Chapter LIV: 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,