PREFACE TO THE FIRST EDITION



                       (1871)



 The contents of the following pages can hardly meet

 with ready acceptance among those who regard the

 Science  of Political  Economy as  having  already

 acquired a nearly perfect form.   I believe it is gener¬

 ally supposed that Adam Smith laid the foundations

 of this science;  that Malthus, Anderson, and Senior

 added important doctrines ;  that Ricardo systematised

 the whole; and, finally, that Mr. J. S. Mill filled in

 the details and  completely  expounded this  branch of

 knowledge.  Mr. Mill appears to have had a similar

 notion;  for Lhe distinctly  asserts  that there  was

 nothing  in the  Laws of Value  which remained for

 himself or any  future writer to clear up.  Doubtless

it  is difficult to help feeling that opinions adopted

and  confirmed  by  such eminent men have much

weight of probability in their  favour.  Yet,  in the

other  sciences this weight  of authority has not been

allowed  to restrict  the free  examination of  new

opinions and theories ;  and it  has  often been  ulti-