May 05, 2022 - Sale 2603

Sale 2603 - Lot 32

Price Realized: $ 4,250
?Final Price Realized includes Buyer’s Premium added to Hammer Price
Estimate: $ 3,000 - $ 5,000
[Economics] Rae, John (1796-1872)
Statement of Some New Principles on the Subject of Political Economy, Exposing the Fallacies of the System of Free Trade.

Boston: Hilliard, Gray, & Co., [J.D. Freeman, printer], 1834.

First edition, octavo, xvi, [1]-414; bound in full contemporary sheepskin with original black spine label, some spotting and foxing to endleaves and contents, one opening where a fern was pressed and approximately four leaves with a slight water stain, contents otherwise good, old bookplate removed from inside front board, diagonal corner of ffep torn away, tacked down inside front board; binding slightly rubbed, 8 3/4 x 5 in.

"Invention is the only power on earth that can be said to create. [...] Industry and parsimony increase the capitals of individuals; national wealth cannot be increased but by the aid also of the inventive faculty." According to Anthony Brew's chapter on invention in The Economics of John Rae, [United Kingdom: Taylor & Francis, 2005], "this [position] makes Rae the first economist to see technical change as the main source of continuing economic growth and, since he saw no limit to the scope for invention, the first to foresee an unlimited potential in future growth."

Rare at auction; Einaudi 4618; Goldsmiths 28450; Mattioli 2949; Schumpeter, pp. 468-9; Sraffa 4834.