Books

. XVI, 414p. Uncut in original drab boards, edges of boards and corners worn, rebacked with green cloth and printed label. A remarkably fresh copy. First edition. A highlight of classical economic theory, for a long time overlooked by economists. John Rae studied at the University of Aberdeen and emigrated to Canada after his father's bankruptcy. He lived a life full of misfortunes and distractions, in various countries working as a physician, school teacher, farmer, judge, notary public, etc. He occupied himself with the study of a great variety of subjects, like mathematics, biology, geology, medicine, history, etc. He however failed in about all his undertakings, with the exception of the present achievement in the field of economics which, in the words of Schumpeter, surpassed in vision and originality the economists who were successful'. It was quoted frequently by Mill in his Principles', yet remained largely unread, but after the appearance of a new edition in 1905 (with the new title The sociological theory of capital') it was hailed by great economists like Bohm-Bawerk, Wicksell and Irving Fisher. Rae's knowledge of economic science was based solely on his study of Smith's Wealth of nations'. But this he had mastered in all its ramifications, premisses, and implications as only a kindred spirit can, and after having developed his own ideas in constant reference to it, he proceeded to erect a structure similarly conceived. For it is this that we must see in his work: another Wealth of nations' or, more correctly, something that with ten additional years of quiet work, graced by an adequate income, could have grown into another - and more profound - Wealth of nations'. *Kress C.3838. Goldsmiths 28450. Einaudi 4618. Mattioli 2949. M. Blaug, Great economists before Keynes', p.197-198. J. Schumpeter, History of economic analysis', p.468-469. New Palgrave' IV, p.39-40.