10 
POLITICAL ECONOMY 
Now, if early economic writings be examined 
as a whole it will be found that considerations 
of quite different classes are included. We 
find in them questions of an ethical or moral 
character, concerned with the application of 
the ideas of the good and the just in social 
affairs ; and questions of somewhat the same 
order, though they are not strictly ethical but 
rather political, relating to the matter of pru- 
dency and expediency as regards State action. 
And besides these ethical and political ques 
tions yet others of different orders are met 
with. Controversy has arisen, for instance, 
with respect to the business policy which is 
most conducive to the wealth of individuals 
or the community ; and again, quite apart 
from practice, writers have sought the causes 
of certain effects. After noticing the various 
problems which are merged in unsystematic 
economic discussions taken in the mass, we 
shall find it convenient to make a division of 
economic studies somewhat like the following : 
1. Economic Ethics. 
2. Economic Politics or Public Economics. 
3. Economic Arts. 
4. Positive Economic Science. 
A short definition of each of these groups 
may now be offered. Economic ethics is