Lesson 3: The Nature of Wealth
Please read Part II, Chapters 1 - 8

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1. Why is it so important to clearly define "wealth"?   (Part II, Chapter 1) 

2. How does the acceptance of an error lead to baffling complexity in a philosophical system?   (Part II, Chapter 2) 

3. What is the difference between wealth to the individual and wealth to the society?   (Part II, Chapter 3) 

4. What was the essential error in the Physiocrats' analysis of political economy?   (Part II, Chapter 3) 

5. According to George, why was Adam Smith's work more influential than that of Francois Quesnay?   (Part II, Chapter 3) 

6. What does George cite as the most important reason why 19th century political economy failed to develop a coherent theory?   (Part II, Chapter 5) 

7. Why did the popularity of Progress and Poverty cause a "breakdown" of scholastic political economy?   (Part II, Chapter 6) 

8. Give some examples of: a) things with high use value but little exchange value.   (Part II, Chapter 7) 

    b) things with high exchange value but little use value.   (Part II, Chapter 7) 

9. With which kind of value is political economy concerned?   (Part II, Chapter 7) 

10. a) What is the real source and natural measure of all value?   (Part II, Chapter 8) 

    b) What is the only mechanism for determining value?   (Part II, Chapter 8) 

11. How can value be created, where there was none before?   (Part II, Chapter 8)