A true theory of consumption is the keystone of political economy. In the department of Economics to which we now pass, the limits, though not less inexorable, are even more generous, for we have now to consider the problems connected with the consumption of wealth. The 'right use of wealth' is a common theme for the moralist; but the homilies of the preacher are generally addressed to those who are conventionally regarded as 'wealthy'—the man who has great possessions. The vital necessity of the moment is production. Unless production is stimulated there can be no demand for labour. But production necessitates capital, and the adequate provision of capital depends largely upon credit. The part which the State may legitimately play in relation to expenditure, private as well as public, and therefore to 'consumption', may be more conveniently discussed. Plainly it might, if its policy were wisely inspired, prove very important.