Books

First American edition of Ricardo's fundamental contribution to the science of economics, the copy of the American economist Theodore Sedgwick (1780-1839), with his ownership signature on the title page, as well as his pencilled sidelining and cross in the margins, including marking a passage which he cited in his conservative economics classic, Public and Private Economy. Sedgwick was known for his humanitarian views and Christian-influenced economics. He was an abolitionist and served as a Democrat member of the Massachusetts House of Representatives from 1824 to 1831. His magnum opus Public and Private Economy was published between 1836 and 1839. On page 151 of the first volume of Public and Private Economy, Sedgwick utilized Ricardo's scarcity theory of value, citing pp. 1-2 of the Principles - these pages in this copy have his pencilled ticks and crosses. Ricardo is referenced again in the work in a critical vein - "If our people had at their tongues' end all that has been written by Say, Malthus, Ricardo, and all the other political economists of Europe, they would still know little of the economy of their own country" (ibid., p. 89). The fact the latter half of this copy is unopened indicates Sedgwick was not especially enamored with Ricardo. Sedgwick has noted a purchase price of $2 on the front free endpaper, and his wife Susan Sedgwick (1788-1867) has signed her name under his ownership signature; Susan published various children's novels between 1829 and 1859. On the Principles of Political Economy was first published in London in 1817. It established a systematic and scientific approach to the discipline, and set forth both the labor theory of value and the theory of comparative advantage. The approach and methods influenced all succeeding generations of economists and provided a foundation of arguments for free trade which endures today. Except for the 1830 reissue of this edition, this is the only 19th-century American appearance of any work by Ricardo. Against the advice of Jefferson, who thought the book too abstruse, Milligan printed 500 copies. Of these, 250 were subscribed by members of Congress and by others impressed with the notice in the Edinburgh Review in 1818. However as Jefferson warned, the remaining copies were largely unsold and were reissued with a new title page in 1830. Despite the lackluster sales Ricardo's influence in America was significant, spread mainly through the works of his disciples. READ MORE Octavo. Uncut in contemporary boards. Housed in brown cloth solander box. With pencilled lines and ticks in the margins. Latter half of the book unopened. Some browning and foxing as usual, paper fault chip to sig. 49/2 not affecting text. A very good copy. Carpenter XXXVII (2); Goldsmiths' 22322; Kress C.401; Mattioli 3016; Printing and the Mind of Man 277 (UK edition); Sraffa 5b; not in Einaudi.