large/11381/principles_political_economy_1812_librivox_64kb_mp3/principlesofpoliticaleconomy_03_mill_64kb_52
large/11381/principles_political_economy_1812_librivox_64kb_mp3/principlesofpoliticaleconomy_03_mill_64kb
English
11381
Professor A. L. Perry,(98) of Williams College, adopted Bastiat's theory of value. He also accepts the wages fund theory, rejects the law of Malthus, and, although believing in the law of diminishing returns from land, regards rent as the reward for a service rendered. Another writer, Henry George,(99) has gained an abnormal prominence by a plausible book, "Progress and Poverty" (1880), which rejects the doctrine of Malthus, and argues that the increase of production of any kind augments the demand for land, and so raises its value. PROFESSOR A L PERRY OF WILLIAM'S COLLEGE ADOPTED BASTA'S THEORY OF VALUE HE ALSO ACCEPTS THE WAGE FUN THEORY REJECTS THE LAW OF MALTHUS AND ALTHOUGH BELIEVING IN THE LAW OF DIMINISHING RETURNS FROM LAND REGARDS RENT AS THE REWARD FOR SERVICE RENDERED ANOTHER WRITER HENRY GEORGE HAS GAINED AN ABNORMAL PROMINENCE BY A PLAUSIBLE BOOK PROGRESS AND POVERTY EIGHTEEN EIGHTY WHICH REJECTS THE DOCTRINE OF MALTHUS AND ARGUES THAT THE INCREASE OF PRODUCTION OF ANY KIND AUGMENTS THE DEMAND FOR LAND AND SO RAISES ITS VALUE
ing 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. 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. IMULATING 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 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
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