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182 the equation, which does not alter the form of the curve, but only its position relatively to some standard line. Furthermore, the laws themselves indicate that they have a maximum point for any society, or any given stage of the arts, and a condition of under-population, or of an extractive industry below its maximum, is just as consistent with the law as a condition of over-population and increasing distress. Hence inferences as to the law of population drawn from the status of an under-populated country are sure to be fallacious. In like manner arguments drawn from American phenomena in retard to rent and wages, when rent and wages are as yet only very imperfectly developed here, lead to erroneous conclusions. It only illustrates the unsatisfactory condition of political economy, and the want of strong criticism in it, that such arguments can find admission to its discussions and disturb its growth.

It is to the pursuit of sociology and the study of the industrial organization In combination with the other organizations of society that we must look for the more fruitful development of political economy. We are already in such a position with sociology that a person who has gained what we now possess of that science will bring to bear upon economic problems a sounder judgment and a more correct conception of all social relations than a person who may have read a library of the existing treatises on political economy. The essential elements of political economy are only corollaries or special cases of sociological principles. One who has command of the law of the conservation of energy as it manifests itself in society is armed at once against socialism, protectionism, paper money, and a score of other economic fallacies. The sociological view of political economy also includes whatever is sound in the dogmas of the