A Sketch Of The History Of Political Economy.

the French by J. B. Say, “Traité d'économie politique” (1803), followed, after lecturing in Paris from 1815-1830, by a more complete treatise,37 “Cours complète d'économie politique” (1828). While not contributing much that was new, Say did a great service by popularizing previous results in a happy and lively style, combined with good arrangement, and many illustrations. The theory that general demand and supply are identical is his most important contribution to the study. Although he translated Ricardo's book, he did not grasp the fact that rent did not enter into price. Say's work was later supplemented by an Italian, Pellegrino Rossi,38 who, in his “Cours d'économie politique” (1843-1851), naturalized the doctrines of Malthus and Ricardo on French soil. His work is of solid value, and he and Say have given rise to an active school of [pg 020] political economy in France. In Switzerland, Sismondi expounded Adam Smith's results in his “De la richesse commerciale” (1803), but was soon led into a new position, explained in his “Nouveaux principes d'économie politique” (1819). This has made him the earliest and most distinguished of the humanitarian economists. Seeing the sufferings caused by readjustments of industries after the peace, and the warehouses filled with unsold goods, he thought the excess of production over the power of consumption was permanent, and attacked division of labor, labor-saving machinery, and competition. Discoveries which would supersede labor he feared would continue, and the abolition of patents, together with the limitation of population,39 was urged. These arguments furnished excellent weapons to the socialistic agitators. Heinrich Storch40 aimed to spread the views of Adam Smith41 in Russia, by his “Cours d'économie politique” (1815). Without further developing the theory of political economy, he produced a book of exceptional merit by pointing out the application of the principles to Russia, particularly in regard to the effect of a progress of wealth on agriculture and manufactures; to the natural steps by which a new country changes from agriculture to a manufacturing régime; and to finance and currency, with an account of Russian depreciated paper since Catharine II.