8vo, pp. , xi, [1 blank], 496, [2 advertisements]; short tear to blank margin of a few leaves; a nice, clean copy in the original publisher’s cloth, rebacked, gilt-lettered spine, top edge gilt.
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Economics. An account of the relations between private property and public welfare.
First edition. ‘In Economics Hadley went further than Marshall by explicitly developing the interrelations between property rights, economic evolution and economic efficiency. Hadley utilized the real world examples of the fisheries and mining to demonstrate the impact of ill-defined property rights on depletable resources, emphasizing the necessity of altered systems to obtain optimal resource use and allocation. This contribution, along with his prophetic analyses of transport market structure, establishes Hadley as one of the most inventive pre-20th century American economists’ (The New Palgrave).
Batson, p. 26f; Fundaburk 7977.
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KEYNES, John Maynard.
A treatise on probability.
First edition, an early issue without the errata slip at p. 423, of this mathematical-philosophical work, in which Keynes sought to establish a mathematical basis for probability theory as Russell and Whitehead had done for symbolic logic. Russell wrote of this work “the mathematical calculus is astonishingly powerful, considering the very restricted premises which form its foundation... the book as a whole is one which it is impossible to praise too highly” (quoted in DSB). The Treatise grew out of Keynes’ fellowship dissertation and represents a contribution of the first importance in its field, tackling the problems of induction and the analysis of statistical inference. A further admirable feature of the work is the wealth of historical information supplied; the bibliography listing 600 works updates the earlier treatments of Todhunter and Laurent.