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McCULLOCH, John Ramsay.

The Principles of Political Economy:

With some inquiries respecting their application, and a sketch of the rise and progress of the science. A new edition, enlarged and corrected throughout.

Edinburgh: William Tait, 1843 Stock Code: 119721
£375.00
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Third edition (first 1825) of the author's first major work. The Principles of Political Economy enjoyed a wave of popularity soon after publication and went through five editions, each being continually revised and updated "to address a widening range of contemporary economic problems" as McCulloch amassed further relevant statistics and data (ODNB). It was eventually supplanted in the late 1840s by John Stuart Mill's work of the same title. McCulloch's discussion on profit and interest with regards to a cask of wine is still used today to illustrate the labour theory of value: "Suppose, to illustrate the principle, that a cask of new wine, which cost 50, is put into a cellar, and that, at the end of twelve months, it is worth 55, the question is - whether ought the 5 of additional value, given to the wine, be considered as a compensation for the time the 50 worth of capital has been locked up, or should it be considered as the value of additional labour actually laid out in the wine?" (p. 313).

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Description

Octavo (222 x 143 mm). Original green cloth, paper label to spine printed in black, boards elaborately ruled in blind, edges uncut.

Condition

Spine cocked, extremities rubbed and bumped, label browned, hinges restored, small closed tear to front free endpaper, otherwise a very good copy.

Bibliography

Goldsmiths' 33140. See Einaudi 3567; Sraffa 3598 (first edition).

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