ABSTRACT
The knowledge of the real nature of wealth of the difficulties that must be surmounted in its attainment, of the course and order of its distribution amongst the members of society, of the uses to which it may be applied, and the consequences resulting respectively from these several circumstances, constitutes that branch of science now entitled Political Economy. In this sense, the word production must be understood in political economy, and throughout the whole course of the work. Production is the creation, not of matter, but of utility. The accuracy of the estimate must depend upon the comparative judgment, intelligence, habits, and prejudices of those who make it. True morality and the clear perception of their real interests lead mankind to the just appreciation of benefits. Wealth is proportionate to the quantum of that value; great, when the aggregate of component value is great; small, when that aggregate is small.
