This book investigates the economic theories and contributions of John Rae, a lesser-known but influential figure in the development of economic thought. It examines his seminal work, 'The New Principles of Political Economy', published in 1834, which predated and anticipated many key ideas later developed by economists such as John Stuart Mill and Thorstein Veblen. The analysis focuses on Rae's original insights into capital, interest, and the role of invention and innovation in economic progress.

This work is recognized for its scholarly examination of John Rae's significant, yet often overlooked, contributions to economic theory. It serves as a crucial resource for understanding the historical development of economic thought, particularly concerning capital and innovation. The book highlights Rae's prescient ideas that foreshadowed later developments in the field, making it a valuable read for economic historians and theorists.