“Political economy (the economy of a State, or of citizens) consists simply in the production, preservation, and distribution, at fittest time and place, of useful or pleasurable things. The farmer who cuts his hay at the right time; the shipwright who drives his bolts well home in sound wood; the builder who lays good bricks in well-tempered mortar; the housewife who takes care of her furniture in the parlour, and guards against all waste in her kitchen; and the singer who rightly disciplines, and never overstrains her voice, are all political economists in the true and final sense: adding continually to the riches and well-being of the nation to which they belong.

But mercantile economy, the economy of "merces" or of "pay," signifies the accumulation, in the hands of individuals, of legal or moral claim upon, or power over, the labour of others; every such claim implying precisely as much poverty or debt on one side, as it implies riches or right on the other.”

UNTO THIS LAST - Essay II: The Veins Of Wealth