It is easier to point out the danger than to suggest how it should be met. The position we have described is no doubt partly due to the unsettlement of economic opinion and the hostile criticism of old-established doctrines which has characterized the last generation. Or it may be the result of economic agnosticism, combined with unwillingness to cut adrift from old moorings. Whatever the cause, the complete restatement of economic theory, which some heroic persons demand, is clearly impossible, except on conditions not likely to be realized in the immediate future. The span of life is limited; the work requires an extensive knowledge of the economic literature of several countries and the general features of all the important departments of modern economic activity. In general theory special studies by other men cannot play the same part as they do in historical and statistical work. In historical and statistical investigation, or in special studies of particular subjects, it is possible, given the pecuniary means, to organize a whole army of skilled assistants, and with ordinary care to combine the results of their separate efforts. In general theory the inverse rule seems to prevail. There the unity of conception and aim, the firm grip of all the different lines of argument and their relation to each other, which are required, can only be given by a single brain. But no one individual can do original work over the whole field. He is lucky if he can throw new light on a few old propositions. For the rest, he can only, with the utmost caution, adopt the suggestions of other minds as qualifications of old doctrines, never feeling quite sure that he is right in doing so. A complete restatement could only be undertaken by a group of men, trained in much the same conditions, accustomed to think and work together, each one engaged on a special department, but all acting under the control of one master-mind. This is largely a question of the organization of economic studies, and it is of the greatest importance that, if possible, such an effort should be made to present in a connected form the best results of modern criticism and analysis. Some recent developments of economic theory.