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( This is a reproduction of a book published before 1923....)
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(Excerpt from The Elements of Political Economy: With Some...)
Excerpt from The Elements of Political Economy: With Some Applications to Questions of the Day With the assumption that Political Economy is inhuman and pitiless, the reader will find no sym pathy in these pages, because such a belief is founded on an inadequate understanding of what the principles of a science really are, and principles can not be regarded as having personal qualities. On the contrary, it seems clear that the funda mental principles of economics are, when ultimate ly analyzed, but expressions of Christian truth. With this conviction, the labor problem has been here treated, not as a question to be settled by legislation, but as one to be met by all the forces which make for Christian character and self mastery. 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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(The Study of Political Economy - Hints to Students and Te...)
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(Excerpt from Report of the Monetary Commission of the Ind...)
Excerpt from Report of the Monetary Commission of the Indianapolis Convention of Boards of Trade, Chambers of Commerce, Commercial Clubs, and Other Similar Bodies of the United States Bonds, in 1894. 300. Third Issue of Bonds, 1895. 301. Popular Loan, 1896. 302. Present Currency Situation. 303. Influence of Legal Tenders in Draining Gold From Treasury. 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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(This is a reproduction of a book published before 1923. T...)
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James Laurence Laughlin, the son of Harvey and Mary Minerva (Mills) Laughlin, was born in Deerfield, Ohio, United States. His parents were of Scotch-Irish Presbyterian descent, his great-grandfather having emigrated from Ireland to Virginia before the Revolution. His father was a lawyer and at one time mayor of Alliance, Ohio. The fourth of five children, James Laurence had two older sisters and a brother as well as a younger sister.
He attended Mount Union College in Alliance, Ohio. Later he entered Harvard and graduated summa cum laude in history in 1873. In 1876 Harvard awarded him the degree of Ph. D. , one of the first granted in the United States; the title of his thesis was "The Anglo-Saxon Legal Procedure, " published in Essays in Anglo-Saxon Law (1876).
Laughlin taught in a Boston preparatory school from 1873 to 1878. Meanwhile, however, he also did further work in history under Henry Adams, who had stimulated his undergraduate interest in the subject. The influence of his training and interest in history is reflected in his later work on money and banking. In contrast with this influence, however, his strong faith in deductive economic analysis made him loath to question the logical symmetry of the classical doctrine of Mill and Cairnes.
From 1878 to 1883 he was instructor and from 1883 to 1888 assistant professor in political economy at Harvard. During the years of his assistant professorship he published an abridgement of Mill's Principles of Political Economy (1884), The Study of Political Economy (1885), and The History of Bimetallism in the United States (1886). These books had wide circulation and influence.
In January 1888 he resigned from Harvard and for two years thereafter was an official of the Philadelphia Manufacturers' Mutual Fire Insurance Company. In 1890 he was appointed professor of political economy and finance at Cornell. Two years later he became professor and head of the department of political economy at the University of Chicago, where he remained until his retirement in 1916.
At Chicago he at once carried out his interest in promoting investigation into "practical questions. " He started the Journal of Political Economy, which helped to make the reputation of faculty members and graduate students, including Thorstein B. Veblen, Wesley C. Mitchell, Robert F. Hoxie, H. Parker Willis, H. J. Davenport, and H. G. Moulton. As might be expected of one who opposed the lecture system, Laughlin's class-room teaching was overshadowed by his seminar for doctoral candidates. His work at Chicago was especially outstanding for the faculty and graduate students whom he drew to the institution.
Another aspect of Laughlin's career was his public activity. In 1894 he worked out a monetary system for Santo Domingo. He took an active part in the campaign against Bryan and free silver in 1896. He was responsible for the preparation of the influential Report of the Monetary Commission of the Indianapolis Convention (1898).
The development of Laughlin's monetary theory, beginning with his History of Bimetallism, shows a tendency toward propaganda against silver and paper money sentiment. Although he saw the growing importance of credit, which he described as a "refined system of barter, " he insisted that the price of an article is arrived at by comparing its value with that of the standard (gold). He stressed so much the part played by changes in the value of goods that he gave the impression to many that he denied entirely the influence of the changing value of gold. His attack on the quantity theory of money was a very important factor in subsequent refinements of this theory by Edwin W. Kemmerer and Irving Fisher. Of his other books on money the most important were The Principles of Money (1903) and A New Exposition of Money, Credit and Prices (2 vols. , 1931). Laughlin's apparent austerity together with the vigor with which he championed his beliefs led some to lose sight of his other personal qualities and the intellectual difficulties in a lifetime of such rapid change. Whatever the merits that may be assigned to different aspects of his work, it is evident that he made substantial contributions, the most important of which, perhaps, was his noteworthy administration of the department of political economy at Chicago.
After his retirement he made his home in Jaffrey, New Hampshire, and was actively engaged in lecturing and writing. He died there after a protracted illness.
Laughlin was "one of the most ardent defenders of the gold standard". He promoted banking reform in the United States and wrote many important books on macroeconomics and monetary policy. He advised various state and national governments on economic matters, including overhauling the monetary system of Santo Domingo. He was the most prominent figure in the educational campaign leading to the Federal Reserve Act (1913) and he influenced this legislation indirectly through the work of his former student H. Parker Willis.
(Excerpt from The Elements of Political Economy: With Some...)
(Excerpt from Report of the Monetary Commission of the Ind...)
(This book was originally published prior to 1923, and rep...)
(This book was originally published prior to 1923, and rep...)
(This book was originally published prior to 1923, and rep...)
( This work has been selected by scholars as being cultur...)
(The Study of Political Economy - Hints to Students and Te...)
( This is a reproduction of a book published before 1923....)
(This is a reproduction of a book published before 1923. T...)
On September 9, 1875, Laughlin married Alice McGuffey, who died in 1880 following the birth of their daughter, Agatha. His marriage to Harriet M. Pitman, September 4, 1883, ended in a divorce. On June 20, 1895, he married Mary Curtis Cramer. Their son Laurence was born in 1897.
