general character is incorporated in economic books of the present day, but there is room for a whole series of careful monographs on a question of such fundamental importance. The same may be said of another subject, too frequently neglected by earlier writers, to which due significance has been given in the best recent work, namely, time in relation to value. It would perhaps be too much to say that the full consideration of this point has revolutionized the theory of value, but it has certainly created what seems almost a new science in close contact with the actual life of the modern world. Some doctrines of the earlier economists, such as the Wages Fund Theory, are now practically abandoned, though it may be said that they contained a certain amount of truth. Others, which were considered of fundamental importance, owe their position in modern economics and the form in which they are stated to the "tradition of the elders." If they could, by some happy chance, have been left for discovery by modern economists, they would without doubt have received different treatment, to the great advantage of economic science. Such a doctrine is the so-called Law of Diminishing Returns, which Mill considered "the most important proposition in Political Economy." "Unless this one matter," he says, "be thoroughly understood, it is to no purpose proceeding any further in our inquiry." "Were the law different, nearly all the phenomena of the production and distribution of wealth would be other than they are." On the other hand, Thorold Rogers, not to speak of earlier objectors, described the law as a "dismal and absurd theorem." The opinions of present-day economists appear to fluctuate between these two extremes. The law may apparently be "a general rule" or "a tendency" which is liable to be "checked," or a particular case of the law of the conservation of energy. If we go to Mill to discover what it is, we find that "it is not pretended that the law of diminishing return was operative from the beginning of society; and though some political economists may have believed it to come into operation earlier than it does, it begins quite early enough to support the conclusions they founded on it." "It comes into operation at a certain and not very advanced stage in the progress of agriculture." But this very important stage in the history of a nation is not defined or clearly illustrated. We are told that we can see "the law at work underneath the more superficial agencies on which attention fixes itself"; it "undergoes temporary suspension," which may last indefinitely; and "there is another agency, in habitual antagonism" to it, namely, "the progress of civilization," which may include every kind of human improvement. Mill apparently is not content with the confusion between "law" and "agency" or "force," but opposes the one to the other. He is constantly speaking in terms which imply the conquering of one law by another, a habit from