Chapter in his “Wealth of Nations” is concerned with the policy of

Book III in his “Wealth of Nations” is concerned with the policy of Europe in encouraging commerce at the expense of agriculture, and has less interest for us. Book V considers the revenue of the sovereign, and much of it is now obsolete; but his discussion of taxation is still highly important.

30 Among the English Liberals carried away by the French Revolution, and by such theories as those of Condorcet, was William Godwin, the author of “Political Justice” (1793) and the “Inquirer” (1797), who advocated the abolition of government and even marriage, since by the universal practice of the golden rule there would come about a lengthening of life. Malthus tells us that his study was brought forward as an answer to the doctrines of the “Inquirer,” and he applied his principles to Condorcet’s and Godwin’s ideas. It was a period when pauperism demanded attention from all. Malthus favored the repeal of the old poor-laws, as destroying independence of character among the poor.

  Malthus also wrote “Principles of Political Economy” (1821) and
  “Definitions in Political Economy” (1827), but the former did not
  increase his reputation. He believed in taxing imported corn, and he
  gave in his adherence to the doctrine of over-production. But, on
  the other hand, he was one of several writers who, almost at the
  same time, discovered the true theory of rent. His father was a
  friend of Godwin, and a correspondent of Rousseau. (See Bagehot,
  “Economic Studies,” p. 135.)

31 See Cairnes, “Logical Method,” Lecture VII, for the best modern statement of the question. Also, Roscher, “Principles of Political Economy,” b. v, whose extended notes furnish information on facts and as to books. H. Carey, “Social Science” (edition of 1877), iii, pp. 263-312, opposes the doctrine, as also Bowen, “American Political Economy” (1870), ch. viii, and Henry George, “Progress and Poverty” (1880), pp. 81-134.

32 J. Anderson, “An Inquiry into the Nature of the Corn Laws” (1777), “Agricultural Recreations,” vol. v, p. 401 (1801); Sir Edward West, “Essay on the Application of Capital to Land” (1815); Rev. T. R. Malthus, “An Inquiry into the Nature and Progress of Rent” (1815). The last two appeared after Anderson’s discoveries had been forgotten, but he has the honor of first discovery.

33 Born in 1772 of Jewish parentage, Ricardo died in 1824. A rich banker, who made a fortune on the Stock Exchange, he early in life retired from business. The discussions on the Restriction Act and the corn laws led him to investigate the laws governing the subjects of money and rent. He gained notice first by his “Letters on the High Price of Bullion” (1810). The “Reply to Mr. Bosanquet” (1811), and “Inquiry into Rent” (1815), were followed by his greater work, “Principles of Political Economy and Taxation” (1817). He entered the House of Commons from Portarlington, a pocket borough in Ireland, and was influential in the discussions on resumption. Although he was not on the committee, his views on depreciated paper are practically embodied in the famous “Bullion Report” (1810). Tooke, “History of Prices,” says the results of the restriction were not known until the time of Ricardo’s contributions. Neither Mill nor Say has had so great an influence as Ricardo has gained, through the pages of his “Political Economy.”

34 Johann Heinrich von Thünen, a rich land-owner of Mecklenburg, in his “Der isolirte Staat in Beziehung auf Landwirthschaft und National-Oekonomie” (1826), worked entirely by himself, but reached practically the same law of rent as Ricardo’s. In spreading the doctrines of Adam Smith he has influenced later German writers.

35 The first distinct recognition of this important physical law, according to McCulloch (Introduction to “Wealth of Nations,” lv), was in a fanciful work of two volumes, entitled “Principes de tout gouvernement,” published in 1766: “Quand les cultivateurs, devenus nombreux, auront défriché toutes les bonnes terres; par leur augmentation successive, et par la continuité du défrichement, il se trouvera un point ou il sera plus avantageux à un nouveau colon de prendre à ferme des terres fécondes, que d’en défricher de nouvelles beaucoup moins bonnes” (I, p. 126). The author was, however, unaware of the importance of his discovery.

36 Carey, “Social Science” (I, ch. iv, v), and Bowen, “American Political Economy” (ch. ix), have denied Ricardo’s doctrine of rent. Thesupposed connection between free trade and Ricardo’s teachings on rent has prejudiced protectionists against him. Free trade follows from the theory of international trade, and has nothing to do with Ricardo’s main doctrines. It is true, Ricardo was a vigorous free-trader. Of opposing views on rent, Carey’s argument is the most important.

37 Say drew considerable attention by his theory of “gluts.” He based his idea of value wholly on utility, which has lately been taken up again by Professor Jevons. Say was answered on this point by Ricardo in a later edition of his “Political Economy.” See Cairnes, “Leading Principles,” p. 17. As a free-trader and opponent of governmental interference, he went further than his master, Adam Smith. Napoleon did not like this part of Say’s teaching, saying that it would destroy an empire of adamant, and tried to induce him to modify his position, but in vain. The second edition was not allowed to be published until 1815.

38 Educated at Bologna, he went to Geneva in 1816, and was called (1833) by the French Government to succeed Say in the Collége de France. In 1845 he was sent as minister to Rome, led the revolutionary movement there, and was assassinated in 1848. His lectures were taken down in short-hand by one of his disciples, Porée, and later published.

39 Malthus, who held that the unproductive consumption of the rich was desirable for the poor, supported Sismondi. The latter was answered by Say and McCulloch (“Edinburgh Review,” March, 1821), to which Sismondi replied in his second edition, in 1827, and then withdrew from economic discussion.

40 A native of Riga, educated in Germany, Storch was charged by the Czar Alexander with the duty of instructing his sons, the Grand Dukes Nicholas and Michael, and his treatise is the collection of his lectures. Knowing little of Malthus or Ricardo, he made a near approach to the doctrine of rent. His unsparing denunciation of Russian administrative corruption caused the Government to forbid the publication of the Russian translation.

41 Cossa, “Guide” (p. 173), points out Sartorius, Lüder, Kraus, and Schlözer as teachers of Adam Smith, in Germany, followed later by G. Hufeland, J. F. E. Lotz, and L. H. von Jakob; Count Hogendorp and Gogel, in Holland; Count Szecheny, in Hungary, and (pp. 211-213) Cagnazzi, Bosellini, Ressi, Sanfilippo, and Scuderi (the last two protectionists), in Italy. Fuoco (1825-1827), in Italy, first saw the value of Ricardo’s theory of rent, while Gioja opposed Adam Smith and Say. But K. H. Rau (died 1870), in his “Lehrbuch der politischen Oekonomie” (1826, fifth edition 1864), had the most extensive influence in Germany in expounding Adam Smith’s system, with proper improvements. Another important writer of this school was F. B. W. von Hermann, “Staatswirthschaftliche Untersuchungen” (1832).

42 From 1810 to 1840, political economy was a favorite study in England, and many writers deserve mention. There were Huskisson, a great financier; Thomas Tooke (1773-1858), who began his matchless “History of Prices” (1823); Lord Overstone (Samuel Jones Loyd), “Tracts and other Publications on Metallic and Paper Currency” (1858); Robert Torrens (1784-1864), “Essay on the Production of Wealth” (1821); Archbishop Whately, “Introductory Lectures” (1831), and “Easy Lessons on Money Matters”; Cobden and Sir Robert Peel; N. W. Senior (1790-1864), Professor of Political Economy at Oxford, article on “Political Economy” (1836) in the “Encyclopædia Metropolitana,” and “Lectures on the Cost of obtaining Money” (1830). Senior showed great ability in analyzing cost of production, and stands far above McCulloch in real ability. J. R. McCulloch (1789-1864), who preceded Mill, wrote a good but dry textbook, “Principles of Political Economy” (1825), “A Treatise on the Principles, Practice, and History of Commerce” (1833), an excellent “Dictionary of Commerce” (last enlarged edition, 1882), “Literature of Political Economy” (1845). He edited Ricardo’s works, with a biography, published a “Select Collection of Scarce and Valuable Tracts on Money” (1856), “A Treatise on the Principles and Practical Influence of Taxation and the Funding System” (1845). He contributed nothing practically new to the study. Miss Harriet Martineau (1802-1876) gave some admirable although somewhat extended stories in illustration of the various principles of political economy, entitled “Illustrations of Political Economy” (1859). This period in England was signalized by the abolition of the Corn Laws (1846), and the Navigation Laws (1849), the passage of the Bank Act (which separated the issue from the banking department, 1844), and the general abandonment of protective duties. Cf. Noble, “Fiscal Legislation, 1842-1865” (1867).

43 Born in 1806, he died in 1873. For his extraordinary education see his “Autobiography.” When thirteen years old, he began the study of political economy through lectures from his father while walking; he then (1819) read Ricardo and Adam Smith, and at fourteen he journeyed to France, where he lived for a time with J. B. Say. He entered the East India Office at seventeen, was occupied finally in conducting the correspondence for the directors, where he remained until 1858. When about twenty, Mill met twice a week in Threadneedle Street, from 8.30 to 10 A.M., with a political economy club, composed of Grote, Roebuck, Ellis, Graham, and Prescott, where they discussed James Mill’s and Ricardo’s books, and also Bailey’s “Dissertations on Value.” In these discussions, chiefly with Graham, Mill elaborated his theory of international values. In 1865 he entered Parliament for Westminster, and for three years had a singular, characteristic, independent, but uninfluential career. His adherence to two radical reforms, woman suffrage and changes in the tenure of land, lost him any considerable influence.

44 He (1773-1836) wrote the “History of India” (1817-1819), and “Elements of Political Economy” (1821). He was intimate with Ricardo, Bentham, Austin, and Zachary Macaulay.

45 In his “infant industries” argument, and his statement on navigation laws (B. v, ch. x, §1), he conceded a great deal of free-trade ground; but in a private letter, 1866 (see New York “Nation,” May 29, 1873), he denied that he intended the “infant industries” argument to apply to the United States. He did not consider New England and Pennsylvania any longer as young countries within the limits of his meaning. See also Taussig’s “Protection to Young Industries” (1883).

46 W. T. Thornton (1813-1880), in a volume “On Labor: its Wrongful Claims and Rightful Dues” (1869), attacked Mill’s position on demand and supply, and on wages, so that Mill in consequence abandoned his doctrine of wages, in the “Fortnightly Review,” May 1, 1869. Mr. Cairnes, however, rescued the Wages-Fund theory from Mr. Mill in his “Leading Principles” (1874). Thornton also wrote “Over-Population, and its Remedy” (1846), and an excellent book, “Plea for Peasant Proprietorship” (1848). See also “Nineteenth Century,” August, 1879, for an answer by Thornton to Mr. Cairnes on the wages question.

47 James Eliot Cairnes was born at Drogheda, 1824; was educated at Trinity College, Dublin, and made Whately Professor there in 1856. Having been Professor of Political Economy in Queen’s College, Galway, he left Ireland in 1866 to accept the chair of Political Economy in University College, London. In that year, through an attack of inflammatory rheumatism, he fell under the power of a painful and growing malady which rendered him physically helpless, and portended certain death in the near future. The three years before his death, while working only in hopeless pain, was the period of his greatest literary activity. He collected his “Essays in Political Economy, Theoretical and Applied” (1873), in which he traced with great ability the effect of the gold-discoveries; brought out his “Leading Principles” (1874), and an enlarged edition of his “Logical Method” (second edition, 1875). The first edition of this last book was the result of lectures delivered in Dublin about 1858. In his earlier years the interest he felt in the United States led him into a very vigorous and masterly study of “The Slave Power; its Character, Career, and Probable Dangers” (1862); “The Revolution in America” (1862). He then wrote “Colonization and Colonial Government” (1864), and “Negro Suffrage” (1866). He finally succumbed to his fatal disease, and passed away prematurely, July 8, 1875. A short sketch of his personal character was written by Professor Fawcett, in the “Fortnightly Review,” August 1, 1875, p. 149.

48 Professor Jevons (1835-1882) was educated at University College, London, and spent the years from 1854 to 1859 in the Australian Royal Mint, where he became interested in the gold question. He wrote a study on “A Serious Fall in the Value of Gold ascertained” (1863), which attracted great attention. A fine metaphysician and mathematician, he did not give his whole time to economic work. In 1866 he became Professor of Logic and Cobden Lecturer on Political Economy in Owens College, Manchester, but later became Professor of Political Economy in University College, London. In 1881 he gave up academic teaching, to devote himself to literature. He investigated the permanence of the English coal-supply in “The Coal Question” (second edition, 1866). “The Theory of Political Economy” (1871) contains his application of the mathematical method, and a bibliography of similar attempts. “The Railways and the State” are to be found in his “Essays and Addresses” (1874). He prepared an elementary book, “Primer of Political Economy” (second edition, 1878). He was a contributor to the journals, and especially to the “London Statistical Journal.” His last books were “The State in Relation to Labor” (1882), which deals with the question of state interference; and “Methods of Social Reform” (1883), containing a paper on industrial partnerships. He also advanced the theory that the presence of sun-spots affected agriculture unfavorably, and that, coming somewhat regularly, they produced a constant succession of commercial crises. (See “Nature,” xix, 33, 588.) At the early age of forty-seven he was unfortunately drowned while bathing near Bexhill, England (1882).

49 Like Cairnes, Thomas Edward Cliffe Leslie was a native of Ireland, and educated at Trinity College, Dublin. He was called to the bar, but gave up the law when offered the professorship of Political Economy in Queen’s College, Belfast. Besides his discussion of land tenures, he published “Political and Moral Philosophy” (1874). He long suffered from bad health, and died January 28, 1882. His volume of “Land Systems” is now (1884) out of print, and scarce. He had also devoted himself to financial reform.

50 See p. 33.

51 Born 1826, died 1877. He was early made familiar with banking in connection with the Stuckey Banking Company, in Somersetshire; was educated at University College, London. In 1858 he married the daughter of James Wilson, the editor of the London “Economist,” whom he succeeded. He was a political student of a rare kind, as is shown by his “English Constitution” (second edition, 1872), “Physics and Politics” (1872), “Literary Studies” (second edition, 1879). He also wrote “Depreciation of Silver” (1877).

52 Established in 1848, and unquestionably the most useful economic publication for English questions.

53 Born 1833. His eye-sight was lost by an accidental shot in 1858, but he was chosen Professor of Political Economy at Cambridge in 1863. His “Manual” and the “Economic Position of the British Laborer” (1865) gave him reputation, in 1865 he entered Parliament, and since 1880 he has been Postmaster-General in Mr. Gladstone’s administration. He has published “Pauperism, its Causes and Remedies” (1871), “Speeches” (1878), “Free Trade and Protection” (1878). His wife (born 1847), Millicent Garret Fawcett, reduced his “Manual” into “Political Economy for Beginners” (1869), and also wrote “Tales in Political Economy” (1874). Died November 13, 1884.

54 He has also published “Social Economy” (1872); a small “Manual of Political Economy” (third edition, 1878); and a very considerable work, “Six Centuries of Work and Wages: the History of English Labor,” 1250-1883 (1884). He has edited Adam Smith’s “Wealth of Nations,” and written “Cobden and Modern Political Opinion” (1873), and “The Colonial Question,” in the Cobden Club Essays (1872).

55 Of other books, mention should be made of G. J. Goschen’s most admirable “Theory of Foreign Exchanges” (eighth edition, 1875); “Reports and Speeches on Local Taxation” (1872); T. Brassey’s “Work and Wages” (third edition, 1883); E. Seyd, “Bullion and the Foreign Exchanges” (1868); H. D. McLeod, an eccentric writer, “Dictionary of Political Economy” (only one vol., A-C, 1863, published); and “Theory and Practice of Banking” (second edition, 1875-1876); H. Sidgwick, “Principles of Political Economy” (1883); J. Caird, “Landed Interest” (fourth edition, 1880); L. Levi, “History of British Commerce” (1872).

56 Frédéric Bastiat (1801-1850) began life in a commercial house at Bayonne, but gained notice first by an article, “De l’influence des tarifs français et anglais sur l’avenir des deux peuples,” in the “Journal des Économistes” of 1844, and consequently had a very short period of literary activity. The corn-law agitation in England and the revolutionary movement of 1848 led him to write chiefly against protection and socialism. He translated Cobden’s speeches, “Cobden et la Ligue” (1845). His arguments against protection, “Sophismes économiques” (1846-1847), have been translated and published in this country; but the more extended exposition of his doctrine of value diminishing with the growth of civilization, and the harmony of all interests is in the “Harmonies économiques” (1850). In this his position is not much different from Carey’s. His other books were “Capital et rente” (1849), directed against gratuitous loans; “Protectionisme et communisme” (1849), showing protection to be communism for the rich; “Propriété et loi” (1848), directed against socialism; and “Essais sur l’économie politique” (1853); “Le Libre-échange” (1855). “Œuvres complètes,” 7 tom. (1855-1864).

57 Carey, however, claimed, with probable truth, that Bastiat borrowed the idea from him, and Bastiat did not appear well in the controversy. Almost no one has followed the French writer in his theory except Professor A. L. Perry, of Williams College, Massachusetts, who has shaped his general argument according to this view of value. Also see Cairnes, “Essays in Political Economy,” p. 312.

58 Chevalier (1806-1879) first drew attention in an experiment of Saint-Simonism in 1830-1833. After traveling in the United States, and writing excellent books on the country and its railways, he became professor in the Collége de France, where his lectures were collected in a “Cours d’économie politique” (1842-1850; second edition, 1855-1866). His third volume, “La Monnaie,” is a standard treatise on money, with an extensive bibliography. His treatise “Examen du système commerciale connu sous le nom de système protecteur” (1851) is now somewhat out of date. In his book “De la Baisse, probable de l’or” (1859), translated by Richard Cobden, he held that, unless prevented, gold would drive out the French currency, as against Faucher, who thought the fall temporary, and would progressively diminish. Other books are, “De l’industrie manufacturière en France,” and “La liberté du travail” (1848).

59 Émile Levasseur (born 1828) was professor at Alençon, 1852-1854, and elected a member of the Academy of Sciences in 1868. He has published “Récherches historiques sur le système de Law” (1854); “La question de l’or” (1858); “Histoire des classes ouvrières en France depuis la conquête de Jules César jusqu’à la révolution” (1859); the same history continued, “Depuis 1789 jusqu’à nos jours” (1867); “La France industriale” (1865); “Cours d’économie rurale, la France et ses colonies” (1868); “Précis d’économie politique” (fourth edition, 1883).

60 Born in Berlin in 1816, but since 1821 living in France. He was long connected with the Bureau de Statistique Générale, and the Ministry of Agriculture and Commerce, but in 1861 he left office and gave himself wholly to private work. In this year he received the Montyon prize for statistics, not given since 1857. His chief books are: “Des charges de l’agriculture dans les divers pays de l’Europe” (1850), a work crowned by the Institute; “Statistique de la France, comparée avec les divers états de l’Europe” (1860); “Le dictionnaire de l’administration française” (second edition, 1878); “Les finances de la France depuis 1815” (1863); “Les théoriciens du socialisme en Allemagne” (1872); and in connection with M. Guillaumin, “L’annuaire de l’économie politique,” since 1856.

61 Jérôme-Adolphe Blanqui ainé (1798-1854) in 1833 succeeded to the chair of J. B. Say in the Conservatoire des Arts et Métiers, and was one of the founders of the “Journal des économistes.” Besides his “Histoire de l’économie politique en l’Europe” (1837-1852), he published a “Résumé de l’histoire du commerce et de l’industrie” (1826); “Précis élémentaire d’économie politique” (1826); “Rapports, histoire de l’exposition des produits de l’industrie française en 1827” (1827); “Cours d’economie politique” (2 vols., 1837-1838), and notices of Huskisson and J. B. Say.

62 Louis Wolowski (1810-1876), of Polish origin, was Chevalier’s chief antagonist, and Professor of Legislation at the Conservatoire des Arts et Métiers (1839); founded the first Crédit Foncier of Paris, and was elected to the Institute in the place of Blanqui. In 1875 he was chosen senator. He was a fertile writer: “Mobilisation du Crédit Foncier” (1839); “De l’organisation du travail” (1846); “Études de l’économie politique et de statistique” (1848); “Henri IV, économiste, introduction de l’industrie de la soie en France” (1855); “Introduction de l’économie politique en Italie” (1859); “Les finances de la Russie” (1864); “La question des banques” (1864); his testimony in the “Enquête sur les principes et les faits généraux qui régissent la circulation monétaire et fiduciaire” (1866); “La banque d’Angleterre et les banques d’Écosse” (1867); “La liberté commerciale et les résultats du traité de commerce de 1860” (1868); “L’or et l’argent” (1870); “La change et la circulation”; and a translation of Roscher.

63 Hippolyte-Philibert Passy (1793-1880) was educated for the army, and served at Waterloo. He was more prominent as a statesman than as an economist. In 1838 he entered the Academy in the place of Talleyrand, but politics left him unoccupied, and he wrote “Des systèmes de culture et de leur influence sur l’économie sociale” (1846), and “Des causes de l’inégalité des richesses” (1849).

64 M. Léonce de Lavergne (1809-1880) came from Toulouse to Paris in 1840, elected deputy in 1846, a member of the Institute in 1855, and became professor in the Institut agronomique of Versailles. He was also the author of “L’économie rurale de l’Angleterre, de l’Écosse, et de l’Irlande” (1854), translated into English (1855); “L’agriculture et la population” (1857), a striking confirmation of Malthusianism; “Les économistes françaises du dixhuitième siècle” (1870). He also has contributed largely to the “Revue des Deux Mondes” and the “Journal des Économistes.” For a personal sketch by Cliffe Leslie, see “Fortnightly Review,” February, 1881.

65 Born at Geneva, 1797, and died at Zurich, 1869. After studying law, he became an advocate, and in 1833 Professor of Law in the place of Rossi. In 1837 he was made Professor of Political Economy and Public Law at Geneva. He was also a member of the Swiss Grand Council. Besides his treatise, he wrote: “Richesse ou pauvreté” (1840); “Le socialisme, c’est la barbarie” (1848); “Études sur les causes de la misère” (1853); and aided in the “Dictionnaire de l’économie politique.”

66 J. G. Courcelle-Seneuil (born 1813) left a commercial career to become a writer, first for the journals, and later for the “Dictionnaire politique” (edited by Pagnerre). In 1848 he was connected with the Ministry of Finance, and called to a professorship of Political Economy in Santiago, Chili, 1853-1863. His chief work is a “Traité théorique et pratique d’économie politique” (1858), but he has also published “La crédit de banque” (1840), reforms for the bank of France; “Traité des opérations de banque” (1852; sixth edition, 1876); “Traité des entreprises industrielles, commerciales, et agricoles” (1854); “Études sur la science sociale” (1862); “Leçons élémentaires d’économie politique” (1864); “La banque libre” (1867); “Liberté et socialisme” (1868); and articles in the “Dictionnaire de l’économie politique.”

67 Died 1862; author of “De la liberté du travail” (1845).

68 Professor of Political Economy at the Collége de France, author of an extended and able “Traité de la science des finances” (third edition, 1883). He has also published “De l’état moral et intellectual des populations ouvrières et de son influence sur le taux des salaires” (1868); “Récherches economiques, historiques, et statistiques sur les guerres contemporaines” (1869); “La question ouvrière au XIX siècle” (second edition, 1882); “L’administration locale en France et en Angleterre” (1872); “Le travail des femmes au XIX siècle” (1873); “Essai sur la répartition des richesses” (1880; second edition, 1883); and “De la colonisation chez les peuples modernes” (1882).

69 He published two volumes on Socialism (see list of books p. 44). In several volumes on the “Régime des manufactures” he described the condition of the silk, woolen, cotton, and iron industries.

70 The most vigorous advocate of monometallism in France. He also wrote well on taxation, “Traité des impôts” (4 vols., 1866-1867).

71 His “Rapport sur l’indemnité du guerre” to the Corps Législatif gives the account of the most marvelous exchange operation of modern times, arising from the payment of the indemnity by France to Germany (1871-1873).

72 An advocate of the mathematical method.

73 Founded in 1863, published at Berlin, and edited by Dr. Eduard Wiss.

74 Long Secretary to the Chamber of Commerce at Hamburg, and now honorary professor at Göttingen.

75 Professor of Political Economy at Zürich in 1866, since 1875 director of statistics at Dresden, and editor of “Der Arbeiterfreund.” He made a valuable study of industrial partnerships, “Die Gewinnbetheiligung” (second edition 1878). He also wrote “Freiheit der Arbeit” (1858), and “Beiträge zur geschichte des Zunftwesens” (1861).

76 His most important work is “Das Armenwesen und die Armengesetzebung in Europäischen Staaten” (1870). Selected essays from this have been translated into English by E. B. Eastwick, “Poor Relief in Different Parts of Europe” (1873).

77 Max Wirth is at Vienna, and has devoted himself to a “Geschichte der Handelskrisen” (1874), including the crisis of 1873. Baron von Hock has written a history of the finances of France, and of the United States—“Die Finanzen und die Finanzgeschichte der vereinigten Staaten von Amerika” (1867).

78 This book has been translated into English by G. A. Matile, with notes by Stephen Colwell (1856).

79 Mohl on administration, and Rau and A. Wagner on finance, also deserve mention. Stein, besides other works, is the author of a handbook, “Die Verwaltungslehre” (1870).

80 “Fortnightly Review” (1876).

81 In Ely’s “The Past and Present of Political Economy” (p. 9) it is clear the new school do not differ so much in reality as in seeming from the methods of the English writers, like Cairnes.

82 The first division of Roscher’s (born 1817) treatise, also known under the title of “Grundlagen der Nationalökonomie,” has been translated here by J. J. Lalor, in two volumes, “Principles of Political Economy” (1878), with an essay by Wolowski on the historical method inserted. In 1840 he was made Privat-Docent at Göttingen, and professor extraordinary in 1843. In 1844 he was called to a chair at Erlangen, but since 1848 he has remained at Leipsic. A list of Roscher’s works is as follows:

  “Grundriss zu Vorlesungen über die Staatswirthschaft nach
  geschichtlicher Methode” (1843); “Kornhandel und Theuerungspolitik”
  (third edition, 1852); “Untersuchungen über das Colonialwesen”;
  “Verhältniss der Nationalökonomie zum klassischen Alterthume”
  (1849); “Geschichte der englischen Volkswirthschaftslehre im 16. und
  17. Jahrhunderts”; “Ein nationalökonom. Princep der
  Forstwirthschaft”; “Ansichten der Volkswirthschaft aus dem
  geschichtlichen Standpunkte” (second edition, 1861); “Die deutsche
  Nationalökonomie an der Grenzscheide des 16. und 17. Jahrhunderts”
  (1862); “Gründungsgeschichte des Zollvereins” (1870); “Betrachtungen
  über die Währungsfrage der deutschen Müntzreform” (1872);
  “Geschichte der Nationalökonomie in Deutschland” (1874);
  “Nationalökonomie des Ackerbaues” (eighth edition, 1875). His
  histories of political economy in England and Germany are
  particularly valuable (see review by Cliffe Leslie, “Fortnightly
  Review,” July, 1875). But he does not rightly estimate the English
  writers when he takes McLeod as a type; and Carey is the only
  American to whom he refers.

83 Professor at Marburg, then at the University of Friedburg, in Breisgau, and now at Heidelberg. He has also studied railways (1853), and telegraphs (1857), and money and credit, “Geld und Credit” (1873-1879).

84 Died 1878. He devoted himself mainly to criticism of other systems, and seems to be the least able of the three.

85 “Catheder-Socialisten,” or “Professional Socialists.”

86 By far the ablest is Adolph Wagner, of Berlin, editor of Rau’s “Lehrbuch der politischen Oekonomie” (1872). He also published “Die russische Papierwährung” (1868); “Staatspapiergeld, Reichs-Kassen Scheine, und Banknoten” (1874); “Unsere Müntzreform” (1877); “Finanzwissenschaft” (1877); and “Die Communalsteuerfrage” (1878).

  Dr. Eduard Engel was formerly the head of the Prussian Bureau of
  Statistics. Professor Gustav Schönberg, of Tübingen, with the
  assistance of twenty-one other economists, produced a large
  “Handbuch der politischen Oekonomie” (1882). The school have
  expressed their peculiar doctrines in the “Zeitschrift für die
  gesammte Staatswissenschaft” (quarterly, founded 1844, Tübingen),
  and the “Jahrbücher für Nationalökonomie” (established at Jena,
  1863). Also, see A. Wagner’s “Rede über die sociale Frage” (1872),
  H. v. Scheel’s “Die Theorie der socialen Frage” (1871), and G.
  Schmoller’s “Ueber einige Grundfrage des Rects und der
  Volkswirthschaft” (1875). A. E. F. Schäffle, once Minister of
  Commerce at Vienna, gained considerable reputation by “Das
  gesellschaftliche System der menschlichen Wirthschaft” (third
  edition, 1873).

87 Émile de Laveleye (born 1822) studied law at Ghent, but since 1848 has given himself up to political economy and public questions. Through the pages of the “Revue des Deux Mondes” he gained attention in 1863, and the next year was made Professor of Political Economy at the University of Liége. In 1869 he received an election as corresponding member of the Academy of Sciences. While a fertile writer on political subjects, he has produced “La question d’or” (1860); “Essai sur l’économie rurale de la Belgique” (1863); a study on “Suisse,” see “Revue des Deux Mondes,” April 15, 1863; “Études d’économie rurale, la Neerlande” (1864); “La marché monetaire depuis cinquante ans” (1865); “Land Systems of Belgium and Holland,” in the Cobden Club volume on “Land Tenures” (1870); “Bi-metallic Money,” translated by G. Walker (1877); “La socialisme contemporaine” (1881); “Éléments d’économie politique” (1882), which satisfies a certain modern demand for “ethical political economy.”

88 Leslie found support in a well-known paper read before the Association for the Advancement of Science (see “London Statistical Journal,” December, 1878; also see “Penn Monthly,” 1879), by J. K. Ingram, who claimed that the old school isolated the study of economic from other social phenomena, and that Ricardo’s system was not only too abstract, but that its conclusions were of so absolute a character that they were little adapted for real use. Robert Lowe (Lord Sherbrooke) replied to Leslie and Ingram (“Nineteenth Century,” November, 1878). For most of this literature it will be necessary to consult the magazines. Cliffe Leslie, “Fortnightly Review” (November, 1870), placed Adam Smith among the inductive economists; D. Syme attacked the old methods, “Westminster Review,” vol. xcvi (1871); Cairnes represented the old school, and discussed the new theories, “Political Economy and Comte,” in the “Fortnightly Review,” vol. xiii, p. 579 (1870), “Political Economy and Laissez Faire,” vol. xvi, p. 80 (1871), and in 1872; see also his admirable “Logical Method”; F. Harrison discussed the limits of political economy, ibid. (1865), and answered Cairnes in an article on “Cairnes on Political Economy and M. Comte,” “Fortnightly Review,” vol. xiv, p. 39 (1870). W. Newmarch gave attention to Ingram’s paper, “Statistical Journal” (1871). Leslie, “Fortnightly Review” (1875), and G. Cohn, ibid. (1873), wrote on political economy in Germany. Leslie also contributed an article on “Political Economy and Sociology,” “Fortnightly Review,” vol. xxxi, p. 25 (1879), and the “Bicentenary of Political Economy,” in the “Bankers’ Magazine,” vol. xxxii, p. 29. Leslie examined the philosophical method, “Penn Monthly” (1877); Jevons saw the only hope for the future in the mathematical method, “Fortnightly Review” (1876); McLeod asks, “What is political economy?” in the “Contemporary Review” (1875); Maurice Block entered the discussion, “Penn Monthly” (1877), and “Bankers’ Magazine,” March and November, 1878. Henry Sidgwick answers Leslie in a paper on “Economic Method,” in the “Fortnightly Review,” vol. xxxi (1879), p. 301. See also essay by Wolowski prefixed to Roscher’s “Political Economy” (English translation); Roscher’s own statement in Chapters II and III of the Introduction to his “Political Economy,” and Laveleye’s “New Tendencies of Political Economy” (1879). See also “Penn Monthly,” vol. vii, p. 190, and “Bankers’ Magazine,” vol. xxxiii, pp. 601, 698, 761; vol. xxxvi, pp. 349, 422; S. Newcomb for an admirable essay “On the Method and Province of Political Economy,” “North American Review” (1875), vol. cxxi, p. 241, in which the “Orthodox” method is strongly supported; and an extreme position in favor of the historical method in a pamphlet, “The Past and Present of Political Economy,” by R. T. Ely (1884).

89 Daniel Raymond, “The Elements of Political Economy” (1820). Thomas Cooper, “Lectures on the Elements of Political Economy” (1826); “A Manual of Political Economy” (1834). Willard Phillips, “A Manual of Political Economy” (1828); “Propositions concerning Protection and Free Trade” (1860). President Francis Wayland (1796-1865), “The Elements of Political Economy” (1837). Henry Vethake, “Principles of Political Economy” (1838). From 1840 to the civil war there appeared F. Bowen’s “Principles of Political Economy” (1856), since changed to “American Political Economy” (1873), which opposed the Malthusian doctrine and defended protection; John Bascom’s “Political Economy” (1859); and Stephen Colwell’s “Ways and Means of Payment” (1859). After the war, “Science of Wealth” (1866), by Amasa Walker, a lecturer in Amherst College, and father of F. A. Walker.

90 Prof. C. F. Dunbar, “North American Review,” January, 1876, in an admirable review of economic science in America during the last century (1776-1876).

91 See supra, p. 16.

92 Carey (1793-1879) was the son of an Irish exile, and began a business career at the age of twelve. At twenty-eight he was the leading partner in the publishing firm of Carey & Lea, Philadelphia, from which he retired in 1835, to devote himself wholly to political economy. His leading works have been translated into French, Italian, Portuguese, German, Swedish, Russian, Magyar, and Japanese. He has written thirteen octavo volumes, three thousand pages in pamphlet form, and twice that amount for the newspaper press. See “Proceedings of the American Academy of Science” (1881-1882, p. 417), and W. Elder’s “Memoir of Henry C. Carey” (January 5, 1880). The latter gives a list of his books.

93 Bastiat’s “Harmonies économiques” appeared in 1850, and the question of his indebtedness to Carey was discussed, rather unfavorably to Bastiat, in a series of letters in the “Journal des économistes” for 1851.

94 See an able study, by Adolphe Held, “Carey’s Socialwissenschaft und das Merkantilsystem” (1866).

95 His system appears also in the books of disciples: E. Peshine Smith, “A Manual of Political Economy” (1853), William Elder’s “Questions of the Day” (1871), and of Robert E. Thompson’s “Social Science and National Economy” (1875). A condensation of Carey’s “Social Science” has been made by Kate McKean, in one volume, octavo.

96 The son of Amasa Walker, and formerly Professor of Political Economy and History in the Sheffield Scientific School of Yale College, he has become well known for his statistical work in connection with the United States census. His “Statistical Atlas of the United States” (1874) is unequaled. He has also published “Money” (1878); “Money, Trade, and Industry” (1879); “Political Economy” (1883); and “Land and Rent” (1884). The last book replies to various attacks on Ricardo’s doctrine of rent, and particularly to Henry George’s “Progress and Poverty.” General Walker in 1883 became President of the Massachusetts Institute of Technology in Boston. He is also well known as an advocate of bimetallism.

97 Professor of Political and Social Science in Yale College, and author of a “History of American Currency” (1874); “Lectures on the History of Protection in the United States” (1877); “What Social Classes owe to Each Other” (1883). He is a monometallist, and has devoted himself vigorously to the advocacy of free trade. His last book is a study in sociology, not in political economy.

98 He has written “Political Economy” (eighteenth edition, 1883), and also “Introduction to Political Economy,” an elementary work on the same basis as the former.

99 Henry George was born in Philadelphia, 1839, ran away to sea, and in 1857 entered a printing-office in San Francisco. In 1871 he was one of the founders of the “San Francisco Post,” which he gave up in 1875, and received a public office. He first began to agitate his views in a pamphlet entitled “Our Land and Land Policy” (1871), but not until the comparative leisure of his occupation (1875) gave him opportunity did he seriously begin the study which resulted in his “Progress and Poverty.” This volume was begun in the summer of 1877, and finished in the spring of 1879. The sale of the book, it is needless to say, has been phenomenal. He has also applied his doctrine of land to Ireland, in a pamphlet entitled “The Irish Land Question” (1882). His last book is a collection of essays entitled “Social Problems” (1884). His home is now in New York.

100 Cf. p. 4, supra.

101 Bowen, “American Political Economy,” p. 25.

102 This is the beginning of Chapter II in the original treatise.

103 This is his “sacrifice,” which corresponds to the exertion of the laborer.

104 See Roscher’s note 1, section 42, for various definitions of capital.

105 General Walker (“Political Economy,” Part II, Chap. iv) adopts the same position, although seemingly inconsistent with his doctrine on the rate of wages. The “rate of wages” is, however, a different thing from the source of a laborer’s subsistence. See Book II,