The Unrealised Prospect of Historical Economics
During the 1880s a number of Oxford students took an interest in political economy, many of whom as students of history developed what has come to be seen as a ‘historical economics’ distinct from the kind of economics fostered in Cambridge by Alfred Marshall. Prominent among these was William Ashley, and also Arnold Toynbee, whose posthumous Lectures on the Industrial Revolution for the first time linked early nineteenth-century political economy directly to the idea of an ‘industrial revolution’, and interpreting British historical experience in these terms. Ashley had attended Toynbee’s lectures in Oxford and then co-edited them into the book; this chapter examines the kind of arguments that Toynbee put forward in the light of Ashley’s own early writings, and his teaching in Toronto and Harvard, where he was founding Professor of Economic History. Detailed examination of Toynbee’s text suggests that Ashley had a larger role in shaping it than hitherto realised, and this insight is then employed to make sense of Ashley’s subsequent ambivalence about contemporary economics, and his occasional disparagement of any economic reasoning that moved beyond the work of John Stuart Mill’s Principles of Political Economy (1848).