The Principles of Political Economy With a Sketch of the Rise and Progress of the Science

A friend, correspondent and intellectual successor to David Ricardo, John Ramsay McCulloch (1789–1864) forged his reputation in the emerging field of political economy by publishing deeply researched articles in Scottish periodicals and the Encyclopaedia Britannica. From 1828 he spent nearly a decade as professor of political economy at the newly founded University of London, thereafter becoming comptroller of the Stationery Office. Perhaps the first professional economist, McCulloch had become internationally renowned by the middle of the century, recognised for sharing his ideas through lucid lecturing and writing. First published in 1825, this textbook was an expanded version of an article originally written in 1822 for the Encyclopaedia Britannica. Reissued here is the 1830 enlarged second edition. In Britain and America the work reached many students, and was translated into multiple European languages. Several other works written or edited by McCulloch are also reissued in the Cambridge Library Collection.

Introduction; Part I. Production and Accumulation of Wealth: 1. Definition of production; 2. Progressive nature of man; 3. Definition and growth of credit; 4. The introduction and use of money; 5. Division of employments among different countries; 6. Different employments of capital and labour; 7. Improvements in machinery; 8. Population proportioned to the means of subsistence; 9. Objects of insurance; 10. Interference of government; Part II. Value and Price: 1. Value of two sorts; 2. Cost of production; 3. Influence of mercantile speculations on price; 4. The employment of capital in production; Part III. Distribution of Wealth: 1. Wages; 2. The rate of wages; 3. A poor rate; 4. Education of the poor; 5. The origin of rent; 6. Influence of improvements; 7. Division of the produce of industry; 8. Interest and net profit identical; Part IV. Consumption of Wealth: 1. Definition of consumption; Appendix; Index.