Page:The Economic Journal Volume 1.djvu/631

 R.VIEWS 009 'lntrod,ctio to Political Econo,y. By Richard T. Ely, Ph.D. With a Preface. ByJ. K. Ingram, LL.D. Londo: ,wan ,onnenschein and Co. 1891. THE author of this volume, which forins part of a series of Intro- ductory ,cience Text-Books, is known to English economic students. as Dr. Ingram states in the Preface, as one of those vho have ' for some time devoted themselves,' in the United States of Alnerica, ' with great ardour, and with narked success, to economic studies.' He inclines, as Dr. Ingrain also remarks, to the views which are soinetimes described with convenient brevity as the opinions of the ' historical school.' The chapters on economic methods and economic laws in the first part, and on the evolution of econoinic science in the seventh, together with Professor Ely's insistance of the importance of ethical considerations, and his conimendation of particular authors, might be quoted as illustrations of this tendency. But for the lnost part his book only affords an additional exainple of the difficulty of drawing any hard or rigid lines, and of the unsatisfactory results of applying distinctive labels to any writer or school of writers. What has in reality happened of recent years in the sphere of economics is, as Dr. Ingrain states, borrowing a phrase from the French economist, Professor Gide, ' n grad dtgel '--a great thaw and a ' nore humane and genial spirit has been substituted for the old dryness and hard- ness.' This change has happily liot been confined to any one school, or any one department of econoluic thought; and at the present luoment the quarrel between ' old' and 'new' economists seeins to be giving way on all sides to a hearty desire to recognise good work wherever it is to be found, and to an honest endeavour to seek for grounds of agreement rather than reasons for difference. Dr. Ingran himself, if he will allow us to say so, seenis to be less inclined to take the offensive in the pointed and suggestive Preface with which he has introduced this volume to the British public, than in his valuable though poleinical Hi.stor.q of Pohticl Ecoo.&y, or in his notable com- bative address to the British Association at Dublin; and Professor Ely has conformed to the pattern set by his example, if not by his precept. With a few exceptions, which illustrate the liberal influence of more modern views, his treatise might be accepted even by an econoinist of ' orthodox' opinions; and those exceptions are due as lnuch to the character and object of the book as to the creed of the author. It is written priinarily for ' the Chataugua Literary and Scientific Circle, which is an organization for encouraging systematic self-culture throughout the United States.' ' It ainis at stiinulation and suggestion rather than formal completeness'; and hence, although Parts II. to VI. are devoted to the usual topics which are to be found in an economic tnanual, and the author, following the traditional division of the science into production. exchange, and distribution, travels for the most part over beaten ground, he seems rather to make components by the way than to start ald expound precise definitions No. 3. VOL. I R R