25 Aug 1801

0 A

Polit. Economy

Note

Method

Method

2

* (a) {By Adam Smith, it is considered, directly and constantly no otherwise than

as a science: indirectly only, and occasionally as an art. - Yet of what use is

the science, but with reference to the art?

Of population, nothing said by him. Yet of what use is wealth but with reference

to population: and how can either be considered in any comprehensive point of

view without the other: for quantity of wealth being given, degree of relative

opulence is inversely as population.}

(a) Novelty, whence encrease of variety in regard to instruments of mere

enjoyment - or articles of subsistence considered as instruments of enjoyment

add nothing to quantity of wealth, but leave it as it was, so far as the old are

superseded and kept out of existence by the new. Example new fruits and flowers

new stuffs new colours - new fashions for cloathing and furniture useful and

ornamental, new productions of the imitative arts. But in as far as novelty and

variety are sources of enjoyment, as these encrease, wealth encreases /so does

wealth/ if not in quantity, yet (what is good) in value.