"Life is a compromise of what your ego wants to do, what experience tells you to do, and what your nerves let you do": First Edition of Walter Bagehots Classic work Lombard Street; From the library of noted economist Henry Rogers Seager
Lombard Street: A Description of the Money Market.
Item Number: 4613
New York: Scribner, Armstrong and Co., 1873.
First edition. Octavo, original cloth. In very good condition with some rubbing and wear to the extremities. Bookplate and signature of economist Henry Rogers Seager dated May 24, 1894 Philadelphia. In 1894 Seager started his academic career as instructor in economics at the Wharton School of the University of Pennsylvania, and got promoted assistant professor in 1896 and to adjunct professor in 1902. In 1905 he moved to the Columbia University, where he was appointed professor of political economy. Seager worked as economist was influenced by his training in “English classicism, in the German historical method and in the peculiar Austrian approach of the Austrian School" (Horton, 1968). In 1904 he published Introduction to Economics in 1904, which he later developed into his main work Principles of Economics, published in 1913. First editions are scarce.
The English precursor to Wall Street, London's Lombard Street is the original district of finance and the birthplace of the money market. Fast-paced and highly-charged, it is a hotbed of financial activity whose impact is felt not just nationally, but globally. Though similar in many ways to its American counterpart, this "unequalled fund of floating money" nevertheless possesses a character all its own, the essence of which was brilliantly captured more than a century ago in Lombard Street. "Walter Bagehot was a great economist and a great writer-though there is a question as to which was the greater. Lombard Street, first published in 1873, is more than ever timely in the age of Asian financial flu, Long-Term Capital Management, problems in Russia, Brazil, and on the horizon elsewhere. Central bankers and finance ministers such as Alan Greenspan and Robert Rubin in the U.S., along with leading IMF officials should each sleep with a copy under his or her pillow" (Charles P. Kindleberger). It is a masterpiece of economics, described by J. M. Keynes as 'an undying classic'. It explains the world of banking and finance, particularly financial crisis management.