================= HES POSTING ===================== The term "Political Economy" was intended to differentiate it from household economy as applying to the larger unit such as community or nation-state. The transition to "Economics" would seem to embody a change in the scope and definition of the discipline. Turgot, in his REFLECTIONS ON THE FORMATION AND DISTRIBUTION OF WEALTH, and Adam Smith, an admirer of the French Phyiocrats, in his classic AN INQUIRY INTO THE NATURE AND CAUSES OF THE WEALTH OF NATIONS, were investigating the natural laws of the Production and Distribution of wealth. Henry George carried on this Classical tradition utilizing Ricardo's doctrine of Rent to arrive at more radical conclusions. Francis A Walker, a contemporary of George, was opposed to George's remedy although accepting Ricardo on Rent and faulting Bastiat and Henry Carey for their misapprehension of the doctrine. Walker, although writing a "Political Economy" text would seem to be part of the transition to "Economics" being sympathetic to Jevons and the Marginalist School. J.B. Clark, in attempting to equate Land with Capital, was more definitely a catalyst in the transition. Ultimately, "Economics" became more a study of the optimum use of scarce resources, a theory of exchanges,etc. ============ FOOTER TO HES POSTING ============ For information, send the message "info HES" to [log in to unmask]