"The intoxication of power rapidly sobers off in the knowledge of its restrictions and under the prompt reminder of an ever-present and not always considerate press": Inscribed by President Taft to Economist Laurence Laughlin
Washington, D.C: U.S. Govenment Printing Office, 1912.
First edition. Octavo, original wrappers. Inscribed by the author on the front panel, “For Professor Laurence Laughlin with my compliments William H. Taft January 9, 1913.” The recipient Laurence Laughlin was an was one of the leading economists in America in the early twentieth century and helped to found the Federal Reserve System. Laughlin taught at Harvard University for five years, at Cornell University for two years, and then became the department-head of the new economics department at the University of Chicago from 1892 to 1916. Notably, he appointed many economists with whom he avidly disagreed, such as Thorstein Veblen, to high positions at the university. He was a member of the Indianapolis Monetary Commission, organized in 1897, and prepared its report, one of the important documents in the history of American banking and monetary reform. In fine condition. A nice association.
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