8

POLITICAL  ECONOMY

particularly  by  Dr.  Marshall.  Though  the
new  generalisations  were  suggested  at  many
points  by  mathematics,  it  is  perfectly  easy  to
represent  them  in  simple  language  which
implies  no  mathematical  knowledge  ;  and
I  shall  try  so  to  do.  Indeed  the  fundamental
ideas  in  modern  economic  theory  are  by  no
means  difficult  to  understand  ;  and  if  therefore ­
  I  should  fail  in  my  object  it  will  be  my
fault  and  not  the  fault  of  the  subject.  Far
from  confusing  simple  issues  the  new  work
has  clarified  what  was  previously  obscure
and  rendered  economic  theory  easier  for
everybody  to  grasp  ;  but  at  the  same  time  it
must  be  admitted  that  it  puts  a  greater
strain  on  the  reader’s  powers  of  concentration,
inasmuch  as  it  rejects  all  vague  conceptions
and  loose  reasoning  and  insists  on  exactness.
Whatever  be  the  method  of  treatment
adopted,  the  scope  or  nature  of  economic
studies  calls  first  for  discussion.  The  substance
of  economics  consists  in  all  economic  facts.
Economic  facts  may  be  described  as  any  facts
which  have  relation  at  the  same  time  to  man
on  the  one  hand  and  wealth  on  the  other  ;
and  for  our  present  purpose  it  is  sufficient  to
think  of  wealth  as  made  up  of  all  the  things
desired  by  man  which  can  be  attained  only
with  the  expenditure  of  human  effort.  Now