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516 The Sewanee Review 

Ppinciples of Economics. By Frank William Taussig. 2 vols. New 
York : The Macmillan Company. $4.00. 

Professor Taussig's long experience as a teacher of economics 
and his accepted authority as an acute writer on some of the 
most complicated problems in modern economic life will give an 
assured position to his general work on Economic Science in 
which it appears to us he has most happily mastered the 
various difficulties that stand in the way of preparing a satis- 
factory textbook. Many economic specialists have taken in 
hand the work of condensing principles of the subject. The 
tendency is, however, to condense so much that the ordinary 
student is left with a series of generalizations and fails to gain 
any sense of proportion of the subjects that are treated. Pro- 
fessor Taussig wisely presents his material at such length and is 
guided by such admirable standards of arrangement that the 
standpoint of modern economics, in reference to the complex 
conditions of the world of to-day, is given without any sacrifice 
of thoroughness, and yet his book does not presuppose the kind 
of training which is needed to use profitably such works as 
Marshall's Principles of Economics or Boehn-Bawerk's classical 
treatise on Capital and Interest. To speak of Professor Taus- 
sig's ability to hold his own on questions of a controversial 
character is almost superfluous, yet in these two volumes the 
personal element is carefully subordinated and the reader gains 
an impression that there is, in the study of economics, a large 
body of ascertained facts and established theories. The hand of 
the experienced lecturer is pretty evident throughout these 
volumes, and for that reason it is admirably adapted for the 
more advanced work in undergraduate courses in a college. 
No student can fail to be impressed with the reality of the 
questions that economic study brings up, nor would it be easy 
to find a more reliable guide than the Harvard professor. 
While pedagogically satisfactory, this praise does not imply that 
one need accept Dr. Taussig's position as final. Often times he 
acks suggestiveness, and there is none of the splendid social en- 
thusiasm nor the solid historical erudition that one finds in Pro- 
fessor Schmoller's work. The general attitude of the writer of 
the two volumes is that of an enlightened individualism, modified, 



Book Reviews 517 

however, in a more liberal direction than was permitted under 
the rule of classical political economy. Professor Taussig may 
be described as an opportunist who is content to analyze 
present-day conditions in the light of what may be called the 
economist's sufficient reason that does not venture to probe 
very far in one direction or the other. But, in any case, the 
reading of such a book is sure to enforce the lesson of honesty 
of purpose, of clearness of vision in the building up of politically 
qualified citizenship. W. L. Bevan. 



Memoir of E. C.Wickham. By Lonsdale Ragg. New York: Longmans, 
Green, & Company. $2.10. 

In writing of the life of Dean Wickham its author, the Rev- 
erend Lonsdale Ragg, has evidently performed the labor of 
love, and on every page of this biography there are proofs that 
the characteristic type of English scholarship is fully calculated 
to bring out those elements of personal sympathy that make a 
biographer's task legitimate. To the public as a whole, the life 
of a quiet, uneventful career may seem hardly worth while re- 
cording at all ; the ordinary incidents of political biography are 
altogether absent, nor is there any opportunity to introduce 
those features of general comment on contemporaries which are 
certain to find a place in the lives of great literary artists. 
Dean Wickham can be placed in neither of these two categories, 
nor did he come to play an active or conspicuous part in the 
history of the English Church during the latter half of the nine- 
teenth century; yet it is a good thing to have presented to us 
with such good taste just those traits in the life of a scholarly 
teacher and ecclesiastic which, simply because they were found 
in the example of the Dean of Wickham, must be produced in the 
careers of hosts of other members of the Anglican clergy. With- 
out having in any sphere aggressive instincts, Wickham's sensi- 
tiveness to the ethical obligation of the teacher's life made him 
take a leading role in the reforming movement, which began in 
Oxford in the sixties and has brought that ancient university 
into closer contact with the specific needs of a new world of 
thought Quiet and unobtrusive as he was, in matters of