The Principles of Political Economy: with a Sketch of the Rise and Progress of the Science.

Edinburgh: for William and Charles Tait, and Longman & Co, London,, 1825. First edition of the author's first major work, expanded from his contribution to the 1824 edition of the Encyclopaedia Britannica, "the first substantive text on political economy to appear in the encyclopaedia" (ODNB). David Ricardo, with whom McCulloch corresponded since he started taking an interest in political economy as a young man, described that article as a "valuable historical sketch" and "clear exposition of all the important principles of the science that you have left nothing for me to wish for" (Works, Vol. 9, p. 275). The Principles of Economy enjoyed a wave of popularity soon after publication and went through five editions but was supplanted in the late 1840s by John Stuart Mill's work of the same title. McCulloch's discussion on profit and interest with regards to ageing a cask of wine is still used today to illustrate the labour theory of value. Octavo (217 x 132 mm). Contemporary calf by Carss of Glasgow (binder's ticket), red morocco label. Bound without initial advertisement leaf and half-title. Contemporary bookplate of Robert Bartholomew to front pastedown, likely the Glaswegian merchant of that name. Tips a little bumped, else an excellent copy, firm and clean. Einaudi 3567; Goldsmiths' 24417; Sraffa 3598. P. Sraffa and M. H. Dobb (eds.), The Works and Correspondence of David Ricardo, 1951-73, Vol. 9.