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2 Protesting against a critic's desire to confine " the riches of a people" to gold and silver, Davenant says: " With submission to better judgments we think it has a signification far more extensive. We understand that to be wealth which maintains the prince and the general body of his people in plenty, ease, and safety. " 3 Moreover, he quotes King's calculations of "the product" of the land of England, which not only specify the different kinds of agricultural produce and their respective values, but in most cases give the quantities as well, thus tending towards the later conception of a national produce or income.

Hull, p. ) For our present purposes the interesting part of the Treatise is the mention of the small proportion which money bears to the whole mass of material goods. On one page we find that "of all the wealth of this Nation, viz. , p. 34). This idea is further worked out in Verbum Sapienti-A Word to the Wise-which Petty published as an appendix to the Political Anatomy of Ireland in 1691, though it must have been written in 1666. Its first chapter is headed "Containing several Computations of the Wealth of the Kingdom" (England and Wales), and gives us a complete account of what we should call the national capital and income.

On one page we find that "of all the wealth of this Nation, viz. , p. 34). This idea is further worked out in Verbum Sapienti-A Word to the Wise-which Petty published as an appendix to the Political Anatomy of Ireland in 1691, though it must have been written in 1666. Its first chapter is headed "Containing several Computations of the Wealth of the Kingdom" (England and Wales), and gives us a complete account of what we should call the national capital and income. The population of about six millions is calculated to have an annual expense

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A review of economic theory by Edwin Cannan


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