Michiganensian. [1900]

comprehensive, as the responsibility of the tax-payer for the use to which
his money is put. It means responsiveness to, or vital interest in, everything with which we have relations. It is a responsibility that is selfexecuting and not dependent upon a penalty for its enforcement. The
interest of every alumnus to his Alma Mater constitutes in this sense a
responsibility for the welfare of the University. And Professor Adams
does not insist that that form of ojective property has been discovered
which can create a sense of this responsibility: but just as the astronomer
can determine that there must be a star somewhere influencing' the movements of known planets, so it is reasonable to assume that there is a
form of property to be discovered which can create this responsibility, or
responsiveness. Then the trust will not crush heartlessly the small
employer, then the small employer will not bleed his workmen, and the
workmen will not resort to destructive strikes to g'ain their rilhts, for
each will have shares in this peculiar form of property that will make
them inter-responsive and harmonious.
As president of the American Economic Association, Professor
Adams delivered an address before the session of December, 1!H9, which
attracted universal attention. In Ec7(o/o/ i.s antdl,I iiSlJl'Ir 'c,e the title
under which the address was published in E,)'colric Sdll lies, le calls attention to the confusion in economic theory and the discord in industrial life,
and explains them as due to an inadequate expression by formal law of
fundamental industrial rights; the conception of industrial rihlts lhaving
evolved from the individualistic stage, while the theories of jurislrudence
are those of eighteenth century individualism. The point of view, lie
says, has been shifted from the individual to the wliole; the social interest, the social impulse, the social aim, must be more clearly recognized
by formal rules of conduct. Provided two things in particular find this
formal expression, Professor Adams is willing to trust tile future to voluntary individual association. The two things are riights and responsibility; rights that are fundamental, and a responsibility tlat works in the
same manner to both parties to a contract. Too long has consideration
been given to rights alone, the problem is one of rights ctl(l reslpolsibilify.
This address as translated for Schmoller's.Jahtrbic/lt(l f i' (hesetf(jc, tij1 lotl
lv(lkwc;irt.wchaft im Deut.schere Re eich for 1898, under the title 1l'olX.ir'tschalel 't i(
Ilech t.so idn. wnyg.
So far we have called attention only to Professor Adams' monographs and shorter articles, and not to all of these. His first work, we
have seen, was one in Finance, a subject upon which lie contributed dur