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PRINCIPLES OF POLITICAL ECONOMY.

PROFESSOR PERRY'S WORKS ONPOLITICAL ECONOMY.

1. INTRODUCTION TO POLITICAL ECONOMY.
Fifth Edition. 12mo. 357 pp. Price, $1.50.
2. PRINCIPLES OF POLITICAL ECONOMY.
8vo. 585 pp. Price, $2.00.
3. POLITICAL ECONOMY. Twenty-First Edition.
Crown 8vo. 600 pp. Price, $2.50.

PRINCIPLES
OF
POLITICAL ECONOMY

BY
ARTHUR LATHAM PERRY, LL.D.
Orrin Sage Professor of History and Political Economy inWilliams College

"No task is ill where Hand and Brain
And Skill and Strength have equal gain,
And each shall each in honor hold,
And simple manhood outweigh gold."

Whittier.

NEW YORK
CHARLES SCRIBNER'S SONS
1891

COPYRIGHT, 1890,
BY ARTHUR LATHAM PERRY.

Dedication.

TO MY PERSONAL FRIEND OF LONG STANDING
J. STERLING MORTON
OF NEBRASKA
A FRIEND OF THE PEOPLE ALSO
FOUNDER OF ARBOR DAY

[vii]

PREFACE.

It is now exactly twenty-five years since was published myfirst book upon the large topics at present in hand. It wasbut as a bow drawn at a venture, and was very properly entitled"Elements of Political Economy." At that time I hadbeen teaching for about a dozen years in this Institution theclosely cognate subjects of History and Political Economy;cognate indeed, since Hermann Lotze, a distinguished Germanphilosopher of our day, makes prominent among its only fivemost general phases, the "industrial" element in all humanhistory; and since Goldwin Smith, an able English scholar,resolves the elements of human progress, and thus of universalhistory, into only three, namely, "the moral, the intellectual,and the productive."

During these studious and observant years of teaching, Ihad slowly come to a settled conviction that I could say somethingof my own and something of consequence about PoliticalEconomy, especially at two points; and these two proved inthe sequel to be

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