large/11381/principles_political_economy_1812_librivox_64kb_mp3/principlesofpoliticaleconomy_03_mill_64kb_35
large/11381/principles_political_economy_1812_librivox_64kb_mp3/principlesofpoliticaleconomy_03_mill_64kb
English
11381
Professor W. G. Sumner(97) is a vigorous writer in the school of Mill and Cairnes, and has done good work in the cause of sound money doctrines. Both General Walker and Professor Sumner hold to the method of economic investigation as expounded by Mr. Cairnes; although several younger economists show the influence of the German school. PROFESSOR W G SUMNER IS A VIGOROUS WRITER IN THE SCHOOL OF MILL AND CAIRNS AND HAS DONE GOOD WORK IN THE CAUSE OF SOUND MONEY DOCTRINES BOTH GENERAL WALKER AND PROFESSOR SUMNER HOLD ON THE METHOD OF ECONOMIC INVESTIGATION AS EXPOUNDED BY MISTER KERNS ALTHOUGH SEVERAL YOUNGER ECONOMISTS SHOW THE INFLUENCE OF THE GERMAN SCHOOL
1853), and his “Unity of Law” (1872). From about 1845 he became a protectionist, and his writings were vigorously controversial. In his doctrines on money he is distinctly a mercantilist;(94) but, by his earnest attacks on all that has been gained in the science up to his day, he has done a great service in stimulating inquiry and causing a better statement of results. While undoubtedly the best known of American writers, yet, because of a prolix style and an illogical habit of mind, he has had no extended influence on his countrymen.(95) The effect of the civil war is now beginning to show itself in an unmistakable drift toward the investigation of economic questions, and there is a distinctly energetic tone which may bring new contributions from American writers. General Francis A. Walker,(96) in his study on “The Wages Question” (1876), has combated the wages-fund theory, and proposed in its place a doctrine that wages are paid out of the product, and not out of accumulated capital. HREE AND HIS UNITY OF LAW EIGHTEEN SEVENTY TWO FROM ABOUT EIGHTEEN FORTY FIVE HE BECAME A PROTECTIONIST AND HIS WRITINGS WERE VIGOROUSLY CONTROVERSIAL IN HIS DOCTRINES ON MONEY HE IS DISTINCTLY A MERCANTILIST BUT BY HIS EARNEST ATTACKS ON ALL THAT HAS BEEN GAINED IN THE SCIENCE UP TO THIS DAY HE HAS DONE A GREAT SERVICE IN STIMULATING INQUIRY AND CAUSING A BETTER STATEMENT OF RESULTS WHILE UNDOUBTEDLY THE BEST KNOWN OF AMERICAN WRITERS YET BECAUSE OF A PROLIX STYLE AND ILLOGICAL HABIT OF MIND HE HAS NO EXTENDED INFLUENCE ON HIS COUNTRYMEN THE EFFECT OF THE CIVIL WAR IS NOW BEGINNING TO SHOW ITSELF IN AN UNMISTAKABLE DRIFT TOWARD THE INVESTIGATION OF ECONOMIC QUESTIONS AND THERE IS A DISTINCTLY ENERGETIC TONE WHICH MAY BRING NEW CONTRIBUTIONS FROM AMERICAN WRITERS GENERAL FRANCIS A WALKER IN HIS STUDY ON THE WAGES QUESTION EIGHTEEN SEVENTY SIX HAS COMBATED THE WAGES FUND THEORY AND PROPOSED IN ITS PLACE A DOCTRINE THAT WAGES ARE PAID OUT OF THE PRODUCT AND NOT OUT OF ACCUMULATED CAPITAL
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