Background
He was born at Northville, Michigan, in 1855, the son of the Rev. Barton S. and Marietta (Rowland) Taylor.
(Excerpt from Some Readings in Economics, Prepared for the...)
Excerpt from Some Readings in Economics, Prepared for the Use of Students in Course I, Political Economy, University of Michigan A. *originally only the human has importance for man. Thought for one's self, interest in one's self, comes by na ture. Towards things, on the other hand, man is originally indifferent, and his interest in them only awakens in so far as he finds them connected with human interests and des tinies. This takes various forms; such as pity, when the lower animals are seen to suffer just as man does, or relig ious or poetic emotion, when observation of the living in nature awakens suspicion of the connection of all life, or, finally, economic valuation, when things are conceived of as instruments to and conditions of human well - being. This is the coldest form that our interest takes, as it regards things simply as means to human ends; it is, however, at the same time, the most far - reaching, as it embraces most things, and claims not only existence, but property. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
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(Excerpt from Principles of Economics The principal chang...)
Excerpt from Principles of Economics The principal changes in this edition are the following dividing the chapters so as to make 37 instead of 16 as in the fourth edition; elaborating two or three chapters which were little more than lecture notes; abridging two or three discus sions which belonged rather to monograph literature; dimin ished use of formal principles; increased use of concrete illus trations and a general softening of the style. Dispropor'tio-n and inconsistency have been diminished, but not yet removed. The most significant single change is the starting of the Crit ique of the Present Order with Distribution rather than Pro duction, - a change which naturally led to a complete reorgan ization of this discussion. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
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He was born at Northville, Michigan, in 1855, the son of the Rev. Barton S. and Marietta (Rowland) Taylor.
His collegiate training was in Northwestern University (A. B. 1876, A. M. 1879). In 1888 he received the degree of Ph. D. from the University of Michigan.
He was teacher and principal in the Winnetka High School, Winnetka, Ill. (1876 - 78), and then became professor of history and politics at Albion College, Albion, Mich. , where he taught from 1879 to 1892. In 1892 Taylor began the teaching of economics at Michigan which occupied him until his retirement in 1929. He was assistant professor of political economy, 1892-93; junior professor, 1893-1904; professor, 1904-20; and professor of economics, 1920-29.
After 1906, when he published Some Chapters on Money, and began to print the leaflets which grew into his Principles of Economics (1911), he devoted himself chiefly to studies in general economic theory. The earlier phase of his development had promised a goodly volume of publications of high quality, in spite of his frail health and heavy teaching load. His thesis, The Right of the State to Be (1891), together with several articles of that period, was very favorably received by leading critics, and by 1898 he had also earned an enviable reputation as an authority on currency and banking. His writings in this field refined Gresham's Law, and subjected the topics of circulation and qualities of monetary standards to penetrating analysis.
He also did pioneer work on some relations between money and prices--for example, on the contrast in effects between changes in quantity of money, and changes in costs and demands of goods. His output of writings was restricted, however, and withheld from the wider public, by his too severe self-criticism. His studies in money, moreover, were crowded into the background as he became preoccupied with general economic theory and with incessant revisions of his Principles, which reached its ninth edition in 1925. In form this book is a college text, entirely undocumented, containing some pedagogical novelties modeled upon natural science texts, and deliberately excluding "literary" style. It became, however, much more than an elementary text.
During many years Taylor conducted his quizmasters and other advanced students through most of the subtleties of theoretical literature, firing their enthusiasm for his handling of these points, so that they carried his reputation abroad, and all this took effect upon the book. It far surpassed his modest hope "to restate the generally accepted doctrine, in a manner more organic and self-consistent than is usual" (Taylor to F. A. Hayek, February 18, 1930). He integrated, perhaps more successfully than any predecessor, the influences of cost and demand (under all their aspects) in economic functioning. Other important contributions include his exposition and critique of "the present economic order of individual exchange-cooperation, " and his overhauling of the theories of imputation, rent, capital, profit, and outputs in relation to variable inputs. Though he argued against most of the practical proposals inspired by socialists, his lifelong study of their literature left many imprints upon his Principles, and his last essay, the presidential address to the American Economic Association, 1928, dealt with some abstract features of "The Guidance of Production in a Socialist State" (American Economic Review, March 1929).
He died in Pasadena, Cal. , where he had lived since his retirement.
(Excerpt from Principles of Economics The principal chang...)
(Excerpt from Some Readings in Economics, Prepared for the...)
(Economic theory of Socialism)
On July 15, 1880, he married Mary Sandford Brown of Ann Arbor, Mich. , by whom he had two sons and two daughters.