Principles of Political Economy, Vol. 1

Metadata

Gutenberg ID

27698

Title

Principles of Political Economy, Vol. 1

Language

en

Book source

Project Gutenberg

Description max 80 words

Wilhelm Roscher's foundational text explores the historical method in political economy, analyzing production, circulation, and value. With added chapters on paper money and international trade, this volume offers a rigorous examination of economic factors, labor, and property rights through a physiological lens.

Summary up to 500 words

In *Principles of Political Economy, Vol. 1*, Professor Wilhelm Roscher establishes political economy as a historical and physiological science rather than a purely abstract discipline. He argues that economic laws must be understood within their specific national and temporal contexts, rejecting idealistic models that ignore the organic development of the social organism. Roscher systematically dissects the factors of production, beginning with external nature, including climate, geography, and the sea, which provide the foundational resources for national wealth. He then examines labor, tracing its historical evolution from slavery to freedom, and analyzes the division of labor. While acknowledging the advantages of specialization, Roscher critically evaluates its 'dark side,' noting the potential for monotony and the loss of stability in work. He also investigates capital, distinguishing between fixed assets like machinery and circulating assets, while clarifying that land, though often grouped with capital, possesses distinct characteristics that evolve differently as civilization advances. The text further explores the concepts of value, distinguishing between value in use and value in exchange, and traces the history of prices and the precious metals. Roscher addresses the transition from a community of goods to private property, discussing the economic utility of inheritance and the complexities of socialism and communism. He investigates credit systems, the nature of money versus paper currency, and the dangers associated with paper money, which he often compares to a 'plague' or 'poison' that lacks the security of metallic currency. The volume delves into international trade, the freedom of competition, and the impact of government interventions on prices. Through extensive historical analysis, Roscher grounds theoretical principles in practical economic history, offering contemporary insights into the protective system and the complexities of banking. His work emphasizes that the economic organism is subject to diseases and requires a physiological approach to understand its health and development, ensuring that economic theory remains connected to the reality of human wants and the material conditions of different nations.

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Categories

• Politics
• Economics