The Online Library of Liberty

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• Introduction
• Preface [1848]
• [addition to the Preface In the Second Edition, 1849]
• Preface to the Third Edition [july, 1852]
• [addition to the Preface In the Fourth Edition, 1857]
• [addition to the Preface In the Fifth Edition, 1862]
• [addition to the Preface In the Sixth, Edition, 1865]
• [addition to the Preface In “the People's Edition,” 1865]
• Preface to the Seventh Edition [1871]∗
• Principles of Political Economy
• Preliminary Remarks
• Book I: Production
• Chapter I: Of the Requisites of Production
• Chapter II: Of Labour As an Agent of Production
• Chapter III: Of Unproductive Labour
• Chapter IV: Of Capital
• Chapter V: Fundamental Propositions Respecting Capital
• Chapter VI: On Circulating and Fixed Capital
• Chapter VII: On What Depends the Degree of Productiveness of Productive Agents
• Chapter VIII: Of Co-operation, Or the Combination of Labour
• Chapter IX: Of Production On a Large, and Production On a Small Scale
• Chapter X: Of the Law of the Increase of Labour
• Chapter XI: Of the Law of the Increase of Capital
• Chapter XII: Of the Law of the Increase of Production From Land
• Chapter XIII: Consequences of the Foregoing Laws
• Book II.: Distribution.
• Chapter I.: Of Property
• Chapter III.: Of the Classes Among Whom the Produce Is Distributed
• Chapter IV.: Of Competition and Custom
• Chapter V.: Of Slavery
• Chapter VI.: Of Peasant Proprietors
• Chapter VII.: Continuation of the Same Subject
• Chapter VIII.: Of Metayers
• Chapter IX.: Of Cottiers
• Chapter X.: Means of Abolishing Cottier Tenancy
• Chapter XI.: Of Wages
• Chapter XII.: Of Popular Remedies For Low Wages
• Chapter XIII.: The Remedies For Low Wages Further Considered
• Chapter XIV.: Of the Differences of Wages In Different Employments
• Chapter XV.: Of Profits
• Chapter XVI.: Of Rent
• Book III: Exchange
• Chapter I: Of Value
• Chapter II: Of Demand and Supply In Their Relation to Value
• Chapter III: Of Cost of Production, In Its Relation to Value
• Chapter IV: Ultimate Analysis of Cost of Production
• Chapter V: Of Rent, In Its Relation to Value
• Chapter VI: Summary of the Theory of Value
• Chapter VII: Of Money
• Chapter VIII: Of the Value of Money, As Dependent On Demand and Supply
• Chapter IX: Of the Value of Money, As Dependent On Cost of Production
• Chapter X: Of a Double Standard, and Subsidiary Coins
• Chapter XI: Of Credit, As a Substitute For Money
• Chapter XII: Influence of Credit On Prices
• Chapter XIII: Of an Inconvertible Paper Currency
• Chapter XIV: Of Excess of Supply
• Chapter XV: Of a Measure of Value
• Chapter XVI: Of Some Peculiar Cases of Value
• Chapter XVII.: On International Trade
• Chapter XVIII: Of International Values
• Chapter XIX: Of Money, Considered As an Imported Commodity
• Chapter XX: Of the Foreign Exchanges
• Chapter XXI: Of the Distribution of the Precious Metals Through the Commercial World
• Chapter XXII: Influence of the Currency On the Exchanges and On Foreign Trade
• Chapter XXIII: Of the Rate of Interest
• Chapter XXIV: Of the Regulation of a Convertible Paper Currency
• Chapter XXV: Of the Competition of Different Countries In the Same Market
• Chapter XXVI: Of Distribution, As Affected By Exchange
• Book IV: Influence of the Progress of Society On Production and Distribution
• Chapter I: General Characteristics of a Progressive State of Wealth
• Chapter II: Influence of the Progress of Industry and Population On Values and Prices
• Chapter III: Influence of the Progress of Industry and Population, On Rents, Profits, and Wages
• Chapter IV: Of the Tendency of Profits to a Minimum
• Chapter V: Consequences of the Tendency of Profits to a Minimum
• Chapter VI: Of the Stationary State
• Chapter VII: On the Probable Futurity of the Labouring Classes
• Book V: On the Influence of Government
• Chapter I: Of the Functions of Government In General
• Chapter II: On the General Principles of Taxation
• Chapter III: Of Direct Taxes
• Chapter IV: Of Taxes On Commodities
• Chapter V: Of Some Other Taxes
• Chapter VI: Comparison Between Direct and Indirect Taxation
• Chapter VII: Of a National Debt
• Chapter VIII: Of the Ordinary Functions of Government, Considered As to Their Economical Effects
• Chapter IX: The Same Subject Continued
• Chapter X: Of Interferences of Government Grounded On Erroneous Theories
• Chapter XI: Of the Grounds and Limits of the Laisser-faire Or Non-interference Principle
• Bibliographical Appendix: Prepared By Sir William Ashley In 1909

Preface to the Seventh Edition [1871]∗

The present edition, with the exception of a few verbal corrections,3 corresponds exactly with the last Library Edition and with the People's Edition. Since the publication of these, there has been some instructive discussion on the theory of Demand and Supply, and on the influence of Strikes and Trades Unions on wages, by which additional light has been thrown on these subjects; but the results, in the author's opinion, are not yet ripe for incorporation in a general treatise on Political Economy.† For an analogous reason, all notice of the alteration made in the Land Laws of Ireland by the recent Act, is deferred until experience shall have had time to pronounce on the operation of that well-meant attempt to deal with the greatest practical evil in the economic institutions of that country.

PRINCIPLES OF POLITICAL ECONOMY

[∗.]The last in the author's lifetime; [and to the subsequent eighth and ninth Library editions].

[3.][See, however, pp. 934, 936.]

[†.]The present state of the discussion may be learnt from a review (by the author) of Mr. Thornton's work “On Labour,” in the Fortnightly Review of May and June, 1869, and from Mr. Thornton's reply to that review in the second edition of his very instructive book. [See Appendix O. The Wages Fund Doctrine.]