Value and Distribution: An Historical, Critical, and Constructive Study in Economic Theory: Adapted for Advanced and Post Graduate Work. By CHARLES WILLIAM MACFARLANE, Ph. D. Pp. xxiii, 3I7. Price, $2.50. Philadelphia : J. B. Lippincott Com pany, I899
The Annals of the American Academy of Political and Social Science
Austrian theory of value, an ultimate standard of value, and the interrelation of economics and sociology. In each case it is possible to point to a single treatise or essay as the proximate cause of debate and to recognize a modified phase of economic theory as its result. With the rhythmical movement of scientific progress, a lull has succeeded this critical period. Eclecticism has become the dominant note in economic writing, and the practice rather than the theory of economic relations-the
... omic relations-the favorite subject of study and investigation. The time may thus be said to have arrived, not indeed for a final estimate, but for a critical summary of the scientific activity of a clearly defined period. It is, however, no easy task to study with success this past decade of economic criticism. The historian closes his page with a safe generalization as to the immediate influence of the historical movement. For later developments every student is perforce his own historian. The subject-matter is a large, scattered body of monographic literature, marked by fundamental unity but revealing in its course variety of accent and distinctiveness of approach. The inquirer must possess not only detailed acquaintance with economic &dquo systems,&dquo but must have an appreciative grasp-secured either by word of mouth or by scientific intuition-of unformulated doctrines and tentative theories.