopsis
Excerpt from Principles of Political Economy; With Sketch of the Rise and Progress of the Science: By J. R. M'culloch, Essay on Interest and Value of Money, by John Locke
Dr. Smith has not explicitly stated what was the precise meaning attached by him to the term wealth but he most commonly describes it to be 'the annual produce of land and labour.' Mr. Malthus, how ever, has justly objected to this definition, that it refers to the sources of wealth, before we know what wealth is, and that it includes all the useless products of the earth, as well as those which are appropriated and enjoyed by man.
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