Economics of John Rae (Routledge Studies in the History of by Omar Hamouda

By Omar Hamouda

John Rae made a wide-ranging contribution to economics, specifically via his paintings on Capital conception and Technical switch. even supposing Rae was once held in excessive esteem via a few of the nice names of the prior who've brazenly stated his originality and their indebtedness to him, he has no longer but obtained the entire awareness he merits. within the Economics of John Rae, revered economists, redress the overall overlook of Rae as a classical economist and view his function as a political economist.

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However, his report stated, “None died,”18 perhaps because the weather improved as they approached San Francisco. Rae gives the impression that he was called on to deal with broken bones and similar trauma. He refers to one episode when the king (Kamehameha IV) was travelling on horseback on Maui and a young woman with the group fell from her horse and broke her collar bone and dislocated her arm. Rae was able to patch her up, but went on to say that the accident was discussed the next morning when he was breakfasting with King Kamehameha and Prince Lot.

However, by reconstructing royalty statements it can be estimated that the sales were about 600–800 copies. 50 Canadian which now seems a bargain, but in 1965 that price was high. Initially there was no promotion campaign worth mentioning, but when it became evident that there was a surplus some offerings were made at fire-sale prices and, in a short time, the 1965 edition by the University of Toronto Press was out of print and again scarce. That is enough of the grubby commercial details! II Some years ago Jacob Viner warned me of the perils of biographers.

Rae was a remarkable man. An Englishman who knew him in the Sandwich islands told me that he could only compare him to some of the grand old Scotch gentlemen in Sir Walter Scott’s novels. But he said that he was quite incapable of taking care of money, so that other people had to look out for him all the time. 22 There were still over forty letters from which Mixter drew his biographical sketch which prefaced the 1905 edition of Rae’s book, now entitled The Sociology of Capital. The bulk of the material given to Mixter by Cameron consisted of Rae’s extensive writings on geology.

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