Economics, Volume 2: Modern Economic Problems

Professor Fetter's 'Economic Principles' is the second half of a two-volume treatise on economics. The first half 'Economic Principles' deals with the basics. The author of this volume is one of the great American economists. His contributions to economic literature have been notable, and while it would, of course, be too much to say that they have won universal acceptance, it can safely be affirmed that they have quite generally been accorded respectful and sympathetic attention. Professor Fetter occupies a place of distinction, not only as a thinker and writer in the field of economics, but also as a university teacher. Several years ago he served also as President of the American Economic Association. Few are better qualified, therefore, to prepare a general treatise on economics. This volume constitutes the second part of a work dealing with the principles of economics which in some respects may be regarded as a revision of Professor Fetter's Principles of Economics, published as a single volume. But the treatment of the principles of value and distribution in volume I of the new work differs materially, if not radically, from that in the earlier text, and, at the same time, as Professor Fetter himself remarks, the years since have been so replete with interesting happenings in the field of practical problems that volume II represents more than a mere revision of the corresponding chapters in the earlier book. Hence, the present volumes taken together must be regarded as an essentially new contribution. Considering the variety of economic problems that Professor Fetter discusses, it seems extraordinary that he has been able to compress his treatment within the limits of a comparatively small book. His success in this direction, however, has been due to his method of treatment. While essential facts have not been neglected, he has not at tempted to give an encyclopedic description of all the elements involved in the several problems, but he has confined himself rather to a setting forth of the points of principle involved in them, suggesting in this connection, the solutions which sound analysis and a healthy for as a writer, it will appear superfluous to speak of style. But for those who may not know, let it be said that Professor Fetter writes with a nicety and clearness of expression and with a delicacy of touch and of humor that stamp him as a writer of the first class.