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number of the Quarterly Journal of Economics, never fails to bring the discussion back to the fundamental concept, that "the essential fact in regard to rent is that it does not enter into cost of production."

This being the final test in regard to "rent," why not call that part of the entrepreneur's return which satisfies this condition the "rent" of the entrepreneur. In doing so we not only secure a short and convenient name, 'rent," for that surplus which is determined by price, but we release another term, "profit," which we might be able to utilize in connection with our "price-determining surplus."

We would again repeat, that no matter how confused economists may have been in the use of the term "profit," they seldom failed to hold that profits entered into the determination of price. Hence the appropriation of this term "profit," to characterize the "price-determining surplus," would agree with the traditional use of this word in economic literature, at least so far as this fundamental cleavage plane is concerned.

On the other hand it must be admitted that the use suggested by President Walker is more in keeping with ordinary practice, and has now become incorporated in some measure into our literature. We would also willingly grant, that it is less important just what terms shall be adopted, than that there should be an agreement upon some terms that will avoid the confounding of the two forms of surplus.

Whether these two forms of surplus can be said to arise, in the case of the other factors in production, is too large a question to be included within the limits of this paper. But before there can be any extension of the terms "rent" and "profit" to these factors, it must first be shown that they, like land and entrepreneur, give rise to a "price-determined" and "price-determining surplus."

It is not given to any one person to say what terms shall be adopted. This can only result from the establishing of some concensus in the matter among economists generally. A single writer may show, as we have endeavored to do,

that a new concept has arisen, and that the failure to reach any agreement as to the terms employed, has resulted in growing confusion; he may then, as we have done, suggest such terms or use of terms as seem to him to avoid this confusion.

Again, too much must not be expected from these or any other equally short terms. If consciously or unconsciously, we think of these as meaning "differential” and “marginal surplus;" or "individual" and "group surplus;" or in fact anything but "price-determined" and "price-determining surplus," we are likely sooner or later to end in confusion. This is the fundamental difference between these two forms of surplus, which must ever be borne in mind.

When we write "rent," we should think "price-determined surplus;" and when on the other hand we write "profit," it is "price-determining surplus" that should be called up in our minds. If it is thought wiser to look for other terms than those here suggested, we can only urge that they should be such as will not cause us to lose sight of this, the real economic difference between these two forms of surplus.





Bryn Mawr.-Dr. Lindley M. Keasbey,* of the University of Colorado, has been appointed Associate Professor in Political Science at Bryn Mawr College. Professor Keasbey has recently published

"The Economic State,” Political Science Quarterly, December, 1893. "The New Sectionalism," Forum, January, 1894.

Columbia College.-Professor Franklin H. Giddings † has accepted the chair of Professor of Sociology at Columbia College, and will assume charge of the department in the next academic year. Professor Giddings will lay especial stress upon the investigation of social conditions in the city of New York. A complete list of his publications has been given in previous issues of the ANNALS. It remains only to notice

"Theory of Sociology," Supplement to ANNALS, July, 1894 (present number).

New York City.—John Jay, a distinguished member of the New York bar, and a publicist of repute, died on May 5, 1894. He was born in New York on June 23, 1817, and was a grandson of John Jay who occupied so prominent a position during the early days of the United States. Mr. Jay graduated from Columbia College in 1836 and was admitted to the bar in 1839. He soon became well known for his opposition to slavery, and took part as attorney in a number of slave cases. He was prominent in the organization of the Republican party in 1855. In 1869 he was appointed Minister to Austria, which position he resigned in 1875. In 1883 President Cleveland appointed him the Republican member of the New York Civil Service Commission.

Mr. Jay was active in the early history of the American Geographical and Statistical Society and was a member and for a long time manager and corresponding secretary of the New York Historical Society. He was also a member of the American Academy of Political and Social Science. He wrote many pamphlets on slavery, the church and political subjects, some of which are:

"The Dignity of the Abolition Cause," 1839.

"Caste and Slavery in the American Church," 1843.

"The Public School the Portal to the Civil Service."

"The American Church and the American Slave Trade," 1860.

* ANNALS, vol. iii, p. 373, November, 1892.

† ANNALS, vol. ii, p. 249, September, 1891; vol. iii, p. 235, September, 1892.

"The Great Conspiracy and England's Neutrality," 1861. "America Free or America Slave, 1867.

"The Church and the Rebellion."

"On the Passage of the Constitutional Amendment Abolishing Slavery."

"Rome in America."

"The American Foreign Service."

"The Memories of the Past," 1867.


Leipzig. Dr. Wilhelm Roscher, the Nestor of German Political Economy, died at Leipzig, June 4, 1894, in his 77th year. He was born October 21, 1817, at Hanover, and studied, in the years 1835 to 1839, at the Universities of Göttingen and Berlin. In 1838 he took the degree of doctor of philosophy at Göttingen, where in 1840 he became Privatdozent for History and Economics. In 1843 he was appointed extraordinary, and 1844 ordinary professor. In 1848 he was called to Leipzig where he has since remained, declining repeated calls to other universities, Zurich, Vienna, Munich and Berlin.

Dr. Roscher has achieved a lasting fame as the founder of the historical school of political economy and many learned associations have delighted to do him honor. The life and services of such a man can only be briefly indicated here, an adequate presentation being. reserved for another issue of the ANNALS. His principal publications


"De historica doctrinæ apud sophistas maiores vestigiis." 1838. "Leben, Werk und Zeitalter des Thukydides," Göttingen, 1842. "Grundriss zu Vorlesungen über die Staatswirthschaft nach geschichtlicher Methode," Göttingen, 1843.

"Ueber Kornhandel und Theuerungspolitik," Stuttgart, 1847 (3d edition, 1852).

"Kolonien, Kolonialpolitik und Auswanderung," Leipzig and Heidelberg, 1848.

"System der Volkswirthschaft,” Vol. I.

"Die Grundlagen der

Nationalōkonomik," Stuttgart, 1854 (20th edition, 1892).

Vol. II. "Nationalökonomie des Akerbaues und der verwandten Urproduktionszweige," Stuttgart, 1859.

Vol. III. "Nationalökonomie des Handels und Gewerbefleisses," Stuttgart, 1881.

Vol. IV. "System der Finanzwissenschaft,” Stuttgart, 1886.

"Ansichten der Volkswirthschaft aus dem geschichtlichen Standpunkte," Leipzig, 1861.


'Betrachtungen über die Währungsfrage der deutschen Münzreform," Berlin, 1872.

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· Geschichte der Nationalõkomik in Deutschland,” München, 1874. "Politik, Geschichtliche patenlehre der Monarchie, Aristokratie und Demokratie," Stuttgart, 1892.

Furthermore a series of essays in periodicals, too numerous to admit of individual mention.

Lindheim, Hesse-Darmstadt.-The Chevalier Léopold de SacherMasoch died at Lindheim on May 6, 1894. He was born in 1836 at Léopol in Lemberg. He received his early education at home, then studied at the lycées at Léopol and Prague, and finished with a university course, receiving the degree of Ph. D. He became Professor of History at the University of Gratz, a position which he resigned in 1859 to enter the Austrian army as a volunteer. The success which attended the publication of his first novel, "Don Juan de Kolomea," caused him to decide to devote all his attention to literature. He contributed to a number of French and German reviews, and in 1881 founded, at Leipzig, an international journal called Auf der Höhe, which was inimical to the German imperial government. On account of illness he was forced to suspend his journal and to retire to his country residence at Lindheim. On account of his literary work he received from the French government membership in the Legion of Honor. He was an authoritative historian. One of his most important books was his "Prussians of To-day " (Die Ideale unserer Zeit), a bitterly sarcastic work published in 1875. Among his other works


"Der Aufstand in Ghent unter K. Karl V.," 1857.

"Ungarns Untergang und Maria von Oesterreich," 1861. "Kaunitz," 1865.

"Le dernier Roi des Magyares," 1867.

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