Diversity of opinions as to the utility of the science—Reasons for defining it. — Mr.
M’Cullock’s definition,—Consumption discarded.—Dr. Smith confined the science to
production and distribution.—Phenomena to which the science relates, illustrated by a
reference to the United States of America and New Holland, to the continent of
Europe, and to the ancient empires of Asia ; and by a reference to the productive
power of savages, and of civilized man.—Land, and all other physical circumstances,
not belonging to man himself, excluded from the science.—The science is confined to
the consideration of Labour, which produces all wealth; and it embraces all the
natural and social circumstances which influence the production and distribution of
wealth, discovering the former and examining the latter.—Dr. Smith only examines, and
does not prescribe social regulations.
