FEE 
ELEMENTS OF ECONOMICS. 
By HENRY DUNNING MACLEOD, M.A., 
Of Trinity College, Cambridge; Lecturer on Political Economy in the University 
of Cambridge. 
EN EVO. VOLUMES:. VOLUME. I. 
12mo, cLoTH. Pricer, $1.75. 
“Mr. Macleod’s works on economic science have one great merit, they belong to 
the class of books that assist inquiry by setting their readers thinking. The views 
they set forth are not only often valuabie in themselves, but they are the generative 
cause of ideas which may also be valuable in their readers. His books, moreover, are 
written in the proper way. The subject is divided carefully in accordance with the 
opinions held by the author; ali classifications when made are adhered to, and the 
descriptions and definitions adopted are admirable from his point of view, and in some 
cases trom a wider stand-point.”’— The Statist. 
- ©The author attempts to establish an exact science of economics on a mathemat- 
ical basis—to establish ‘a new inductive science’; and he presents what he calls ‘a 
aoe ad of phenomena brought under the dominion of mathematics.’”—New York 
orld. 
‘““Mr. Macleod holds that ‘there is at the present moment throughout Europe and 
America a general reaction and uprising against the school of political economy which 
was founded by Adam Smith and closed with John Stuart Mill” They dealt with 
what he describes as ‘the destructive portion of their science, and belonged to the 
school which regarded ‘the establishment of free trade as the end-all and be-all of 
political economy.’ Mr. Macleod declares that ‘nothing can be more erroneous’ than 
this view. What he elaborates in this work is what he describes as the constructive 
or positive science of economics, which deals with questions of credit, banking, and 
foreign exchanges. On these intricate and difficult questions the work before us treats 
with singular clearness and ability."—Montreal Gazcite. 
‘*Readers who have been deterred from the study of political economy under an 
impression that it is a ‘disma! science, and a science very uncertain in its methods as 
well as in its facts, will find in this scholarly treatise abundant reasons for revising 
their opinions under both of these heads, for the breath of a classical culture moves 
over its every page, quickening the driest facts with some measure of Mr. Macleod’s 
fervid enthusiasm in favor of his chosen study.”—New York Critic. 
“The author, in the beginning, very properly calls attention to the fact that the 
science of political economy is, in our time, undergoing a great transformation. The 
mighty science of economics widened out in the last century, till it seemed to draw 
every other science into its grasp. Professor Macleod says: ‘The fact is that the 
political economy of Adam Smith, Ricardo, and Mill is now exhausted. It is a caput 
mortuum, from which no further good can be extracted. It is wholly incapable of 
grasping the great economic problems of the present day—credit, banking, and the 
foreigu exchanges. In fact, this school of economists has abandoned all these ques- 
tions in hopeless despair.. At the same time he gives due credit to the ‘great, glo- 
rious, and immortal services’ of these distinguished writers of the times when the 
science of commerce was in its infancy. Our political economy is to be reconstructed, 
according to this writer, and it is to be called no longer by the good old familiar name. 
on it is to be economic science, or ‘economics’ for short.”"— Cincinnati Com- 
mercial. 
‘“*Macleod is best known by his work on ‘Banking.’ It has gone through several 
editions, and holds its place more firmly than ever, perhaps, in the economic literature 
of the period. The present work is historical, critical, and constructive. It unites 
much historical learning with keen critical analysis and no little constructive power.” 
—Banker’s Magazine (New York). 
Deserving of study and thorough examination.”"—Boston Post. 
Yor sale by all booksellers; or sent by mail, post-paid, on receipt of price. 
New York: D. APPLETON & CO., 1, 3, & 5 Bond Street. 
