Definitions in Political Economy

Note 48 — Chapter VII · ON THE DEFINITION AND APPLICATION OF TERMS, BY MR. MACCULLOCH, IN HIS “PRINCIPLES OF POLITICAL ECONOMY.”

Reading edition

A person who uses a term in a particular sense practically defines it in that sense. Mr. Macculloch sometimes makes what have hitherto always been considered as profits mean labour; and sometimes makes labour, when used simply without any adjunct, mean fermentation, vegetation, or profits.

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