in the theory of value and prices. 109 



sions which are new because they think the former and admitted 

 theorems exhaust all that is important on the subj'ect. Why should 

 the mathematician be obliged to vindicate the exercise of his science 

 by overturning economics or by deducing some " laws " more funda- 

 naental than those already admitted ? 



Elementarj^ physics is the fundamental johysics and it can be 

 taught with little or no mathematical symbols. Advanced physics 

 is relatively less popular while more mathematical. By actual count 

 Ganot's elementary physics of 986 pages contains a formula for 

 -every three and one-third pages. The chapter on electricity and 

 magnetism of 320 pages, a formula for every 4-^ pages, while the 

 profound treatise of Mascart and Joubert on Electricity and Mag- 

 netism, vol. I, of 640 pages, contains 3f formulae for each page or 15 

 times as many per page as the same subject in Ganot. 



Similarly in economics, mathematical treatment is relatively use- 

 ful as the relations become relatively complicated. The introduction 

 of mathematical method marks a stage of growth — perhaps it is not 

 too extravagant to say, the entrance of political economy on a scien- 

 tific era. 



§ 5- 



Has the mathematical method attained a firm footing ? Before 

 Jevons all the many attempts at mathematical treatment fell flat. 

 Every writer suffered complete oblivion until Jevons unearthed their 

 volumes in his bibliography. One chief reason for this is that these 

 writers misconceived the application of mathematics. I think this 

 was true even of the distinguished Whewell. Jevons thinks it is so 

 of Canard though his work was crowned by the Fi-ench institute. 

 The second reason for this oblivion is that the world was not pre- 

 pared for it. The movement was too advanced and premature. 

 Cournot certainly, Gossen possibly, now exert considerable influence 

 on economic thought. Marshall, whose recent book is acknowledged 

 to be to modern economics what Mill's was to the economics of a 

 generation ago repeatedly expresses his admiration for and obliga- 

 tion to Cournot. 



Thus the mathematical method really began with Jevons in 1871. 

 Up to this time pol. econ. had been the favorite field for those per- 

 sons whose tastes were semi-scientific and semi-literary or historical. 

 But the scientific and literary temper are seldom equally balanced 

 and as might have been expected after once beginning to divide 

 they have steadily differentiated. On the one extreme is the histori- 



