<DIV>Adam Smith's <I>The Wealth of Nations</I> was recognized as a landmark of human thought upon its publication in 1776. As the first scientific argument for the principles of political economy, it is the point of departure for all subsequent economic thought. Smith's theories of capital accumulation,...</i></div>

In this presidential address published in 1902, Edwin Cannan affirms political economy as a vital cultural project. The central lessons to be imparted to society at large concern the principles upon which millions cooperate in creating wealth. He touches on international trade, housing, urban...