Excerpt from An Outline of Political Economy: Designed for Seminaries, and Intended to Explain the Principles of This Important Science, by Familiar Examples, and to Exhibit More Particularly the Great Importance of Agriculture, Mining Industry, Manufactures, and Internal Improvements, to National We In what were exhibited the important effects of skill and practical knowledge, as also the ruinous and impo litic consequences of ignorance and unskilful manage mentp - The Merino speculation, which prevailed to such an extent in the United States during 1813-14 clearly exhibits the importance of practical knowledge and skill in the management ofany business; and the impolitic and disastrous consequences of attempting a business, without skill and ability. The enterprise was attempted by individuals, who, with some exceptions, were entirely destitute of any information. And practical knowledge as to the nature of the pursuit to which their attention was given. Hence to very many of them, the Speculation was a ruinous one, and but few realized any profit from the attempt. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.