An Introduction to Political Economy (Classic Reprint)

It has frequently been doubted whether the present is the best time for the preparation of a text-book of political economy, and it has been said that the attitude of mind which should characterize the political economist under existing circumstances is one of pause and retrospection. There is active dispute concerning fundamental conceptions, and when one listens to the controversies now going on the impression is apt to grow on one that in political economy nothing is settled. Topics as important as wages, rent, and profits are now under active discussion by scholars who hold widely divergent views. It is true that in reality many things are tolerably well settled in political economy, and that progress in the science was never so rapid as now; but precisely this hopeful outlook for the future renders the preparation of a text-book at present difficult. Tlie authors experience as a teacher and a writer has convinced him that brief economic manuals have in the past done immense harm. They have conveyed little positive knowledge, but they have provided their readers with a lot of catch-words and simple rules of thumb for the solution of the various socio-economic problems which arise in our complex modern industrial civilization.
(Typographical errors above are due to OCR software and don't occur in the book.)

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