Introduction to the Study of Political Economy. By Richard T.
Ely. (Swan Sonnenschein and Co.)—This book, the work of a Professor in the Johns Hopkins University, is of a popular character, having been originally written for the" Chautauquan Circle," an association that bears some resemblance to our University Extension schemes. The points on which we should like to see the opinion of an American expert are sometimes very summarily dismissed. All that we are told about " trusts " is, that they are a development of industry. The arguments for and against Protection are lucidly stated. Professor Ely inclines to a modification of the tariff, but thinks the importance of the subject overrated. He denounces tobacco and alcohol with a vehemence that is scarcely professorial. In discussing patents, he seems to overlook the primary argument for them that they are an encouragement for the publication of invention. The world suffers more loss from a trade secret being kept, than from a temporary monopoly. About the pension system not a word is said. Notwithstanding drawbacks and defects, this will be found a useful volume.
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