Gallagher attempts to organize British Victorian novels and economic criticism with two well-defined conceptual tools: bioeconomics and somaeconomics. The first covers those concerned with looking at Victorian economic writings from the vantage point of life and death (Malthus), while the latter follows the lines of utilitarianism initiated by Bentham and having to do with questions of pleasure and pain. These concepts are applied to the developments (and rejections) of political economy over the span of the XIXth century. What was most helpful to me is her use of these concepts in relation to her readings of Dickens's Our Mutual Friend (bioeconomic) and Hard Times (somaeconomic) while comparing these novels to the work of John Ruskin (Munera Pulveris,1871 is used to help elucidate Dickens's last novel Our Mutual Friend).
Gallagher has a great skill in combining her grasp of theory in both economics and literature to her sound readings of Malthus, Ricardo, Ruskin, Dickens, and Eliot. There are other treats as well. Throughout the book she includes excellent observations on other writers (i.e. Herbert Spencer) that generally don't receive much attention. Gallagher states in her introduction that students of literature (esp. from the early XXthc. to the present) have generally overlooked the great political economists of the XIXth century in part because of the "packaging" of their thought as ideological, irrelevant, or simply useless. Such labels should never prevent us from engaging with these texts. This practice can be noted even in editing practices, where little or no information is given about economic issues that determine the outcome of realist novels. Here I would signal a great exception in some British editing practices, esp. those influenced by Ian Small. Today we can no longer afford to dismiss economic thought from our analyses (nor should we have in the past!) of literary works and certainly not from our editing practices. To do so is essentially to misread, or to cause to misread, and thereby to treat the Victorians unhistorically. Any Victorianist should know this. When I began looking at some of the anthologies from two or more decades ago I find small pieces from Ruskin, Morris, Marx, and Engels. Rarely Smith, Ricardo, or Jevons. The new economic criticism does not ignore these "Other" contributions to the development of economics. Gallagher's readings attempt to go beyond simple models of production, distribution, and consumer economics to consider the effects of other economic thought as well.
Gallagher does not treat the late XIXth century with as much detail as she does the High Victorian period. For those interested in the period following 1871 (the year that marks the shift, the "Marginalist Revolution") I would recommend (for late British) Regenia Gagnier and Ian Small. Walter Benn Michaels (The Gold Standard) is still the best for late XIXth c. American literature and economics. I also highly recommend Gallagher's The Industrial Revolution of English Fiction (1988) which will provide a broader context for The Body Economic.