J. F. Boyd, State directed emigration (1883)
“ An enormous rise in "values" of real and leasehold property, while apparently creating numerous great, perhaps fragile fortunes, has not in reality added to the sum of absolute wealth, and, obviously, this increment is not "production," since its effect has been merely to transfer, to promote circulation if you will. This increment of value is not a creation, is not intrinsic, is accidental, often fictitious, always precarious. Much of the rise in cost of what has been constructed within the free trade period is readily traceable to waste, and represents so much lost not gained. ”
