Books

First edition, scarce and often overlooked, of "one of the highlights of classical economic theory" (K. H. Hennings in The New Palgrave). A native of Scotland, Rae (1796-1872) emigrated to Canada, and thence to America, where this, his only publication, was written. Originally intended as an appendix to a larger work on the Natural History and Statistics of Canada, Rae "succeeded in creating a theory of capital to which Böhm-Bawerk and others were indebted; in his lifetime some small recognition from J. S. Mill was almost the only notice he obtained" (Who's Who in Economics), although Fisher, Wicksell and Åkerman were all subsequently familiar with his work, Fisher dedicating one of his main works to Rae. His work "also influenced Schumpeter's (1911) concept of economic development, and Veblen's (1899) notion of conspicuous consumption" (Hennings, ibid.). Octavo (228 x 133 mm). Recent quarter calf and drab boards, spine ruled gilt, brown morocco label, sprinkled edges. Title guarded along inner margin with archival tape, pale damp mark to lower half of title; a very good copy.