In this book, originally published in 1929 Edwin Cannan discussed in comparative terms the general problems of economics and in particular the theories of production, value and distribution and the attempts that had been made to solve them.

Though Cannan, in his early years as an economist, was a critic of classical economics and an ally of interventionists, he moved sharply to the side of classical liberalism in the early 20th century. In this book, originally published in 1929 Edwin Cannan discussed in comparative terms the general problems of economics and in particular the theories of production, value and distribution and the attempts that had been made to solve them. Examining key principles of economics in historical terms, the author draws his own conclusions only after a full discussion of various viewpoints.

'It would be difficult, in the whole range of economic literature, to find passages more closely packed with quintessential wisdom.' Lionel Robbins, The Economic Journal, 1929