"DOUGLAS MADE LASTING CONTRIBUTIONS TO LABOR ECONOMICS"

DOUGLAS, Paul H. Real Wages in the United States 1890-1926. Boston and New York: Houghton Mifflin, 1930. Octavo, original navy cloth. Housed in a custom slipcase. $300.

First edition of the groundbreaking first book by U.S. Senator Paul Douglas, who began his career as an economist at the University of Chicago, one of a select group of economists with "Irving Fisher, Frank Graham, Ernest Patterson, Henry Seager, Frank Taussig and Clair Wilcox, representing the 'Who's Who' of the profession” (Cambridge Economic History), "a major work" based on his research into the documented wages of American workers from 1890-1926 (Sills).

Paul Douglas, who was a U.S. senator for Illinois for 18 years, began his career as an economist at the University of Chicago. His landmark first book, Real Wages—"a major work"—came at a time "when economics was sharply divided between the deductive methods of neoclassical theory and the inductive methods of the historical and institutional schools… Douglas made lasting contributions to labor economics… [and] inspired several generations" (Sills, International Encyclopedia of the Social Sciences). Based on decade-long research, Real Wages presents evidence "that workers had gained in real wages by 27 percent since 1890. While businessmen and politicians embraced Douglas' finding as evidence of American progress, Douglas was quick to point out that those gains were not evenly distributed" (Jacobs, Pocketbook Politics, 84). He was one of a select group of economists with "Irving Fisher, Frank Graham, Ernest Patterson, Henry Seager, Frank Taussig and Clair Wilcox, representing the 'Who's Who' of the profession" (Cambridge Economic History VIII: 170-71). "Men of Douglas' range, intensity and dedication are not just unusual, they stride across the national scene only once or twice a generation" (Tobin, Yale Review 62:438). With numerous graphs, tables and charts. Without scarce dust jacket. New Palgrave I:921. With owner signature likely that of noted Dutch economist W.L. Valk.

Interior fresh, only lightest edge-wear to cloth. A fine copy.