Part I — The Elements
The Elements
Economics is the name which people have come to give to the study of Wealth. It is the study by which we learn how Wealth is produced, how it is consumed, how it is distributed among people, and so on. It is a very important kind of study, because it often depends upon our being right or wrong in Economics whether we make the whole State poorer or richer, and whether we make the people living in the State happier or not.
Now as Economics is the study of Wealth, the first thing we have to make certain of is, What Wealth is.