This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated.1893 Excerpt: ... CHAPTER V NAMES AND TERMS OF POLITICAL ECONOMY Contro-Far from rushing breathless into the endless quarrels versies. about the names and definitions of political economy, let us beware of scanning them too closely for fear of being befogged. Clearness, however, retrospective and prospective, requires a summary criticism of conspicuous views on these points. § (1) NAMES Economy Economy as a current everyday word means, when defined (1) standing alone, saving or parsimony; in certain collocurrently, cations, gfo as tne economy of the universe,' or 'of the human body,' it means a systematic whole, and in both of the above senses lurk more or less definitely implied ideas of proportion, order, harmony. (2) etymo-Etymologically we analyse our term into oikos, house, logically, an(j v0Sj laWj an(j obtain for its meaning the law of the house, the regulation of the family in the so-called subjective sense attached to that word. Thus economy deals either with the management of household and family affairs in general, or else more specifically with family goods and property. Combine this term with your adjective derived from iroAts, city or state, and you substitute, in the wider as well as the narrower definition, State for family or household. This gives you occasion to talk of political economy as contrasted with its household counterpart,--domestic economy,--a y necessary but etymologically indefensible combination of words. The narrower sense attaching etymologically, or, if you prefer the term, subjectively, to political economy as opposed to domestic economy, is, strictly speaking, the theory of managing public finance. Neither the current nor the etymological sense (3) scientiprecisely corresponds to the scientific meaning of the ficallTterm political ...
