Thomas Robert Malthus - Definitions in Political Economy

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DEFINITIONS
IN
POLITICAL ECONOMY,
PRECEDED BY
AN INQUIRY INTO THE RULES WHICH OUGHT TO GUIDE POLITICAL ECONOMISTS IN THE DEFINITION AND USE OF THEIR TERMS;
WITH REMARKS
ON THE DEVIATION FROM THESE RULES IN THEIR WRITINGS.

BY THE

Rev. T. R. MALTHUS, A.M., F.R.S., A.R.S.L.,

AND

PROFESSOR OF HISTORY AND POLITICAL ECONOMY IN THE EAST-INDIA COLLEGE, HERTFORDSHIRE.

LONDON:

JOHN MURRAY, ALBEMARLE-STREET.

MDCCCXXVII.

LONDON:

Printed by William Clowes ,

Stamford-street.

CONTENTS.

	PAGE
Preface
Chapter I.
Rules for the Definition and Application of Terms in Political Economy
Chapter II.
On the Definition of Wealth by the French Economists
Chapter III.
On the Definition and Application of Terms by Adam Smith
Chapter IV.
Application of the term Utility by M. Say
Chapter V.
On the Definition and Application of Terms by Mr. Ricardo
Chapter VI.
On the Definition and Application of Terms by Mr. Mill, in his Elements of Political Economy.
Chapter VII.
On the Definition and Application of Terms, by Mr. Macculloch, in his Principles of Political Economy.
Chapter VIII.
On the Definition and Use of Terms by the Author of A Critical Dissertation on the Nature, Measure, and Causes of Value.
Chapter IX.
Summary of the Reasons for Adopting the subjoined Definition of the Measure of Value
Chapter X.
Definitions in Political Economy
Chapter XI.
Remarks on the Definitions

PREFACE.

The differences of opinion among political economists have of late been a frequent subject of complaint; and it must be allowed, that one of the principal causes of them may be traced to the different meanings in which the same terms have been used by different writers.

The object of the present publication is, to draw attention to an obstacle in the study of political economy, which has now increased to no inconsiderable magnitude. But this could not be done merely by laying down rules for the definition and application of terms, and defining conformably to them. It was necessary to show the difficulties which had resulted from an inattention to this subject, in some of the most popular works on political economy; and this has naturally led to the discussion of certain important principles and questions of classification, which it would be most desirable to settle previously, as the only foundation for a correct definition and application of terms.

These are the reasons for the arrangement and mode of treating the subject which has been adopted.

DEFINITIONS

IN

POLITICAL ECONOMY.

Chapter I.
RULES FOR THE DEFINITION AND APPLICATION OF TERMS IN POLITICAL ECONOMY.

In a mathematical definition, although the words in which it is expressed may vary, the meaning which it is intended to convey is always the same. Whether a straight line be defined to be a line which lies evenly between its extreme points, or the shortest line which can be drawn between two points, there never can be a difference of opinion as to the lines which are comprehended, and those which are not comprehended, in the definition.

The case is not the same with the definitions in the less strict sciences. The classifications in natural history, notwithstanding all the pains which have been taken with them, are still such, that it is sometimes difficult to say to which of two adjoining classes the individuals on the confines of each ought to belong. It is still more difficult, in the sciences of morals and politics, to use terms which may not be understood differently by different persons, according to their different habits and opinions. The terms virtue, morality, equity, charity, are in every-day use; yet it is by no means universally agreed what are the particular acts which ought to be classed under these different heads.

The terms liberty, civil liberty, political liberty, constitutional government, &c.&c., are frequently understood in a different sense by different persons.

It has sometimes been said of political economy, that it approaches to the strict science of mathematics. But I fear it must be acknowledged, particularly since the great deviations which have lately taken place from the definitions and doctrines of Adam Smith, that it approaches more nearly to the sciences of morals and politics.

It does not seem yet to be agreed what ought to be considered as the best definition of wealth, of capital, of productive labour, or of value;what is meant by real wages;what is meant by labour;what is meant by profits;in what sense the term demand is to be understood, &c.&c.

As a remedy for such differences, it has been suggested, that a new and more perfect nomenclature should be introduced. But though the inconveniences of a new nomenclature are much more than counterbalanced by its obvious utility in such sciences as chemistry, botany, and some others, where a great variety of objects, not in general use, must be arranged and described so as best to enable us to remember their characteristic distinctions; yet in such sciences as morals, politics, and political economy, where the terms are comparatively few, and of constant application in the daily concerns of life, it is impossible to suppose that an entirely new nomenclature would be submitted to; and if it were, it would not render the same service to these sciences, in promoting their advancement, as the nomenclatures of Linnus, Lavoisier, and Cuvier, to the sciences to which they were respectively applied.

Under these circumstances, it may be desirable to consider what seem to be the most obvious and natural rules for our guidance in defining and applying the terms used in the science of political economy. The object to be kept in view should evidently be such a definition and application of these terms, as will enable us most clearly and conveniently to explain the nature and causes of the wealth of nations; and the rules chiefly to be attended to may, perhaps, be nearly included in the four following:

First. When we employ terms which are of daily occurrence in the common conversation of educated persons, we should define and apply them, so as to agree with the sense in which they are understood in this ordinary use of them. This is the best and more desirable authority for the meaning of words.

Secondly. When the sanction of this authority is not attainable, on account of further distinctions being required, the next best authority is that of some of the most celebrated writers in the science, particularly if any one of them has, by common consent, been considered as the principal founder of it. In this case, whether the term be a new one, born with the science, or an old one used in a new sense, it will not be strange to the generality of readers, nor liable to be often misunderstood.

But it may be observed, that we shall not be able to improve the science if we are thus to be bound down by past authority. This is unquestionably true; and I should be by no means inclined to propose to political economists jurare in verba magistri , whenever it can be clearly made out that a change would be beneficial, and decidedly contribute to the advancement of the science. But it must be allowed, that in the less strict sciences there are few definitions to which some plausible, nay, even real, objections are not to be made; and, if we determine to have a new one in every case where the old one is not quite complete, the chances are, that we shall subject the science to all the very serious disadvantages of a frequent change of terms, without finally accomplishing our object.

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