or English school of political economy. Hermann's approach, and that of the writers of continental Europe who followed him, was thus seen as harmonizing perfectly with the theory of the elementary facts from which economical development takes its start. At the time of his death, Hermann had recast, enlarged, and amended nearly two-thirds of the second edition of the Untersuchungen. What was finally published by his friends Dr. Helferich and Dr. Mayr also included those parts of the first edition which had not been revised or superseded. There were later several reprints. The second edition of the Untersuchungen consists of ten separate essays, of which the first, on the fundamental notions of economics (“Grundlegung,” pp. 1–77), the fifth (pp. 143–389, on “Production”), the sixth (pp. 390–459, on “Price”), the eighth (pp. 448–531, on “Profit”), and the ninth (pp. 582–598,on “Revenue”) are of the greatest importance. In the “Grundlegung,” a clear and lucid description is given of the simple phenomena, in family, community, and state, upon which the investigations are founded. Human wants and the satisfaction to be obtained for them by labour exercised on natural agents are recognized as the primitive facts. But in the satisfaction of wants there are two aspects, the technical and the economical. Technically we consider solely the process by which commodities of a quality suited to satisfy want are obtained. Economically we have always to estimate the ratio between the effort expended and the result obtained. An “economy” is a distribution of forces so that the result, satisfaction, may be obtained with least expenditure of effort, with least loss of utility. The influence of this economical principle, the institutions to which it gives rise, the conditions under which it is possible, and the circumstances which affect, modify, or counteract it, are traced with reference to the individual, the family, the community, and the state or nation. The increasing complexity of the phenomena does not alter the nature of the principle which lies at the basis of them, and it is the business of economic theory to analyse these phenomena under guidance of the general principle. Economics is therefore defined by Hermann as the “quantitative theory of goods;” and, though he is sparing in the use of symbols, his method of treatment is throughout mathematical. Deserving of attention is the manner in which he points out the influence of collective feeling and collective wants as giving