But that the reasoning from these facts, the drawing from them correct conclusions, is a matter of great difficulty, may be inferred from the imperfect state in which the Science is now found after it has been so long and so intensely studied.

Value denotes a relation reciprocally existing between two objects, and the precise relation which it denotes is the quantity of the one which can be obtained in exchange for a given quantity of the other.

One of the worst of errors would be the general admission of the proposition that a Government has no right to interfere for any purpose except for that of affording protection.

But that the reasoning from these facts, the drawing from them correct conclusions, is a matter of great difficulty, may be inferred from the imperfect state in which the Science is now found after it has been so long and so intensely studied.

We propose in the following Treatise to give an outline of the Science which treats of the Nature, the Production, and the Distribution of Wealth. To that Science we give the name of Political Economy.

To abstain from the enjoyment which is in our power, or to seek distant rather than immediate results, are among the most painful exertions of the human will.

The time I trust will come, perhaps within the lives of some of us, when the outline of this science will be clearly made out and generally recognised, when its nomenclature will be fixed, and its principles form a part of elementary instruction.