Definitions in Political Economy, / Preceded by an Inquiry Into the Rules which Ought to Guide Political Economists in the Definition and Use of Their Terms; with Remarks on the Deviation from These Rules in Their Writings

by T. R. Malthus

[11]. Polit. Econ. c. i. sec. vi. p. 45, 3rd edit.

[12]. Elements of Polit. Econ. c. ii. sec. iii. p. 75, 2nd edit.

[13]. Elements of Polit. Econ. c. iii. sec. ii. p. 92.

[14]. Elements of Polit. Econ. c. iii. sec. ii. p. 94.

[15]. Id. c. iii. sec. ii. p. 95.

[16]. Sec. viii. p. 188.

[17]. Elements of Polit. Econ. c. iv. s. iii. p. 225. If the demand of every individual were equal to his supply, in the correct sense of the expression, it would be a proof that he could always sell his commodity for the costs of production, including fair profits; and then even a partial glut would be impossible. The argument proves too much. It is very strange that Mr. Mill should not have seen what appears to be so very obvious,—that supply must always be proportioned to quantity, and demand to value.

[18]. Elem. of Polit. Econ. c. iv. s. iii. p. 233.

[19]. Elem. of Polit. Econ. c. iv. s. iii. p. 234.

[20]. Foreign trade is, no doubt, mainly a trade of barter; but the question whether British woollens find an adequate market in the United States, does not depend upon their purchasing the same quantity of tobacco as usual, but upon whether the tobacco, or whatever the returns may be, will purchase the British money or the British labour necessary to enable the woollen manufacturer to carry on his business successfully. If both woollen manufactures and tobacco are below the costs of production in money or labour, both parties may be carrying on a losing trade, at the time when the rate at which the two articles exchange with each other is the same as usual. This is the answer to the pamphlet, which M. Say addressed to me some years ago.