The morning call., 1894-09-30
RECENT PUBLICATIONS

JONES AND BROWN, OR VALUE AMI
WAsTE-Tbe science OF political econ
omy-the dismal science-can hardly be
deemed scientific in the stlictsst sense OF
the word. It's principles, as taught in the
schools, certainly are not founded on
those wide generalizations and inductions
necessary to secure stability; TOO often
they see m 10 be developed from the inner
consciousness Of the writer, who may be
great as a theorist yet seldom joins with
that faculty the practical knowledge OF
daily life. Political economy is defined
usually as the science of the laws and
conditions which regulate the production,
distribution and consumption of all prod
u IS, necessary, useful or agreeable 10
man, that have an eXchangeable value, or
the science of the material welfare of hu-
man beings with reference TO labor and
the production, distribution and accumu-
lati0n of wealth. A truer definition would
be the system of aws that make for
the physical good of the members of
the commonwealth, as a whole and
as individuals. The machnelike view
of life has too long been prevalent
in the science; il is lime now
to bring into it the element of humanity.
The statement that human beings cannot
be treated or considered as stocks or stones,
or even delicate machinery, In devisi (
principles of action and government needs
no proof. On this account we welcome
the little volume, "JOnes and Brown, or
Value and WASTE" as an addition to the
literature of the new political economy.
A nation, according to the old science,
would be considered prosperous # one mil
lion out Of seventy were in fairly prosperous
or luxurious circumstances, while the
sxty-nine were living from hand to mouth
in constant struggle for the barest neces-
saries of life. The modern science insists
on the welfare of the many and of the in
dividual and prefers the well being of all
the people TO the accumula ion OF a few
thousands OF mlllloDalIes and a dozen
biliOnaires. 1t Is not the aggregate wealth
of nation il considers. but the aggregate
wealth widely distributed. John Paul, a
nom de ulume of course, in this volume.
treats CT all the ordinary topics of poll i.ai
economy, but IN characteristic and inter-
estlng fashion. The work has no claims
to be a textbook on the science, but
it forces the reader to realize the
wordiness and unreality of the ordi-
nary definitions and statements OF
economists. In simple words and
by familiar illustrations 1t makes clear IFS
meanings aud statements, and also the
utter lack Of foundation of many of the
basic axioms of the Old science. Under
the old system value, distinguished from
price OF money value. was worth, esti-
mated IN commodities in general John
Paul defines value, as a human want al
iached to something, and the degree of
value depends on, or is measured by, the
In niensity of the want. A Turk has given
$500 for an amber mOuthpiece that an
electrician would deem dear al 80 cents
the rich drunkard would give $40 Tor bot
Gle OF brandy that the heart-brOken mother
or vile would throw in the sewers, and
the millionsire's SIS, COO horse wouli seem
dear 10 the sixIeen-hOuT- a-day plOwman
al $50. lDtrlnslc value, he claims. has 10
existence in political economy; it is the
human want attached that gives its value
to ali things. whether this human want is
he result of legislation, custom, educa-
ton, habit, religion or whim. HIS position
Is strengthened by numberless examples
and Illustrations taken from daily life
that tend 10 substantlate his position.
The section devoied 10 money, which
be defines as that something with which
all debts can be paid against the creditors
wiP Is exceedingly interesting and