d. Middle-age opinion. The monks and universities, .
e. The Bullion Theory, and the policy that sprung from it,
f. The Mercantile System, and its devices,

g. Recoil from the Mercantile System towards freedom,

(1) English contributions. North, Hume, Smith, Ri-

cardo, Mill.

(2) French contributions. Quesnay, Say, Bastiat.

(3) Italian and German writers,

(4) American contributions. Rae, Carey.

CHAPTER II.

ON THE FIELD OF THE SCIENCE.

A. Political Economy distinct from Moral Science,

B. It is a political, that is, a social science,

a. Without society no exchange,

b. Without exchange no value,

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c. Without value no science of value,
d. Man in isolation weak, in society strong,

C. Some leading definitions of the science,

D. The word wealth useless as a scientific term,

a. First reason of the slow progress of the science,
E. Archbishop Whately's definition,

€ a. Second reason of slow progress,

CHAPTER III,

ON VALUE.

A. Value not an independent quality of anything,"

B. But a relation of mutual purchase between two things,

C. Origin of Value in an exchange of efforts,

D. Desires, efforts, satisfactions, the circle of Political Econ-
omy,

E. The simplest case of Value includes all others,

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F. No essential difference between services and commodities,

G. This definition of Value final, with manifold advantages,

a. It covers completely hitherto anomalous cases of value, 45

b. Remarkable aptness of the word Service for a scientifiq

c. Ultimate analysis of the phenomenon of Value,

d. The definition expands Political Economy to its just

limits,

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e. Frees the discussion from previous perplexities,

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(1) From the notion that value consists in matter,

(2) From some obstinate illusions of language,

(3) From a mischievous confusion of utility with value, 55

H. Value a different thing from Price,

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I. No perfect measure of value attainable,

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J. Limitations of value in the two elements of efforts,

K. Limitations in the two elements of desires,

L. Equation of Supply and Demand,

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M. Every rise or fall of demand tends to check itself,
a. Through a consequent rise or fall of value,
b. Through action on supply,

N. Three classes of services in the law of their value,
a. Those which can be increased without increased diffi

b. Those increased only through increased difficulty,

c. Those which cannot be increased at all, .

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