ABSTRACT
To appraise Frank W. Taussig's Wages and Capital at its true value and to see its place in the history of American theory is easier today than it would have been twenty years ago, because the lead it gave was not immediately followed up, not at any rate by the main body of theorists. The Jevons-Walras-Menger reform meant primarily a new theory of price or, to use more up-to-date terminology, a theory of the logic of economic choice. In various papers on subjects of pure theory and in his Principles Taussig rounded off the building to which Wages and Capital laid the foundation. But a complete survey of all he did for American theory would have to include many contributions made in the course of "applied" arguments particularly in the Tariff History, in Some Aspects and in International Trade.
