ten years later. The Rev. Josiah Tucker wrote his "Important Questions on Commerce" in 1755, and in it argues against the mercantilists, and in favor of free-trade, while Hume, in his "Political Discourses" (1752), enunciates some detached economic truths, as when he says: "In the national stock of labor consists all real power and riches."
In 1776 the first edition of the "Wealth of Nations" was published, and with it scientific political economy first came into existence. Of the work and of its author it is not necessary to say much. The former largely speaks for itself, and the preceding historical review has shown the condition of economic science in its day. This historical review is, indeed, not so much intended to be a complete account of all that had been previously accomplished in the department of economic science, as a prefatory sketch which should contribute to a better understanding of the import of Adam Smith's great departure. The notes which have been appended to the text call attention to the more special features of the work. It remains for us to consider the further advances which have been made since Adam Smith's time in the elucidation and solution of economic problems.
First, perhaps, attention should be called to the third book, which is the earliest attempt to treat economic problems, and, indeed, it may be said, one of the earliest to treat any social problem from the historical point of view. This alone would constitute the "Wealth of Nations" an epoch-making work.
Adam Smith's book, as will be readily seen, was based upon the manufacture-industry which had as yet not been supplanted by the great machine-industry of modern times. It is important to bear this in mind in considering many of the views advanced in the work. Those who followed in
