AMERICA
At this point it will be convenient to turn aside and notice the doctrines of the American economist Carey. Not much had been done before him in the science by citizens of the United States. Benjamin Franklin, otherwise of world-wide renown, was author of a number of tracts, in most of which he merely enforces practical lessons of industry and thrift, but in some throws out interesting theoretic ideas. Thus, fifty years before Smith, he suggested (as Petty, however, had already done) human labour as the true measure of value (Modest Inquiry into the Nature and Necessity of a Paper Currency, 1721), and in his Observations concerning the Increase of Mankind (1751) he expresses views akin to those of Malthus. Alexander Hamilton, secretary of the treasury, in 1791 presented in his official capacity to the House of Representatives of the United States a Report on the measures by which home manufactures could be promoted.(65) In this document he gives a critical account of the theory of the subject, represents Smith's system of free trade as possible in practice only if adopted by all nations simultaneously, ascribes to manufactures a greater productiveness than to agriculture, and seeks to refute the objections against the development of the former in America founded on the want of capital, the high rate of wages, and the low price of land. The conclusion at which he arrives is that for the creation of American manufactures a system of moderate protective duties was necessary, and he proceeds to describe the particular features of such a system. There is some reason to believe that the German economist List, of whom we shall speak hereafter, was influenced by Hamilton's work, having, during his exile from his native country, resided in the United States.
Henry Charles Carey (17931879), son of an American citizen who had emigrated from Ireland, represents a reaction against the dispiriting character which the Smithian doctrines had assumed in the hands of Malthus and Ricardo. His aim was, whilst adhering to the individualistic economy, to place it on a higher and surer basis, and fortify it against the assaults of socialism, to which some of the Ricardian tenets had exposed it. The most comprehensive as well as mature exposition of his views is contained in his Principles of Social Science (1859). Inspired with the optimistic sentiment natural to a young and rising nation with abundant undeveloped resources and an unbounded outlook towards the future, he seeks to show that there exists, independently of human wills, a natural system of economic laws, which is essentially beneficent, and of which the increasing prosperity of the whole community, and especially of the working classes, is the spontaneous result,capable of being defeated only by the ignorance or perversity of man resisting or impeding its action. He rejects the Malthusian doctrine of population, maintaining that numbers regulate them- selves sufficiently in every well-governed society, and that their pressure on subsistence characterises the lower, not the more advanced, stages of civilization. He rightly denies the universal truth, for all stages of cultivation, of the law of diminishing returns from land. His fundamental theoretic position relates to the antithesis of wealth and value.
Wealth had been by most economists confounded with the sum of exchange values; even Smith, though at first distinguishing them, afterwards allowed himself to fall into this error. Ricardo had, indeed, pointed out the difference, but only towards the end of his treatise, in the body of which value alone is considered. The later English economists had tended to regard their studies as conversant only with exchange; so far had this proceeded that Whately had proposed for the science the name of Catallactics. When wealth is considered as what it really is, the sum of useful products, we see that it has its origin in external nature as supplying both materials and physical forces, and in human labour as appropriating and adapting those natural materials and forces. Nature gives her assistance gratuitously; labour is the sole foundation of value. The less we can appropriate and employ natural forces in any production the higher the value of the product, but the less the addition to our wealth in proportion to the labour expended. Wealth, in its true sense of the sum of useful things, is the measure of the power we have acquired over nature, whilst the value of an object expresses the resistance of nature which labour has to overcome in order to produce the object. Wealth steadily increases in the course of social progress; the exchange value of objects, on the other hand, decreases. Human intellect and faculty of social combination secure increased command over natural powers, and use them more largely in production, whilst less labour is spent in achieving each result, and the value of the product accordingly falls. The value of the article is not fixed by its Cost of production in the past; what really determines it is the cost which is necessary for its reproduction under the present conditions of knowledge and skill. The dependence of value on cost, so interpreted, Carey holds to be universally true; whilst Ricardo maintained it only with respect to objects capable of indefinite multiplication, and in particular did not regard it as applicable to the case of land. Ricardo saw in the productive powers of land a free gift of nature which had been monopolised by a certain number of persons, and which became, with the increased demand for food, a larger and larger value in the hands of its possessors. To this value, however, as not being the result of labour, the owner, it might be maintained, had no rightful claim; he could not justly demand a payment for what was done by the "original and indestructible powers of the soil." But Carey held that land, as we are concerned with it in industrial life, is really an instrument of production which has been formed as such by man, and that its value is due to the labour expended on it in the past,though measured, not by the sum of that labour, but by the labour necessary under existing conditions to bring new land to the same stage of productiveness. He studies the occupation and reclamation of land with peculiar advantage as an American, for whom the traditions of first settlement are living and fresh, and before whose eyes the process is indeed still going on. The difficulties of adapting a primitive soil to the work of yielding organic products for man's use can be lightly estimated only by an inhabitant of a country long under cultivation. It is, in Carey's view, the overcoming of these difficulties by arduous and continued effort that entitles the first occupier of land to his property in the soil. Its present value forms a very small proportion of the cost expended on it, because it represents only what would be required, with the science and appliances of our time, to bring the land from its primitive into its present state. Property in land is therefore only a form of invested capital a quantity of labour or the fruits of labour permanently incorporated with the soil; for which, like any other capitalist, the owner is compensated by a share of the produce. He is not rewarded for what is done by the powers of nature, and society is in no sense defrauded by his sole possession. The so-called Ricardian theory of rent is a speculative fancy, contradicted by all experience. Cultivation does not in fact, as that theory supposes, begin with the best, and move downwards to the poorer soils in the order of their inferiority.(66) The light and dry higher lands are first cultivated; and only when population has become dense and capital has accumulated, are the low- lying lands, with their greater fertility, but also with their morasses, inundations, and miasmas, attacked and brought into occupation. Rent, regarded as a proportion of the produce, sinks, like all interest on capital, in process of time, but, as an absolute amount, increases. The share of the labourer increases, both as a proportion and an absolute amount. And thus the interest of these different social classes are in harmony.
But, Carey proceeds to say, in order that this harmonious progress may be realised, what is taken from the land must be given back to it. All the articles derived from it are really separated parts of it, which must be restored on pain of its exhaustion. Hence the producer and the consumer must be close to each other; the products must not be exported to a foreign country in exchange for its manufactures, and thus go to enrich as manure a foreign soil. In immediate exchange value the landowner may gain by such exportation, but the productive powers of the land will suffer. And thus Carey, who had set out as an earnest advocate of free trade, arrives at the doctrine of protection: the "co-ordinating power" in society must intervene to prevent private advantage from working public mischief.(67) He attributes his conversion on the question to his observation of the effects of liberal and protective tariffs respectively on American prosperity. This observation, he says, threw him back on theory, and led him to see that the intervention referred to might be necessary to remove (as he phrases it) the obstacles to the progress of younger communities created by the action of older and wealthier nations. But it seems probable that the influence of List's writings, added to his own deep-rooted and hereditary jealousy and dislike of English predominance, had something to do with his change of attitude.
The practical conclusion at which he thus arrived, though it is by no means in contradiction to the doctrine of the existence of natural economic laws, accords but ill with his optimistic scheme; and another economist, Frederic Bastiat, accepting his fundamental ideas, applied himself to remove the foreign accretion, as he regarded it, and to preach the theory of spontaneous social harmonies in relation with the practice of free trade as its legitimate outcome.(68) FRANCE(continued)
Bastiat (1801-1850), though not a profound thinker, was a brilliant and popular writer on economic questions. Though he always had an inclination for such studies, he was first impelled to the active propagation of his views by his earnest sympathy with the English anti-corn-law agitation. Naturally of an ardent temperament, he threw himself with zeal into the free-trade controversy, through which he hoped to influence French economic policy, and published in 1845 a history of the struggle under the title of Cobden et La Ligue. In 184548 appeared his Sophismes économiques (Eng. trans. by G. R. Porter, 1849, and by P. J. Stirling, 1873), in which he exhibited his best qualities of mind. Though Cairnes goes too far in comparing this work with the Lettres Provinciales, it is certainly marked by much liveliness, point, and vigour. But to expose the absurdities of the ordinary protectionism was no difficult task; it is only in such a form as the policy assumed in the scheme of List, as purely provisional and preparatory, that it deserves and demands consideration. After the revolution of 1848, which for a time put an end to the free- trade movement in France, the efforts of Bastiat were directed against the socialists. Besides several minor pieces possessing the same sort of merit as the Sophismes, he produced, with a view to this controversy, his most ambitious as well as characteristic work, the Harmonies Économiques (Eng. trans. by P. J. Stirling, 1860). Only the first volume was published; it appeared in 1850, and its author died in the same year. Since then the notes and sketches which he had prepared s materials towards the production of the second volume have been given to the public in the collected edition of his writings (by Paillottet, with Life by Fontenay, 7 vols.), and we can thus gather what would have been the spirit and substance of the later portions of the book.
It will always be historically interesting as the last incarnation of thoroughgoing economic optimism. This optimism, recurring to its first origin, sets out from theological considerations, and Bastiat is commended by his English translator for treating political economy "in connection with final causes." The spirit of the work is to represent "all principles, all motives, all springs of action, all interests, as co-operating towards a grand final result which humanity will never reach, but to which it will always increasingly tend, namely, the indefinite approximation of all classes towards a level, which steadily rises,in other words, the equalisation of individuals in the general amelioration."
What claimed to be novel and peculiar in his scheme was principally his theory of value. Insisting on the idea that value does not denote anything inherent in the objects to which it is attributed, he endeavoured to show that it never signifies anything but the ratio of two "services.'' This view he develops with great variety and felicity of illustration. Only the mutual services of human beings, according to him, possess-value and can claim a retribution; the assistance given by nature to the work of production is always purely gratuitous, and never enters into price. Economic progress, as, for example, the improvement and larger use of machinery, tends perpetually to transfer more and more of the elements of utility from the domain of property, and therefore of value, into that of community, or of universal and unpurchased enjoyment. It will be observed that this theory is substantially identical with Carey's, which had been earlier propounded; and the latter author in so many words alleges it to have been taken from him without acknowledgment. It has not perhaps been sufficiently attended to that very similar views are found in Dunoyer, of whose work Bastiat spoke as exercising a powerful influence on "the restoration of the science," and whom Fontenay, the biographer of Bastiat, tells us he recognised as one of his masters, Charles Comte(69) being the other.
The mode which has just been explained of conceiving industrial action and industrial progress is interesting and instructive so far as it is really applicable, but it was unduly generalised. Cairnes has well pointed out that Bastiat's theoretic soundness was injuriously affected by his habit of studying doctrines with a direct view to contemporary social and political controversies. He was thus predisposed to accept views which appeared to lend a sanction to legitimate and valuable institutions, and to reject those which seemed to him to lead to dangerous consequences. His constant aim is, as he himself expressed it, to "break the weapons " of anti-social reasoners "in their hands," and this preoccupation interferes with the single-minded effort towards the attainment of scientific truth. The creation or adoption of his theory of value was inspired by the wish to meet the socialistic criticism of property in land; for the exigencies of this controversy it was desirable to be able to show that nothing is ever paid for except personal effort. His view of rent was, therefore, so to speak, f ore- ordained, though it may have been suggested, as indeed the editor of his posthumous fragments admits by the writings of Carey. He held, with the American author, that rent is purely the reward of the pains and expenditure of the landlord or his predecessors in the process of converting the natural soil into a farm by clearing, draining, fencing, and the other species of permanent improvements.(70) He thus gets rid of the (so-called) Ricardian doctrine, which was accepted by the socialists, and by them used for the purpose of assailing the institution of landed property, or, at least, of supporting a claim of compensation to the community for the appropriation of the land by the concession of the "right to labour." As Cairnes has said,(71) "what Bastiat did was this: having been at infinite pains to exclude gratuitous gifts of nature from the possible elements of value, and pointedly identified" [rather, associated] "the phenomenon with `human effort' as its exclusive source, he designates human effort by the term `service,' and then employs this term to admit as sources of value those very gratuitous natural gifts the exclusion of which in this capacity constituted the essence of his doctrine." The justice of this criticism will be apparent to any one who considers the way in which Bastiat treats the question of the value of a diamond. That what is paid for in most cases of human dealings is effort no one can dispute. But it is surely a reductio ad absurdum of his theory of value, regarded as a doctrine of universal application, to represent the price of a diamond which has been accidentally found as remuneration for the effort of the finder in appropriating and transmitting it. And, with respect to land, whilst a large part of rent, in the popular sense, must be explained as interest on capital, it is plain that the native powers of the soil are capable of appropriation, and that then a price can be demanded and will be paid for their use.
Bastiat is weak on the philosophical side; he is filled with the ideas of theological teleology, and is led by these ideas to form a priori opinions of what existing facts and laws must necessarily be. And the jus nature, which, like metaphysical ideas generally, has its root in theology, is as much a postulate with him as with the physiocrats. Thus, in his essay on Free Trade, he says:"Exchange is a natural right like property. Every citizen who has created or acquired a product ought to have the option of either applying it immediately to his own use or ceding it to whosoever on the surface of the globe consents to give him in exchange the object of his desires." Something of the same sort had been said by Turgot; and in his time this way of regarding things was excusable, and even provisionally useful; but in the middle of the 19th century it was time that it should be seen through and abandoned
Bastiat had a real enthusiasm for a science which he thought destined to render great services to mankind, and he seems to have believed intensely the doctrines which gave a special colour to his teaching. If his optimistic exaggerations favoured the propertied classes, they certainly were not prompted by self-interest or servility. But they are exaggerations; and, amidst the modern conflicts of capital and labour, his perpetual assertion of social harmonies is the cry of "peace, peace," where there is no peace. The freedom of industry, which he treated as a panacea, has undoubtedly brought with it great benefits; but a sufficient experience has shown that it is inadequate to solve the social problem. How can the advocates of economic revolution be met by assuring them that everything in the natural economy is harmoniousthat, in fact, all they seek for already exists? A certain degree of spontaneous harmony does indeed exist, for society could not continue without it, but it is imperfect and precarious; the question is, How can we give to it the maximum of completeness and stability?
Augustin Cournot (18011877) appears to have been the first(72) who, with a competent knowledge of both subjects, endeavoured to apply mathematics to the treatment of economic questions. His treatise entitled Recherches sur les Principes Mathématiques de La Théorie des Richesses was published in 1838. He mentions in it only one previous enterprise of the same kind (though there had in fact been others)that, namely, of Nicolas François Canard, whose book, published in 1802, was crowned by the Institute, though "its principles were radically false as well as erroneously applied." Notwithstanding Cournot's just reputation as a writer on mathematics, the Recherches made little impression. The truth seems to be that his results are in some cases of little importance, in others of questionable correctness, and that, in the abstractions to which he has recourse in order to facilitate his calculations, an essential part of the real conditions of the problem is sometimes omitted. His pages abound in symbols representing unknown functions, the form of the function being left to be ascertained by observation of facts, which he does not regard as a part of his task, or only some known properties of the undetermined function being used as bases for deduction. Jevons includes in his list of works in which a mathematical treatment of economics is adopted a second treatise which Cournot published in 1863, with the title Principes de La Théorie des Richesses. But in reality, in the work so named, which is written with great ability, and contains much forcible reasoning in opposition to the exaggerations of the ordinary economists, the mathematical method is abandoned, and there is not an algebraical formula in the book. The author admits that the public has always shown a repugnance to the use of mathematical symbols in economic discussion, and, though he thinks they might be of service in facilitating exposition, fixing the ideas, and suggesting further developments, he acknowledges that a grave danger attends their use. The danger, according to him, consists in the probability that an undue value may be attached to the abstract hypotheses from which the investigator sets out, and which enable him to construct his formulae. And his practical conclusion is that mathematical processes should be employed only with great precaution, or even not employed at all if the public judgment is against them, for "this judgment," he says, "has its secret reasons, almost always more sure than those which determine the opinions of individuals." It is an obvious consideration that the acceptance of unsound or one-sided abstract principles as the premises of argument does not depend on the use of mathematical forms, though it is possible that the employment of the latter may by association produce an illusion in favour of the certainty of those premises. But the great objection to the use of mathematics in economic reasoning is that it is necessarily sterile. If we examine the attempts which have been made to employ it, we shall find that the fundamental conceptions on which the deductions are made to rest are vague, indeed metaphysical, in their character. Units of animal or moral satisfaction, of utility, and the like, are as foreign to positive science as a unit of normative faculty would be; and a unit of value, unless we understand by value the quantity of one commodity exchangeable under given conditions for another, is an equally indefinite idea. Mathematics can indeed formulate ratios of exchange when they have once been observed; but it cannot by any process of its own determine those ratios, for quantitative conclusions imply quantitative premises, and these are wanting. There is then no future for this kind of study, and it is only waste of intellectual power to pursue it. But the importance of mathematics as an educational introduction to all the higher orders of research is not affected by this conclusion. The study of the physical medium, or environment, in which economic phenomena take place, and by which they are affected, requires mathematics as an instrument; and nothing can ever dispense with the didactic efficacy of that science, as supplying the primordial type of rational investigation, giving the lively sentiment of decisive proof, and disinclining the mind to illusory conceptions and sophistical combinations. And a knowledge of at least the fundamental principles of mathematics is necessary to economists to keep them right in their statements of doctrine, and prevent their enunciating propositions which have no definite meaning. Even distinguished writers sometimes betray a serious deficiency in this respect; thus they assert that one quantity" varies inversely as " another, when what is meant is that the sum (not the product) of the two is constant; and they treat as capable of numerical estimation the amount of an aggregate of elements which, differing in kind, cannot be reduced to a common standard. As an example of the latter error, it may be mentioned that "quantity of labour," so often spoken of by Ricardo, and in fact made the basis of his system, includes such various species of exertion as will not admit of summation or comparison.
ITALY
The first Italian translation of the Wealth of Nations appeared in 1780. The most distinguished Italian economist of the period here dealt with was, however, no disciple of Smith. This was Melehiorre Gioja, author, besides statistical and other writings, of a voluminous work entitled Nuovo Prospetto delle Scienze Economiche (6 vols., 181517; the work was never completed), intended to be an encyclopaedia of all that had been taught by theorists, enacted by Governments, or effected by populations in the field of public and private economy It is a learned and able treatise, but so overladen with quotations and tables as to repel rather than attract readers. Gioja admired the practical economic system of England, and enlarges on the advantages of territorial properties, manufactures, and mercantile enterprises on the large as opposed to the small scale. He defends a restrictive policy, and insists on the necessity of the action of the state as a guiding, supervising, and regulating power in the industria] world. But he is in full sympathy with the sentiment of his age against ecclesiastical domination and other mediaeval survivals. We can but very briefly notice Romagnosi (d. 1835), who, by his contributions to periodical literature, and by his personal teaching, greatly influenced the course of economic thought in Italy; Antonio Scialoja (Principii d'Economia Sociale, 1840; and Carestia e Governo, 1853), an able advocate of free trade (d. 1877) Luigi Cibrario, well known as the author of Economia Politica del medic evo (1839; 5th ed., 1861 : French trans. by Barneaud, 1859), which is in fact a view of the whole social system of that period; Girolamo Boccardo (b. 1829; Trattato Teorico-pratico di Economia Politica, 1853); the brilliant controversialist Francesco Ferrara, professor at Turin from 1849 to 1858 (in whose school most of the present Italian teachers of the science were, directly or indirectly, educated), a partisan of the laisser faire doctrine in its most extreme form, and an advocate of the peculiar opinions of Carey and Bastiat on the subject of rent; and, lastly, the Neapolitan minister Ludovico Bianchini (Principii della Scienza del Ben Vivere Sociale, 1845 and 1855), who is remarkable as having followed in some degree an historical direction, and asserted the principle of relativity, and who also dwelt on the relations of economics with morals, by a due attention to which the Italian economists have, indeed, in general been honourably distinguished.
SPAIN
The Wealth of Nations was translated into Spanish by J. A. Ortiz in 1794. It may perhaps have influenced Gaspar de Jovellanos, who in 1795 presented to the council of Castile and printed in the same year his celebrated Informe de La Sociedad Economica de Madrid en expediente de Ley Agraria, which was a powerful plea for reform, especially in taxation and the laws affecting agriculture, including those relating to the systems of entail and mortmain. An English version of this memoir is given in the translation (1809) of Laborde's Spain, vol. iv. GERMANY
Roscher observes that Smith did not at first produce much impression in Germany.(73) He does not appear to have been known to Frederick the Great; he certainly exercised no influence on him. Nor did Joseph II take notice of his work. And of the minor German princes, Karl Friedrich of Baden, as a physiocrat, would not be accessible to his doctrines. It was otherwise in the generation whose principal activity belongs to the first decade of the 19th century. The Prussian statesmen who were grouped round Stein had been formed as economists by Smith, as had also Gentz, intellectually the most important man of the Metternich regime in Austria.
The first German expositors of Smith who did more than merely reproduce his opinions were Christian Jacob Kraus (17531807), Georg Sartorius (17661828), and August Ferdinand Lüder (17601819). They contributed independent views from different standpoints,the first from that of the effect of Smith's doctrine on practical government, the second from that of its bearing on history, the third from that of its relation to statistics. Somewhat later came Gottlieb Hufeland (17601817), Johann Friedrich Eusebius Lotz (17711838), and Ludwig Heinrich von Jakob (17591827), who, whilst essentially of the school of Smith, apply themselves to a revision of the fundamental conceptions of the science. These authors did not exert anything like the wide influence of Say, partly on account of the less attractive form of their writings, but chiefly because Germany had not then, like France, a European audience. Julius von Soden (17541831) is largely founded on Smith, whom, however, he criticises with undue severity, especially in regard to his form and arrangement; the Wealth of Nations he describes as a series of precious fragments, and censures Smith for the absence of a comprehensive view ofthis whole subject, and also as one-sidedly English in his tendencies.
The highest form of the Smithian doctrine in Germany is represented by four distinguished names :Karl Heinrich Rau (17921870), Friedrich Nebenius (17841857), Friedrich Benedict Wilhelm Hermann (17951868), and Johann Hemrich von Thünen (17831850).
Rau's characteristic is "erudite thoroughness." His Lehrbuch (182632) is an encyclopaedia of all that up to his time had appeared in Germany under the several heads of Volkswirthschaftslehre, Volkswirthschaftspolitik, and Finanzwissenschaft. His book is rich in statistical observations, and is particularly instructive on the economic effects of different geographical conditions. It is well adapted for the teaching of public servants whose duties are connected with economics, and it was in fact the source from which the German official world down to the seventies of the 19th century derived its knowledge of the science. In his earlier period Rau had insisted on the necessity of a reform of economic doctrine (Ansichten der Volkswirthschaft, 1821), and had tended towards relativity and the historical method; but he afterwards conceived the mistaken notion that that method "only looked into the past without studying the means of improving the present," and became himself purely practical in the narrower sense of that word. He has the merit of having given a separate treatment of Unternehmergewinn, or" wages of management." Nebenius, minister in Baden, who was largely instrumental in the foundation of the Zollverein, was author of a highly esteemed monograph on public credit (1820). The Staatswirthschafthiche Untersuchungen (1832; 2d ed., 1870) of Hermann do not form a regular system, but treat a series of important special subjects. His rare technological knowledge gave him a great advantage in dealing with some economic questions. He reviewed the principal fundamental ideas of the science with great thoroughness and acuteness. "His strength," says Roscher, "lies in his clear, sharp, exhaustive distinction between the several elements of a complex conception, or the several steps comprehended in a complex act." For keen analytical power his German brethren compare him with Ricardo. But he avoids several one-sided views of the English economist. Thus he places public spirit beside egoism as an economic motor, regards price as not measured by labour only but as a product of several factors, and habitually contemplates the consumption of the labourer, not as a part of the cost of production to the capitalist, but as the main practical end of economics. Thünen is known principally by his remarkable work entitled Der Isolirte Staat in Beziehung auf Landwirthschaft und Nationalökonomie (1826; 3d ed., 1875). In this treatise, which is a classic in the political economy of agriculture, there is a rare union of exact observation with creative imagination. With a view to exhibit the natural development of agriculture, he imagines a state, isolated from the rest of the world, circular in form and of uniform fertility, without navigable rivers or canals, with a single large city at its centre, which supplies it with manufactures and receives in exchange for them its food-products, and proceeds to study the effect of distance from this central market on the agricultural economy of the several concentric spaces which compose the territory. The method, it will be seen, is highly abstract, but, though it may not be fruitful, it is quite legitimate. The author is under no illusion blinding him to the unreality of the hypothetic case. The supposition is necessary, in his view, in order to separate and consider apart one essential conditionthat, namely, of situation with respect to the market. It was his intention (imperfectly realised, however) to institute afterwards several different hypotheses in relation to his isolated state, for the purpose of similarly studying other conditions which in real life are found in combination or conflict. The objection to this method lies in the difficulty of the return from the abstract study to the actual facts; and this is probably an insuperable one in regard to most of its applications. The investigation, however, leads to trustworthy conclusions as to the conditions of the succession of different systems of land economy. The book abounds in calculations relating to agricultural expenditure and income, which diminish its interest to the general reader, though they are considered valuable to the specialist. They embody the results of the practical experience of the author on his estate of Tellow in Mecklenburg-Schwerin. Thünen was strongly impressed with the danger of a violent conflict between the middle class and the proletariate, and studied earnestly the question of wages, which he was one of the first to regard habitually, not merely as the price of the commodity labour, but as the means of subsistence of the mass of the community. He arrived by mathematical reasonings of some complexity at a formula which expresses the amount of "natural wages" as =  where a is the necessary expenditure of the labourer for subsistence, and p is the product of his labour. To this formula he attributed so much importance that he directed it to be engraved on his tomb. It implies that wages ought to rise with the amount of the product; and this conclusion led him to establish on his estate a system of participation by the labourers in the profits of farming, of which some account will be found in Mr. Sedley Taylor's Profit-sharing between Capital and Labour (1884). Thünen deserves more attention than he has received in England; both as a man and as a writer he was eminently interesting and original; and there is much in Der Isolirte Staat and his other works that is awakening and suggestive.
Roscher recognizes what he calls a Germano-Russian (deutsch-russische) school of political economy, represented principally by Heinrich Storch (17661825). Mercantilist principles had been preached by a native (" autochthonen ") economist, Ivan Possoschkoff, in the time of Peter the Great. The new ideas of the Smithian system were introduced into Russian by Christian Von Schhizer (17741831) in his professorial lectures and in his Anfangsgründe der Staatswirthschaft, oder die Lehre vom National-reichthume (18051807). Storch was instructor in economic science of the future emperor Nicholas and his brother the grand- duke Michael, and the substance of his lessons to them is contained in his Cours d'économie Politique (1815). The translation of this treatise into Russian was prevented by the censorship; Rau published a German version of it, with annotations, in 1819. It is a work of a very high order of merit. The epithet" deutsch-russisch" seems little applicable to Storch; as Roscher himself says, he follows mainly English and French writers Say, Sismondi, Turgot, Bentham, Steuart, and Hume, but, above all, Adam Smith. His personal position (and the same is true of Schhizer) led him to consider economic doctrines in connection with a stage of culture different from that of the Western populations amongst which they had been formulated; this change of the point of view opened the door to relativity, and helped to prepare the Historical method. Storch's study of the economic and moral effects of serfdom is regarded as especially valuable. The general subjects with which he has particularly connected his name are (1) the doctrine of immaterial commodities (or elements of national prosperity), such as health, talent, morality, and the like; (2) the question of "productive" and "unproductive," as characters of labour and of consumption, on which he disagreed with Smith and may have furnished indications to Dunoyer; and (3) the differences between the revenue of nations and that of individuals, on which he follows Lauderdale and is opposed to Say. The latter economist having published at Paris (1823) a new edition of Storch's Cours, with criticisms sometimes offensive in tone, he published by way of reply to some of Say's strictures what is considered his ripest and scientifically most important work, Considérations sur la nature du Revenu National (1824; translated into German by the author himself, 1825).
A distinct note of opposition to the Smithian economics was sounded in Germany by two writers, who, setting out from somewhat different points of view, animated by different sentiments, and favouring different practical systems, yet, so far as their criticisms are concerned, arrive at similar conclusions; we mean Adam Müller and Friedrich List.
Adam Müller (17791829) was undoubtedly a man of real genius. In his principal work Élemente der Staatskunst (1809), and his other writings, he represents a movement of economic thought which was in relation with the (so-called) Romantic literature of the period. The reaction against Smithianism of which he was the coryphaeus was founded on an attachment to the principles and social system of the Middle Ages. It is possible that the political and historical ideas which inspire him, his repugnance to contemporary liberalism, and his notions of regular organic development, especially in relation to England, were in some degree imbibed from Edmund Burke, whose Reflections on the Revolution in France had been translated into German by Friedrich Gentz, the friend and teacher of Müller. The association of his criticisms with mediaeval prepossessions ought not to prevent our recognizing the elements of truth which they contain.
He protests against the doctrine of Smith and against modern political economy in general on the ground that it presents a mechanical, atomistic, and purely material conception of society, that it reduces to nullity all moral forces and ignores the necessity of a moral order, that it is at bottom no more than a theory of private property and private interests, and takes no account of the life of the people as a whole in its national solidarity and historical continuity. Exclusive attention, he complains, is devoted to the immediate production of objects possessing exchange value and to the transitory existence of individuals; whilst to the maintenance of the collective production for future generations, to intellectual products, powers, possessions and enjoyments, and to the State with its higher tasks and aims, scarcely a thought is given. The truth is that nations are specialised organisms with distinct principles of life, having definite individualities which determine the course of their historical development. Each is through all time, one whole; and, as the present is the heir of the past, it ought to keep before it constantly the permanent good of the community in the future. The economic existence of a people is only one side or province of its entire activity, requiring to be kept in harmony with the higher ends of society; and the proper organ to effect this reconciliation is the State, which, instead of being merely an apparatus for the administration of justice, represents the totality of the national life. The division of labour, Müller holds, is imperfectly developed by Smith, who makes it to arise out of a native bent for truck or barter; whilst its dependence on capital on the labours and accumulations of past generations is not duly emphasised, nor is the necessary counterpoise and completion of the division of labour, in the principle of the national combination of labour, properly brought out. Smith recognizes only material, not spiritual, capital; yet the latter, represented in every nation by language, as the former by money, is a real national store of experience, wisdom, good sense, and moral feeling, transmitted with increase by each generation to its successor, and enables each generation to produce immensely more than by its own unaided powers it could possibly do. Again, the system of Smith is one-sidedly British; if it is innocuous on the soil of England, it is because in her society the old foundations on which the spiritual and material life of the people can securely rest are preserved in the surviving spirit of feudalism and the inner connection of the whole social systemthe national capital of laws, manners, reputation, and credit, which has been handed down in its integrity in consequence of the insular position of the country. For the continent of Europe a quite different system is necessary, in which, in place of the sum of the private wealth of individuals being viewed as the primary object, the real wealth of the nation and the production of national power shall be made to predominate, and along with the division of labour its national union and concentration along with the physical, no less the intellectual and moral, capital shall be embraced. In these leading traits of Müller's thought there is much which foreshadows the more recent forms of German economic and sociological speculation, especially those characteristic of the "Historical" school.
Another element of opposition was represented by Friedrich List (17891846), a man of great intellectual vigour as well as practical energy, and notable as having powerfully contributed by his writings to the formation of the German Zollverein. His principal work is entitled Das Nationale System der Politischen Oekonomie (1841; 7th ed., 1883: Eng. trans., 1885). Though his practical conclusions were different from Müller's, he was largely influenced by the general mode of thinking of that writer, and by his strictures on the doctrine of Smith. It was particularly against the cosmopolitan principle in the modern economic system that he protested, and against the absolute doctrine of free trade, which was in harmony with that principle. He gave prominence to the National idea, and insisted on the special requirements of each nation according to its circumstances and especially to the degree of its development.
He refuses to Smith's system the title of the industrial, which he thinks more appropriate to the mercantile system, and designates the former as "the exchange-value system." He denies the parallelism asserted by Smith between the economic conduct proper to an individual and to a nation, and holds that the immediate private interest of the separate members of the community will not lead to the highest good of the whole. The nation is an existence, standing between the individual and Humanity, and formed into a unity by its language, manners, historical development, culture, and constitution. This unity is the first condition of the security, wellbeing, progress, and civilization of the individual; and private economic interests, like all others, must be subordinated to the maintenance, completion, and strengthening of the nationality. The nation having a continuous life, its true wealth consists and this is List's fundamental doctrine not in the quantity of exchange-values which it possesses, but in the full and many-sided development of its productive powers. Its economic education, if we may so speak, is more important than the immediate production of values, and it may be right that the present generation should sacrifice its gain and enjoyment to secure the strength and skill of the future. In the sound and normal condition of a nation which has attained economic maturity, the three productive powers of agriculture, manufactures, and commerce should be alike developed. But the two latter factors are superior in importance, as exercising a more effective and fruitful influence on the whole culture of the nation, as well as on its independence. Navigation, railways, all higher technical arts, connect themselves specially with these factors; whilst in a purely agricultural state there is a tendency to stagnation, absence of enterprise, and the maintenance of antiquated prejudices. But for the growth of the higher forms of industry all countries are not adaptedonly those of the temperate zones, whilst the torrid regions have a natural monopoly in the production of certain raw materials; and thus between these two groups of countries a division of labour and confederation of powers spontaneously takes place. List then goes on to explain his theory of the stages of economic development through which the nations of the temperate zone, which are furnished with all the necessary conditions, naturally pass, in advancing to their normal economic state. These are (1) pastoral life, (2) agriculture, (3) agriculture united with manufactures; whilst in the final stage agriculture, manufactures, and commerce are combined. The economic task of the state is to bring into existence by legislative and administrative action the conditions required for the progress of the nation through these stages. Out of this view arises List's scheme of industrial politics. Every nation, according to him, should begin with free trade, stimulating and improving its agriculture, by intercourse with richer and more cultivated nations, importing foreign manufactures and exporting raw products. When it is economically so far advanced that it can manufacture for itself, then a system of protection should be employed to allow the home industries to develop themselves fully, and save them from being overpowered in their earlier efforts by the competition of more matured foreign industries in the home market. When the national industries have grown strong enough no longer to dread this competition, then the highest stage of progress has been reached; free trade should again become the rule, and the nation be thus thoroughly incorporated with the universal industrial union. In List's time, according to his view, Spain, Portugal, and Naples were purely agricultural countries; Germany and the United States of North America had arrived at the second stage, their manufactures being in process of development. France was near the boundary of the third or highest stage, which England alone had reached. For England, therefore, as well as for the agricultural countries first- named, free trade was the right economic policy, but not for Germany or America. What a nation loses for a time in exchange-values during the protective period she much more than gains in the long run in productive power,the temporary expenditure being strictly analogous, when we place ourselves at the point of view of the life of the nation, to the cost of the industrial education of the individual. The practical conclusion which List drew for his own country was that she needed for her economic progress an extended and conveniently bounded territory reaching to the sea- coast both on north and south, and a vigorous expansion of manufactures and commerce, and that the way to the latter lay through judicious protective legislation with a customs union comprising all German lands, and a German marine with a Navigation Act. The national German spirit, striving after independence and power through union, and the national industry, awaking from its lethargy and eager to recover lost ground, were favourable to the success of List's book, and it produced a great sensation. He ably represented the tendencies and demands of his time in his own country; his work had the effect of fixing the attention, not merely of the speculative and official classes, but of practical men generally, on questions of Political Economy; and he had without doubt an important influence on German industrial policy. So far as science is concerned, the emphasis he laid on the relative historical study of stages of civilization as affecting economic questions, and his protest against absolute formulas, had a certain value; and the preponderance given to the national development over the immediate gains of individuals was sound in principle; though his doctrine was, both on its public and private sides, too much of a mere chrematistic, and tended in fact to set up a new form of mercantilism, rather than to aid the contemporary effort towards social reform.
Most of the writers at home or abroad hitherto mentioned continued the traditions of the school of Smith, only developing his doctrine in particular directions, sometimes not without one-sidedness or exaggeration, or correcting minor errors into which he had fallen, or seeking to give to the exposition of his principles more of order and lucidity. Some assailed the abuse of abstraction by Smith's successors, objected to the conclusions of Ricardo and his followers their non-accordance with the actual facts of human life, or protested against the anti-social consequences which seemed to result from the application of the (so-called) orthodox formulas. A few challenged Smith's fundamental ideas, and insisted on the necessity of altering the basis of general philosophy on which his economics ultimately rest. But, notwithstanding various premonitory indications, nothing substantial, at least nothing effective, was done, within the field we have as yet surveyed, towards the establishment of a really new order of thinking, or new mode of proceeding, in this branch of inquiry. Now, however, we have to describe a great and growing movement, which has already considerably changed the whole character of the study in the conceptions of many, and which promises to exercise a still more potent influence in the future. We mean the rise of the Historical School, which we regard as marking the third epoch in the modern development of economic science.
NOTES:
1. An English translation of the Dixme Royale was published in 1708.
2. "Richard Cantillon and the Nationality of Political Economy," in Contemporary Review, Jan. 1881. Cantillon is quoted in the Wealth of Nations, bk. i. chap. 8.
3. Gournay strongly recommended to his friends Cantillon's book as "ouvrage excellent qu'on négligeait." Mémoires de Morellet, i. 38.
4. See Cliffe Leslie's Essays in Political and Moral Philosophy. p. 151.
5. Prof. Ricca-Salemo (Le Dottrine Finanziarie in Inghilterra) has called attention to the fact that the proposal of a single tax, on land, grounded on theoretic principles identical with those of the Physiocrats, was put forward, and supported with much clearness and force, so early as 1714, by Jacob Vanderlint. an Englishman, in his tract entitled Money answers all things.
6. A complete edition of the OEuvres économiques et philosophiques of Quesnay was published by Oncken in 1888.
7. Wealth of Nations, bk. iv, chap. 9.
8. Ibid. bk. i, chap. 11.
9. Gournay's inspiration was, without doubt, largely English. "Il avait lu," says Morellet, "de bons livres Anglais d'Économie politique, tells que Petty, Davennat, Gee, Child, etc." -- Mémoires, i. 18.
10. Other less prominent members of the group were Letrosni and the Abbé Baudeau.
11. On Galiani's Dialogues, see page 72. Soon after the appearance of this book Turgot wrote to Mlle. de Lespinasse -- "Je crois possible de lui faire une très bonne réponse; mais cela demande bien de l'art. Les économistes sont trop confiants pour combattre contre un si adroit ferrailleur. Pour l'abbe Morellet, il ne faut pas qu'il y pense." Morellet's work was prohibited by the Controller-Général Terray; though printed in 1770, some months after Galliani's, it was not published till 1774 -- Adam Smith speaks of Morellet as "an eminent French author, of great knowledge in matters of political economy" (Bk, v, chap, I).
12. Hume, in a letter to Morellet, 1769, calls them "the set of men the most chimerical and arrogant that now exist." He seems intentionally to ignore Morellet's close connection with them.
13. Turgot said, "Quiconque n'oublie pas qu'il y a des états politiques séparés les uns des autres et constitués diversement, ne traitera jamais bien aucune question d'Économie politique." Letter to Mlle. des Lespinasse, 1770.
14. See also Grimm: "C'est Piaton avec la verve et les gestes d'Ariequin." Diderot called the book "modèle de dialogues qui reatera à côté les lettres de Pascal."
15. J. S. Mill, in his Principles, bk. i. chap. I, takes credit to his father for having first illustrated and made prominent in relation to production what he strangely calls, a fundamental principle of Political Economy," namely, that "all that man does or can do with matter" is to "move one thing to or from another." But the is clearly put foward by Verri in his Meditazioni, sect. 3: "Accostare e separare sono gt uaici elementi che l'ingegno umano ritrova analizzando l'idea della riproduzione."
16. History of America, note 193
17. Philosophie Positive, vol. v p. 759.
18. Roschel, Geschichte der N.O. in Deutschland, p. 498.
19. An earlier work of P. de la Court, the Interese van Holland ofte Gronden van Hollands-Welvaren (1662), was much read in the seventeenth century There is one English and three German translations of this book.
20. Bk. v, chap. i, art. 3.
21. Smith says, in a letter to Pulteney (1772) -- "I have the same opinion of Sir James Steuart's book that you have. Without once mentioning it, I flatter myself that any false principle in it will meet with a clear and distinct confutation in mine."
22. "When I recollect what the President Montesquieu has written, I am at a loss to tell why I should treat of human affairs; but I too am instigated by my reflections and my sentiments; and I may utter them more to the comprehension of ordinary capacities, because I am more on the level of ordinary men... the reader should be referred to what has been already delivered on the subject by this profound politician and amiable moralist" (Part I, sect. 10). Hume speaks of Montesquieu as an "illustrious writer," who "has established... a system of political knowledge, which abounds in ingenious and brilliant thoughts and is not wanting in solidity" (Principles of Morals, sect. 3 and note).
23. The following paragraph appeared in Moniteur Universel of March 11, 1790: -- "On prétend que le célébre M. Smith, connu si avantageusement par son traité des causes de la richesse des nations, prépare et va mettre l'impression un examen critique de 'Esprit des Lois; c'est le résultat de pleusiers années de méditaion, et l'on sait assez ce qu'on a droit d'attendre d'une tête comme celle de M. Smith. Ce livre fera époque dans l'histoire de la politique et de la philosophie, tel est du moins le jugement qu'en portent des gens instruits qui en connaissent des fragments dont ils ne parient qu'avec un enthousiasme du plus heureux augure."
24. Smith takes no account in this place of the evils which may arise from a highly developed division of labour. But see Bk. v, chap. i.
25. This sentence, which on close examination will be found to have no definite intelligible sense, affords a good example of the way in which metaphysical modes of thought obscure economic ideas. What is a "quantity of labour," the kind of labour being undetermined? And what is meant by the phrase "of equal value"?
26. Smith's expressions on this point are lax, as will be seen when we come to examine the (so-called) Ricardian theory of Rent.
27. See p. 110, on Bentham.
28. It must, however, always be borne in mind that the adoption by a state of this sort of protection is liable to three practical dangers: -- (1) of encouragement being procured through political influences for industries which could never have an independent healthy life in the country -- (2) of such encouragement being continued beyond the term during which it might be usefully given; (3) of a retaliatory spirit of exclusion being provoked in other communities.
29. Professor Bastable calls the author's attention to the interesting fact that the proposal of an export duty on wool and the justification of a temporary monopoly to joint-stock companies both appear for the first time in the third edition (1784).
30. In the Introductory Essay to his edition of the Wealth of Nations.
31. "The public will probably soon be furnished with a theory of national economy, equal to what has ever appeared on any subject of science whatever." (Part III, sect. 4).
32. Five editions of the Wealth of Nations appeared during the life of the author: -- the first in 1776, The second in 1779, the third in 1784, the fourth in 1786, and the fifth in 1789. After the third edition Smith made no change in the text. The principal editions containing matter added by other economists are those by William Playfair, with notes, 1805; by David Buchanan, with notes, 1814; by J. R. M'Culloch, with life of the author, introductory discourse, notes, and supplemental dssertations, 1828 (also, with numerous additions, 1839; since reprinted several times with further additions); by the author of England and America (Edward Gibbon Wakefield), with a commentary which, however, is not continued beyond the second book, 1835-9; by James E. Thorold Rogers, Professor of Political Economy at Oxford, with biographical preface and a useful verification of Smith's quotation and references, 1869 (2d ed., 1880) -- and by J. S. Nicholson, professor at Edinburgh, with an Introductory Essay, and notes referring to sources of further information on the various topics handled in the text, 1884. There is a careful Abridgment by W P. Emerton (2d ed., 1881), founded on the early Analysis Jeremiah Joyce (3d ed., 1821).
33. Parl. Hist., vol. xxxiii, p. 778.
34. It must be remembered, however, that the same doctrine had been supported with no less ability as early as 1769 by Turgot in his Mémoire sur les prêts d'argent.
35. Lettres d'A. Comte à J. S. Mill, p. 4.
36. In his discourse at the Sorbonne (1760), Sur les progrès successifs de l'esprit humain.
37. Their dates are 1806, 1807, 1816, 1817, 1826.
38. On this subject see the speculations of Herbert Spencer in his Principle of Biology, Part VI, chaps. xii, xiii.
39. Malthus himself said: -- "It is probable that, having found the bow bent too much one way, I was induced to bend it too much the other in order to make it straight."
40. The Essay on Population and the Inquiry into the Nature and Progress of Rent (1815), to be hereafter mentioned, are by far the most important contributions of Malthus to the science. He was also author of Principles of Political Economy (1820). Definitions in Political Economy (1827), and other minor pieces. On these less important writings of Malthus, and on his personal history, see Malthus and his Work (1885), by James Bonar, who has also edited (1888) the Letters of Ricardo to Malthus.
41. "Political economy, you think, is in inquiry into the nature and causes of wealth; I think it should rather be called an inquiry into the laws that determine the division of the produce of industry amongst the classes who concur in its formation." -- Letters of Ricardo to Malthus, ed. by J. Bonar (1889).
42. Anderson's account of the origin of rent is reprinted in the Select Collection of Scarce and Valuable Economical Tracts, edited for Lord Overstone by J. R. M'Culloch, 1859.
43. Senior, however, has pointed out that Smith is partly right; whilst it is true that rent is demanded because the productive powers of nature are limited, and increased population requires a less remunerative expenditure in order to obtain the necessary supply; on the other hand, it is the power which most land possesses of producing the subsistance of more persons than art required for its cultivation that supplies the fund out of which rent can be paid.
44. "As the colony increases, the profits of stock gradually diminish. When the most fertile and best situated lands have been all occupied, less profit can be made by the cultivation of what is inferior both in soil and situation, and less interest can be afforded for the stock which is so employed." The view in question had been anticipated by West.
45. Adam Smith says: -- "It appears evidently from experience that man is, of all sorts of luggage, the most difficult to be transported " (Wealth of Nations. Bk. I, chap. viii).
46. Tenant's Gain not Landlord's Loss (1883), p. 83.
47. Zwei Bücher zur Socialen Geschichte Englands, p. 194.
48. A sketch of Ricardo's personal history, and an account of his writings on monetary questions, which could not conveniently be introduced here will be found under his name in the Encyclopaedia Britannica, 9th edition.
49. Thus, in Wealth of Nations, Bk. I, chap. vii, we have the phrase "the funds which are destined to the payment of wages," " the funds destined for employing industry " "the funds destined for the maintenance of servants "
50. See the last of his Four Introductory Lectures on Political; Economy, 1852.
51. Mill, however, tells us in his Preface to those Essays that his own views on that subject had been entertained and committed to writing before the publication by Torrens of similar opinions.
52. Samuel Crumpe, M.D., had published at Dublin in 1793 an Essay on the Best Means of Providing Employment for the People, which obtained a prize offered by the Royal Irish Academy for the best dissertation on that subject. This is a meritorious work, and contains a good statement of some of the leading principles of Adam Smith. John Hely Hutchinson's Commercial Restraints of Ireland (1779) is important for the economic history of that country.
53. Afterwards Lord Ashburton. For this Petition, see M'Culloch's Literature of Political Economy, p. 57, or Senior's Lectures on the Transmission of the Precious Metals, etc., 2d ed., p. 78.
54. Curiously, in an otherwise well-executed abridgment of Mill's work published in the United States (1886) by J. Laurence Laughlin, as a textbook tor colleges, all that "should properly be classed under the head of Sociology " has been omitted, Mill's own conception being thus set aside, and his book made to conform to the common type.
55. Mr John Morley ("Mill on Religion", in Critical Miscellanies, 2d ser, 1877) betrays something consternation at finding in Mill's posthumous writings statements of opinion distinctly at variance with philosophic doctrines he had energetically maintained during his whole life.
56. See also his Chapters on Socialism, in Fortnightly Review, 1879
57. Economists are fond of comparing the rate of profit or wages in one nation (using this word in its economic sense) to a single fluid surface which is continually disturbed by transient influences and continually tending to recover its level. We must compare these rates in different nations to reservoirs which, not communicating with each other, stand always at different, though variable, levels. And the latter comparison will apply also to the rates (al least of wages) in different economic "groups", or strata, within the same community.
58. See p. 139.
59. Jevons strangely says, in the Preface to his Theory of Political Economy, 2d. ed., that the wages fund doctrine " has been abandoned by most English economists owing to the attacks," amongst others. "Of Cairnes." Cairnes was, in truth, a supporter of the doctrine.
60. In his Essay on the Principle of Commercial Exchanges.
61. On this whole subject see Professor C.F. Bastable's Theory of International Trade, 1887.
62. The first French translation of the Wealth of Nations, by Blavet, appeared in the Journal de l'Agriculture, du Commerce, des Finances, et des Arts, 1779-80; new editions of it were published in 1781, 1788,and 1800; it was also printed at Amsterdam in 1784. Smith himself recommended it in his third edition of the original as excellent. In 1790 appeared the translation by Roucher, to which Condorcet had intended to add notes, and in 1802 that by Count Germain Garnier, executed during his exile in England which is now considered the standard version, and has been reproduced, with notes by Say, Sismondi, Blanqui, etc., in the Collection des Prinicipaux Economistes.
63. He grossly exaggerated Smith's faults of method. Thus he saysL'ouvrage de Smith n'est qu'un assemblage confus des principes les plus sains de l'Economie politique . . . son livre est un vaste chaos d'idées justes - (Discours Préliminaire).
64. The French economists are continued on page 175.
65. Hamilton's Works, edited by H. C. Lodge, vol. iii, p; 294.
66. It is, however, a mistake to suppose that the assumption of this historical order of descent is essential to the theory in question.
67. This argument seems scarcely met by Professor F. A. Walker, Political Economy, 5052. But perhaps he is right in thinking that Carey exaggerates the importance of the considerations on which it is founded. Mill and Leslie remark that the transportation of agricultural products from the western to the Atlantic States has the same effect as their export to Europe, so far as this so-called "land-butchery" is concerned; besides some manures are obtainable from abroad.
68. Other writings of Carey's besides his Social Science are his Essay on the Rate of Wages (1835); Principles of Political Economy (18381840) Past, Present, and Future (1848) Unity of Law (1872).
69. Charles Comte (17821837) was son-in-law of J. B. Say. He was associated with Dunoyer in his political writings and, like him, distinguished for his honourable independence. He was author of the Traité de Législation, a meritorious and useful, but not a profound work.
70. M. Leroy-Beaulieu maintains (Essai sur la Répartition des Richesses, 2d ed., 1882) that this, though not strictly, is approximately truethat economic forms a very small part of actual rent.
71. Essays in Political Economy, p. 334.
72. Hermann Heinrich Gossen's work, Entwickelung der Gesetze des nutsschlichan Verkehrs, so highly praised by Jevons, Theory of Pol. Econ., 2d ed., Pref., was published in 1854.
73. The first German version of the Wealth of Nations was that by Johann Friedrich Schiller, published 177678. The second, which is the first good one, was by Chnstian Garve and again 1799 and 1810). A later one by C. W. Asher (1861) is highly commended.
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