The Study of Political Economy.

During the past quarter of a century the periodicals of the country have been flooded with articles on the relative value of classical and scientific studies as factors in a liberal education. But it is not until very recently that the comparatively new science of political economy has received from educators the attention which it deserves. It is due largely to the energy of one of our own instructors that the study of economics has come into prominence as an element in the panoply of a student. During the past two years Professor Laughlin has delivered lectures and written magazine articles on this subject, and the interest which they excited warranted him to publish the substance of his thought in permanent form, and the result is a little book, entitled "The Study of Political Economy," from the press of the Appletons'.

The first chapter of this little work appeared in the Atlantic Monthly last winter. It is entitled "Our Civil War the Cause of a New Interest in Economics," and treats of the economical questions which were forced upon the country by the Rebellion, and the grave blunders which our statesmen made before arriving at solutions of the problems. The last part of the chapter is devoted to the consideration of some of the political questions of the day which require a knowledge of political economy, such as the silver question, the banking question, the problem of national taxation, navigation laws, paper money as a part of the circulating medium, public land system, reciprocity with Mexico and Canada, and other questions of vital interest. A table giving the amount of instruction in political economy at the principal colleges of the country in 1860 and 1870 compared with that given in 1884 is found in this chapter.

"The Character of Political Economy as a Study" is the second chapter. The qualities of mind necessary for a successful pursuance of the science are considered at some length. An appreciation of facts such as a practical business man possesses and a power to ascertain the governing laws, are the two qualities most needed in an economist. So widely different are these two qualifications that few men possess them, and for that reason we have few men who are really great in this science. Adam Smith, a man by training and profession devoted to the study of abstract and metaphysical subjects, has given us thoroughly practical results, while Ricardo, a successful business man, deals almost entirely with the abstractions of the science. The writer speaks very highly of Cairnes, the latest of the great writers on this subject. "Mr. Cairnes," he says, "was an economic tight-rope walker; he could go with a cool head through airy spaces, where other men became dizzy or fell to the ground. And at the same time, he had the Englishman's sturdy respect for facts, with more than the ordinary Englishman's willingness to acquaint himself with social systems different from his own."

In the chapter on the "Disciplinary Power of Political Economy," Professor Laughlin has given a very clear and concise statement of the effect of this study upon the development of the mind. Exactness, clearness, and directness of statement are cultivated. The imagination, too, plays an important part. The logical powers are vigorously exercised, no loose thinking is tolerated. The next chapter on the "Relations of Political Economy to the Law, the Ministry, and Journalism," is very interesting reading. Every student who intends entering one of these professions should read the chapter carefully before deciding upon the studies of his college course. In the last chapter Professor Laughlin has given the quintessence of his experience in teaching; and his methods, as is well known, have given great impetus to the study of political economy at Harvard. The use of diagrams plays an important part in his plan. Diagrams are invaluable to a thorough comprehension of many principles of political economy, but it is a question if the writer has not laid too much stress upon this point. In some parts of the subject diagrams can be used freely, but sometimes a diagram may be as misleading as a false analogy, and therefore extreme caution is needed.

The book is of the greatest value to every student in enabling him to make a wise selection of studies, and is thus performing a great service to the students. It should be in the library of every man in college.