London: John W. Parker... 1848. First edition of the leading textbook of economics in the English-speaking world for the best part of fifty years. Complete with the initial blank in the second volume. A very good, crisp copy. Contemporary half calf over marbled boards, gilt-ecorated spines with burgundy morocco labels. Two volumes, octavo. xvi, 593, ; xv, .549,  pp. Item #15994
“John Stuart Mill justified a specialist economics on empirical grounds, and disdained all notion of the universal validity of axioms…He invited consideration of the functioning of an economic system under a variety of alternative institutional arrangements and alternative circumstances, including the ‘stationary state’, although his concern for equitable distribution did not lead him to dispose of the old growth economics. He maintained a modest estimate of the predictive potential of economic science. He recommended model improvement by way of verification against factual evidence, and focused on the mechanics of pricing in the real world of business rather than some ideal world…" (Samuel Hollander, New Palgrave Dictionary).