Principles of Political Economy: Abridged with Critical, Bibliographical, and Explanatory Notes, and a Sketch of the History of Political Economy — John Stuart Mill — John Shaqi
Principles of Political Economy: Abridged with Critical, Bibliographical, and Explanatory Notes, and a Sketch of the History of Political Economy
John Stuart Mill · en
The most prominent of the new school is Wilhelm Roscher,(82) of Leipsic,
who wrote a systematic treatise, “System der Volkswirthschaft” (1854,
sixteenth edition, 1883), in the first division of which the notes contain
a marvelous collection of facts and authorities. He agrees in results with
Adam Smith, Ricardo, Malthus, and Mill, but does not seem to have known
much of Cairnes. This book, however, is only a first of four treatises
eventually intended to include the political economy of (2) agriculture,
(3) industry and commerce, and (4) the state and commune. The ablest
contemporary of Roscher, who was probably the first to urge the historical
method, is Karl Knies,(83) in “Die politische Oekonomie vom Standpunkte
der geschichtlichen Methode” (1853, second edition, 1881-1883). The third
of the group who founded the historical school is Bruno Hildebrand,(84) of
Jena, author of “Die Nationalökonomie der Gegenwart und Zukunft” (1848).
The German mind has always been familiar with the interference of the
state, and a class of writers has arisen, not only advocating the
inductive method, but strongly imbued with a belief in a close connection
of the state with industry; and, inasmuch as the essence of modern
socialism is a resort to state-help, this body of men, with Wagner at
their head, has received the name of “Socialists(85) of the Chair,” and
now wield a wide influence in Germany. Of these writers,(86) Wagner,
Engel, Schmoller, Von Scheel, Brentano, Held, Schönberg, and Schäffle are
the most prominent.
The historical school has received the adhesion of Émile de Laveleye,(87)
in Belgium, and other economists in England and the United States. While
Cliffe Leslie has been the most vigorous opponent of the methods of the
old school, there have been many others of less distinction. Indeed, the
period, the close of which is marked by J. R. McCulloch’s book, was one in
which the old school had seemingly come to an end of its progress, from
too close an adhesion to deductions from assumed premises. Mill’s great
merit was that he began the movement to better adapt political economy to
society as it actually existed; and the historical school will probably
give a most desirable impetus to the same results, even though its
exaggerated claims as to the true method(88) can not possibly be admitted.