PREFACE. IT is noticeable that while the interest in social questions is daily becoming greater and greater, the science of Political Economy speaks with far less authority and receives less respectful attention than it did some years ago. And this is perhaps partly due to the condition of the study itself: the "theoretical" school have to some extent lost touch with the actual phenomena of the present day; and recent attempts to recast the old theories to embrace the new phenomena have not yet succeeded in taking a hold on the public mind. Its critics allege that the results attained by the "historical" school have not been for the most part definite enough to be of practical value; but I cannot feel that this method of working is necessarily barren. It does not help us to formulate dogmas from which guiding maxims can be authoritatively deduced, nor does it always lead to the statement of a "tendency" which can be put forward as a working hypothesis in pursuing some investigation. But for all that, the historical method may be of the highest practical value, if it enables us to frame a scheme by which the arguments for and against some proposed plan may be conveniently exhibited, and fairly balanced. It may be wise too, in the present disorganised state of the study, to bear the progress of other sciences in mind, and postpone the investigation of causes as premature till the phenomena we wish to explain shall be more satisfactorily classified. The following discussion of Economic Principles has been written in the conviction that the historical method of study proves fruitful in results of practical value, and results that can be definitely and positively stated. It embodies a good deal of the substance of lectures on the Ethical Groundwork of Political Economy which I delivered in 1881, as deputy to the late Knightbridge Professor; but they have been so entirely remodelled that another title than that originally given them, and under which they had been announced for publication, now seems to be more suitable. In attempting to survey Recent Legislation I have done my best to ignore party politics altogether, and to judge fairly of each measure by the same standard,-a standard which many men in both parties would accept. I have endeavoured to note the clearest and most forcible expressions of opinion by whomsoever they were uttered, and thus to set forth personal opinions, not the views of any party. While these sheets have been passing through the press I have had the advantage of suggestions from Professor Sidgwick, Professor Nicholson, the Hon. J. W. Mansfield, and other friends. I gladly take this opportunity of again thanking them for the help and encouragement they have given me. W. C. TRIN: COLL: CAMB. Nov. 1884. CONTENTS. 2. Economic Principles are practical, since concerned with conduct, and examine the means to an end in view, 4. The methods of the empirical sciences, and analogies in the pursuit of economic investigations. The disadvantages and compensations of a moral science, 5. Political Economy is practical, and therefore its principles are relative to the institutions and to the current morality 6. The reign of Edward 1. is the starting-point of a national |