LAUGHING PHILOSOPHER, a char acterization of Democritus of Miletus (q.v.). He laughed at the follies of man and is dis by this epithet from the sweeping osopher,) Heraclitus, who mourned for uman depravity and infatuation. LAUGHLIN, lanin, James Laurence, American political economist and educator: h. Deerfield, Ohio, 2 April.1850. He was gradu ated from Harvard in 1873. In 1878 was ap pointed instructor of political economy there and was assistant professor 1883-87. From 1887 to 1890 he was president of the Manu facturers' Mutual Insurance Company of Phila delphia; in 1890-92 professor of political econ omy at Cornell; and in 1892 became head professor of the same department in Chicago University. In later years he has given special attention to the study of financial questions; in 1894-95 he prepared a scheme of monetary reform for the San Domingo government which was later adopted; and he has been a member of the monetary commission created by the Indianapolis Monetary Conference in 1897. He
is a member of the International Institute of Statistics and of the Political Economy Club, of which he was one of the founders. He has written 'An lo-Saxon Legal Procedure in Anglo-Saxon Laws) (1876); 'Study of Polit ical Economy) (1885): 'History of Bimetellism) (1886),.a comprehensive treatment of the sub ject; 'Elements of Political Economy) (1887) ; 'Gold Prices since (1887) ; 'Facts about Money' (1895) ; 'Report of Monetary Com mission) (1898) ; 'Principles of Money) i (1902? ; 'Reciprocty) (1903) • (Industrial America) (1906) ; Aus dem Ainerikanischen Wirtschaftsleben' (1907) ; 'Latter-Day Prob lems' (1909) ; and has prepared an abridged edition of Mill's 'Principles of Political Econ omy) (1884) with a short biography and a sketch of the history of political economy. He was editor of the Journal of Political Economy, and was one of the founders of the Quarterly Journal of Economics, to which he has con tributed frequently.