The independent. [volume] (Lincoln, Neb.) 1902-1907, 1903-02-26

selves, L CnlnK, not only TO De mlSun-
derstood when we use them, but we
will have prepared ourselves to mis-
understand the valuable writings that
make up what may be called the
standard literature of the subject.
| There are not many writer's, who
have attempted any very comprehen-
sive consideration of economic sci
ence, that have not attempted some
definition of wealth" Many of them
| have recognized the difficulty, if not
| impOssibility, of definition that
would be completely inclusive and ex-
elusive. When | read, therefore, the
statement that while the subject of
| political economy is wealth. yet no
definition of that subject has ever
been attempted, and that, because of
| this, the science is vague and ''has
| proceeded without definite subject"
am forced to conclude that the writ
er has allowed himself to be confused
| by a desire for precision in definitions.
and by taking as precise definitions
that, in the nature Of things, cannot
| be. The desire for precise definitions
| of some of the important words used
in economics, the effort to construct
such definitions, and the acceptance Of
some definitions as precise that are
not, and, in the very nature of things,
cannot be, have been the very bane Of
economic study. Some writer's at
tempt to give clearness to the express
sion of their ideas of economies more
by restriction of the meaning of
RI INIT ho hy
free use of words and proper con-
struction of language. To accept the
statement that ''the subject of politi-
cal economy is wealth" as a precise,
completely inclusive and completely
exclusive statement of fact is to lay
the foundation for error in the subse-
quent discussion. AS a rule, defini-
tions are only attempts to approx
mate precisions, and do not pretend to
be anything more. By reference to
the Century Dictionary, it will be
found that there are three general
meanings with which the word
wealth" is used in literature, but who
will assert that the use of the word
is, or can be, confined to these three
general classes?
If the foundation of economic sci
ence is SANDY" and insecure, it is not
for want of attempts at definitions. 1t
has been much confused, certainly, by
attempts that, in the very nature of
things, could not be successful Meth
er generally nor in economic literature
has wealth been used with any uni
formity of meaning.
Tho raocOn ic obvious II &c, ooc
nomic conception that is too broad to
have its bounds easily fixed. Every
attempt to fix the extent and limita-
tion of the economic idea only results
in each particular writer reading into
the word his own economic conceD-
tiOns.
The very growth of economic sci
ence is marked by the tendency to
abandon attempts at precise defini-
t1Ons, and to use words in a broader
and more liberal sense, and thus to
make language in it's construction
more precise and accurate. When we
come to full understanding of eco
nomic principles and laws, and the ap-
plication of them to the best inter-
ests of humanity, the science will
have constructed the definition of it's
subject, but not until then. Econom-
les is not founded upon definitions but
principles and laws of existence and
action. 1t is net without a definite
subject or object because the word
wealth" cannot be defined. The SUBJ
Ject of economics is as broad as hui
man action, and the object as compre-
hensive as human needs, and no
definition of any word or words can
compass it.
The ablest writer's have recognized
the different meanings, and have
sought to use words so that they would
be understood. Adam Smith, by a
short explanation. made clear that
the word value" had at least two gem
eral meanings, value in use" and
value in exchange" and that one
use was just as correct as the other.
By what authority does any writer
assert that it is correct to use value |
in the sense of its applications to
things 'in exchange" and incorrect to
use it in the sense of its application to
things ''in use?" There can be nc
reason for it except the desire for
what does not exist in language. The |