ELY, Richard Theodore.

An Introduction to Political Economy ... With a preface by John K. Ingram ...

London, Swan Sonnenschein & Co.; New York, Hunt & Easton, 1891. 8vo, pp. 358; a few spots at the beginning, with some light toning elsewhere; slightly skewed in the original publisher’s cloth, a little rubbed, spine lettered gilt. First British edition, originally published in New York by the Chautauqua Press in 1889.Richard Ely (1854–1943) ‘probably exerted a greater influence upon American economics during its vital formative period than any other individual’ (IESS). ‘Of particular influence was Ely’s textbook, An Introduction to Political economy (1889). The book was rather vague on concrete proposals for reform, but in comparison with the “orthodox” treatises of the day it was strikingly liberal. It contained a crude version of the marginal utility doctrine and the Ricardian doctrine of rent, but its significant feature was the attention it called to a variety of evils in the existing order. Having a sale of more than thirty thousand copies in the course of a decade, it exercised a considerable influence on the thought of Americans’ (Dorfman).

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