Principles of Political Economy

"Principles of Political Economy" by Arthur Latham Perry is a book from the 1800s that explains the core ideas behind how economies work, mostly focusing on what happens when people buy and sell things. Perry wants people to stop thinking about old ideas of wealth and instead focus on how "value" works and how it affects our relationships and economies. Right at the beginning, the book shares main ideas for understanding economics by asking important questions. Perry talks about carefully studying economics by watching how trades happen, in places like busy cities and factories. He points out three main types of trades, which are things people buy, services people offer, and credits. According to Perry, truly understanding "value"—which is decided when both sides agree on a trade—is super important for understanding how economies run because economic trades reflect how society connects; therefore, what he calls "principles" are most important to the ideas of political economy he's trying to describe.