ABSTRACT
§1. Professor Taussig’s Principles of Economics, published in two volumes in 1911, contains no large, new ideas, though full of originality in points of detail and illustration. Nevertheless it may well be regarded as marking the beginning of a new period in the development of economic theory. It covers a wide field and has been welcomed by many as the most satisfactory general textbook yet produced. Criticisms on important points have been few. Professor Taussig has succeeded in exhibiting a large and stable body of theory, on the substance of which practically all modern economists are in agreement, and in showing that little scope remains for profitable controversy over most of the central doctrines of economic science.
