Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1874-10-14
New hlicatiOns.


POLITICAL ECONOMY. Some Leading
principles newly expounded. By J. E.
Carnes, NJ. A. Emeritus Professor of Po-
litical Economy in University College,
London. New York Harper + Brothers,
Chicago: Jansen, MeClurg & Co. Price,
$3.50. .5..
Although Prof. Cairnes can certainly lay
claim to be an original thinker an q high
authority in the department in. which he
has appeared as an author, he does not in-
titude towards the sciences of Political
Economy as already built up by the labors
Of Adam Smith Mill, Picardo and Malthers,
and the conclusions he reaches do not differ
materially from theirs. The object of the
present volume is, as he says, an attempt
to place the science on a surer fou ndation
to eliminate from it faulty material, and re-
place it ny matter better able to endure
criticism. In thus doing he in many in
stances differs materially from the authors
named, in his method of reaching conclu-
sions, and in several important cases shows
their reasoning to be faulty and illogical.
The prehensiveness of his views, and
the clearness with whichE he expresses
them cannot fail to carry conviction to the
mind of the reader.
The work is divided into three parts: /.
Lob
national Trade. In part l., while discuss
ing Supply and Demand, the author, while
dissenting from Mr.. MILL takes the ground
that they are analogous conceptions, de6n-
ing Demand as the desire for commodities
or services seeking its end by the offer of
general purchasing power, and supply as the
desire for general purchasing power seek
ing its end by an offer of specific commodl-
ties, and holding his position by arguments
apparently nnanswerable, afirmin that if
the notions be accepted that they are facts offs
different order, it will be impossible to deny
that they may increase or diminish ire
spective OF each other. In the considera-
ton OF "normai value, he also differs from
the commonly received theory that the ele-
ments OF the cost of productio are the
wages OF the Labor and the profits of the
capital claiming that the analysis of the
case omlts the most important element, viz:
the cost to the laborer. This theory he
take especial pains to refute, as it IS the
grand argument used by the American
Frotectlonists in favor of our present tariff.
The greater part of the I'd division is de-
voted to the. discussion of Trades Unionism.
The author makes a very thorough analy-
SIS OF the principles covering their societies
and reduces their Legitimate sphere of &C.
ton to very narrow limits. Nor does he
hold with Mill that the time is coming
when the division of the produce Of labor
Will be made on an acknowled principle
of justice, but considering this fact that the
rate of wages within the last century has
not increased in corresponding degree
with the productiveness Of ind ustry, the
outlook for the laborer is by no means
bright. Cooperation, compulsory educa-
tloS and temperance, he thinks, will &C.
compish the industrial emancipation of the
British la borer, and unless his condition is
improved by these means be will 1emain in
his present position or fall still lower
In the Sd disvision, after discussing the
doctrine Of comparative cost and interna-
tional value, he devotes the concluding
chapter to Free Trade versus Protection,
taking strong ground,in favor of the former.
The work is not as lengthy as those of
Mill and Adam Smith, and this in addition
to the terseness and perspicuity of the style
renders it more interesting to the general
reader.