It appears... that a work similar in its object and general conception to that of Adam Smith, but adapted to the more extended knowledge and improved ideas of the present age, is the kind of contribution which Political Economy at present requires. The Wealth of Nations is in many parts obsolete, and in all, imperfect. Political Economy... has grown up almost from infancy since the time of Adam Smith; and the philosophy of society... has advanced many steps beyond the point at which he left it.

What It Means

This is a placeholder explanation generated by the low-overhead model. It interprets "It appears... that a work similar in its object and general conception to that of Adam Smith, but adapted to the more extended knowledge and improved ideas of the present age, is the kind of contribution which Political Economy at present requires. The Wealth of Nations is in many parts obsolete, and in all, imperfect. Political Economy... has grown up almost from infancy since the time of Adam Smith; and the philosophy of society... has advanced many steps beyond the point at which he left it." in the context of "John Stuart Mill, Principles of Political Economy (1848) Preface" to mean that wisdom is timeless.