Pure Economics

An excerpt from the Scottish Review, Volume 32: Professor Pantaleoni is justly regarded as an authority in economic science, not only in Italy but wherever his works are known. Mr. Bruce, a London barrister, has rendered a signal service to the students of this science in this country, and to all who are interested in it here, by translating this ''Manual,'' as its author modestly calls it, into English. The translation is an admirable one, especially in this respect that...
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An excerpt from the Scottish Review, Volume 32:

Professor Pantaleoni is justly regarded as an authority in economic science, not only in Italy but wherever his works are known. Mr. Bruce, a London barrister, has rendered a signal service to the students of this science in this country, and to all who are interested in it here, by translating this ''Manual,'' as its author modestly calls it, into English. The translation is an admirable one, especially in this respect that no sentence or clause is in the least degree obscure. The translated work before us bears none of the too common characteristics of translated works. We are never here at a loss to know what the author meant. Every sentence runs as if it had been written in English originally, and by a master of style. The edition made use of by Mr. Bruce, and which we may suppose is the last issued, is that of 1889, but the work has been revised, modified, and enlarged by the author for this translation of it so as to bring it up to date.

The science of economics, like all others in this age of restless quest and advance, has made considerable progress within these past few years, and Prof. Pantaleoni has had no small share in stimulating and guiding its developments. He has embodied in this edition the substance of several articles contributed by him to journals since 1889, so as to bring this volume into line with the present position of the science. We have presented to us in it ''A succinct statement,'' to use his own words, ''of the fundamental definitions, theorems, and classifications that constitute economic science.'' The work is divided into three parts, the first two defining and expounding the theoretical principles of the science, and the last illustrating their application to the business and commerce of life. The first part treats of the Theory of Utility. Chap. I. explains the nature and scope of the science. Chap. II. deals with what is called '' the hedonic principle.'' Chap. III. with what is technically, under this science, called ''wants.'' Chap. IV. with the classification of commodities. Chap. V. with wealth and the methods of estimating it. Pure economics, or economic science in its widest and most general sense, ''consists of the laws of wealth systematically deduced from the hypothesis that men are actuated exclusively by the desire to realise the fullest possible satisfaction of their wants with the least possible individual sacrifice.'' That hypothesis is known as ''the hedonic premise,'' postulate, or principle. The science does not concern itself, however, with every kind of human action, with those, e.g., which are due to the mechanical influence of environment, or belong to organic processes, or are the result of reflex action. It concerns itself only with such acts as arise from the consciousness of some present or prospective want which we think can be supplied, and which we consequently make an effort to supply.

These wants are very varied, both in their character and in their quantitative intensities or urgencies. They increase as their satisfaction is withheld from them, and diminish in the ratio in which they are satisfied. The first morsel of meat to a hungry man gives the most intense pleasure, and every one that follows gives less and less, until satiety is experienced, beyond which every morsel causes the very opposite sensations. The scales of these ascending and descending feelings are well illustrated by a series of diagrams.

Commodities are the means-any means-that go to the satisfaction of wants, provided they are accessible. Economic science does not concern itself with those that are unreachable. It is throughout a practical science. Commodities which come within its province may be either material or immaterial-goods, acts of others, advice, music, etc. Anything that appeases an appetite, eases a pain, or gives a positive pleasure, comes within the category of commodities properly so called. labor.