in the theory of value and prices.

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sions which are new because they think the former and admittedtheorems exhaust all that is important on the subject. Why shouldthe mathematician he obliged to vindicate the exercise of his scienceby overturning economics or by deducing some “ laws ” more funda-mental than those already admitted ?

Elementary physics is the fundamental physics and it can betaught with little or no mathematical symbols. Advanced physicsis relatively less popular while more mathematical. By actual countGanot’s elementary physics of 986 pages contains a formula forevery three and one-third pages. The chapter on electricity andmagnetism of 320 pages, a formula for every 4-£ pages, while theprofound treatise of Mascart and Joubert on Electricity and Mag-netism, vol. I, of 640 pages, contains 3f formulae for each page or 15times as many per page as the same subject in Ganot.

Similarly in economics, mathematical treatment is relatively use-ful as the relations become relatively complicated. The introductionof mathematical method marks a stage of growth—perhaps it is nottoo extravagant to say, the entrance of political economy on a scien-tific era.

§5-

Has the mathematical method attained a firm footing ? BeforeJevons all the many attempts at mathematical treatment fell flat.Every writer suffered complete oblivion until Jevons unearthed theirvolumes in his bibliography. One chief reason for this is that thesewriters misconceived the application of mathematics. I think thiswas true even of the distinguished Whewell. Jevons thinks it i's soof Canard though his work was crowned by the French institute.The second reason for this oblivion is that the world was not pre-pared for it. The movement was too advanced and premature.Cournot certainly, Gossen possibly, now exert considerable influenceon economic thought. Marshall, whose recent book is acknowledgedto be to modern economics what Mill’ s was to the economics of ageneration ago repeatedly expresses his admiration for and obliga-tion to Cournot.

Thus the mathematical method really began with Jevons in 1871.Up to this time pol. econ. had been the favorite field for those per-sons whose tastes were semi-scientific and semi-literary or historical.But the scientific and literary temper are seldom equally balancedand as might have been expected after once beginning to dividethey have steadily differentiated. On the one extreme is the histori-