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So far as it is employed in the first way, it promotes

prodigality, increases expense and consumption, without

increasing production, or establishing any permanent fund for

supporting that expense, and is in every respect hurtful to the

society.

So far as it is employed in the second way, it promotes industry;

and though it increases the consumption of the society, it

provides a permanent fund for supporting that consumption; the

people who consume reproducing, with a profit, the whole value of

their annual consumption. The gross revenue of the society, the

annual produce of their land and labour, is increased by the

whole value which the labour of those workmen adds to the

materials upon which they are employed, and their neat revenue by

what remains of this value, after deducting what is necessary for

supporting the tools and instruments of their trade.