This early work by Richard T. Ely was originally published in 1889 and we are now republishing it with a brand new introductory biography. 'An Introduction to Political Economy' is an academic work on transfers of goods, production, public finance, and much more. Richard Theodore Ely was born on 13th April 1854, in Ripley, New York, United States. Ely began his academic career as a professor and head of the Department of Political Economy at Johns Hopkins University, Baltimore, where he worked from 1881 to 1892. During this period, Ely co-founded the American Economic Association and served as the group's secretary. He stood as President of the organisation between 1899 and 1901. The Association still titles its annual keynote address the 'Richard T. Ely Lecture' in recognition of his services to the field. Ely published many works on politics and economics, including The Labor Movement in America (1886), Elementary Principles of Economics (1904), Property and Contract in their Relations to the Distribution of Wealth (1914), Russian Land Reform (1916), and many more.
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It has frequently been doubted whether the present is the best time for the preparation of a text-book of political economy, and it has been said that the attitude of mind which should characterize the political economist under existing circumstances is one of pause and retrospection. There is active dispute concerning fundamental conceptions, and when one listens to the controversies now going on the impression is apt to grow on one that in political economy nothing is settled. Topics as important as wages, rent, and profits are now under active discussion by scholars who hold widely divergent views. It is true that in reality many things are tolerably well settled in political economy, and that progress in the science was never so rapid as now; but precisely this hopeful outlook for the future renders the preparation of a text-book at present difficult. The authors experience as a teacher and a writer has convinced him that brief economic manuals have in the past done immense harm. Tliey have conveyed little positive knowledge, but they have provided their readers with a lot of catch-words and simple rules of thumb for the solution of the various socio-economic problems which arise mour complex modern industrial civilization.
(Typographical errors above are due to OCR software and don't occur in the book.)
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