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By Edwin Cannan

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P. 34). This idea is further worked out in Verbum Sapienti-A Word to the Wise-which Petty published as an appendix to the Political Anatomy of Ireland in 1691, though it must have been written in 1666. Its first chapter is headed "Containing several Computations of the Wealth of the Kingdom" (England and Wales), and gives us a complete account of what we should call the national capital and income. The population of about six millions is calculated to have an annual expense

Xiv, that " The tastes, fashions and mode of life adopted by the Prince and still more by the landlords settle the use to which the land of the country is put, and cause the variations which take place in the market prices of everything , ; and in chap. '' In the first of these chapters, after dividing society into two classes, the Prince with the landlords, who "live in independence," and the wage-earners with the undertakers, he says: 30 ORIGINS OF ECONOMIC THEORY [CH. I "The farmers usually have two-thirds of the produce of the land, one for the pay and maintenance of those whom they employ, the other for the profit of their business; out of these two-thirds the farmer generally provides directly or indirectly the subsistence of all who live in the country, and besides this also the subsistence of some artisans or undertakers in the town, in consequence of the fact that town merchandise is consumed in the country.

II. pp. 250 ff. z See on this W. R. Scott, Francis Hutcheson, 1900, pp. 23o-43. a Lectures on justice, Police, Revenue and Arms, delivered in the University of Glasgow by Adam Smith, reported by a Student in 1763, edited with an introduction and notes by Edwin Cannan, 1896. ] 23 Smith's library, 1 Bielfeld's Institutions politiques, 1760, tells us that when the Chief of the Paris Police was being admitted to office in 1667, he was told that the King required of him security, cleanliness and cheapness (st{rete, nettete, bon-marche), which three things, Bielfeld says, "comprise the whole of police" (vol.

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A review of economic theory by Edwin Cannan


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