Political Economy

Assume that the new elite were clearly and simply to proclaim its intentions which are to supplant the old elite; no one would come to its assistance, it would be defeated before having fought a battle. On the contrary, it appears to be asking nothing for itself, well knowing that without asking anything in advance it will obtain what it wants as a consequence of its victory.

It has been said, and perhaps with truth, that the conclusions of Political Economy partake more of the certainty of the stricter sciences than those of most of the other branches of human knowledge.

If we engraft the current meaning of the word "economy" (the avoiding of waste) upon its etymological meaning (the administration of a household), we shall arrive at "the administration of the affairs and resources of a household in such a manner as to avoid waste and secure efficiency" as our conception of "Economy."  "Political" Economy would, by analogy, indicate the administration, in the like manner, of the affairs and resources of a State, regarded as an extended household or community, and regulated by a central authority; and the study of Political Economy would be the study of the principles on which the resources of a community should be so regulated and administered as to secure the communal ends without waste.