Richard Theodore Ely

Professor Richard Theodore Ely

Professor Richard T. Ely (1854-1943) exerted a wide influ­ence among American economists. His Outlines was one of the most widely used texts in colleges and universities, and through his long teaching career at Johns Hopkins and Wisconsin, he did much to shape the course of economic thought in the United States. Sanity and balance mark Ely's mature work. He may, on the whole, be classed as one of the older Historical School; and his continued emphasis of the significance of social institu­tions, and especially those connected with property and con­tract, has been an important factor. Professor Ely, in his earlier days, was criticized for "socialistic tendencies." Time has proved that in reality he stood for a golden mean in social reform that now is the ground upon which the fallacies of real Socialism can most effectively be met