ON POLITICAL ECONOMY.

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CHAP. XVI.

ON TIIE POLITICAL ECONOMY OF SCOTLAND.

BY WALTER TIIO.M AND OTHERS

INTRODUCTION.

The science of political economy, explains the sources ofthe wealth and prosperity, both of individuals, and of greatcommunities.

These sources are, 1. Land; 2. Labour; and, 3. Capital.

1. From the land, and its waters, man is furnished wdth themeans of subsistence, and the materials of art.

2. By labour, the soil is rendered fertile, matter is fashionedinto a variety of useful forms, and the waters are madesubservient to the purposes of human life.

3. By capital, arising from the accumulated savings of so-ciety beyond its consumption, the agriculturist who pro-duces, the manufacturer who fabricates, and the merchantwho distributes those commodities which relieve want, andgratify desire, are enabled to accomplish objects whichwould otherwise exceed their power.

Land, labour, and capital, may thus be considered as thereal sources of wealth. But to give them efficacy, they mustmutually assist each other. For land, unless labour were

* Author of “ Sketches on Political Economy, 55 &c.VOL. III.

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