chapter  14
32 Pages

Economicsv.Socialism.

WithRichard A. Epstein

It was said that Political Economy was not an independent science, but a branch of one more extensive. The truth is that Political Economy is not only a science but a necessary science when men have formed themselves into a society. Political Economy is as old as society, and exists of necessity, and is most important; for on the goodness or badness of the rules its professors believe in to a great extent depends the happiness of society. Man has desires and wants, and therefore a disposition to gratify them, and has also a pleasure in an active life and in attaining his objects. Socialism is not good for man till man himself is better. But he has also a desire for repose, and his power of work is limited. Bearing these things in mind, Political Economy inquires what are the best ways for a man to attain these objects.