Principles of Political Economy

The work opens with a reflective preface in which the author, a seasoned lecturer in history and political economy, revisits his earlier writings and declares a bold re‑examination of the very language of economics. He argues that the traditional term “wealth” is vague and misleading, proposing instead the precise notion of “value” to describe commodities, services, and credit. By grounding the science of economics in the actions of individuals buying and selling, the book promises a clearer, more human‑focused framework.

Central to this framework is a simple yet powerful axiom: every sale is simultaneously a purchase, and each transaction reflects a mutual desire for satisfaction. From this premise the author deduces that voluntary exchange drives progress, while government interference inevitably curtails happiness and development. Readers will find a lively exploration of land, money, and foreign trade that challenges established doctrines while remaining rooted in everyday experience, making it an engaging guide for anyone curious about the fundamentals of market life.