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346 The Origin of Economic Ideas

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richesses ( I 7 66) Mercier de la Riviere, Ordre nature[ et essentiel des societes politiques ( 1767) Adam Smith, An Inquiry into the Nature and Causes of the Wealth of Nations

(1776) Jeremy Bentham, An Introduction to the Principles and Morals of Legislation

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the Future Improvement of Society with Remarks on the Speculations of Mr. Godwin, M. Condorcet, and other Writers ( 1798 and 1803)

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1827) David Ricardo, On the Principles of Political Economy and Taxation (1817) James Mill, Elements rif Political Economy (1821) Jane Haldimand Marcet, Conversations on Political Economy (1816) _______ ,,John Hopkins' Notions on Political Economy (1833) _______ ,,Rick and Poor (1851) William Thompson, An Inquiry into the Principles of the Distribution of

Wealth Most Conducive to Human Happiness (1824) Thomas Hodgskin, Labour Difended against the Claims of Capital ( 1825) Archbishop Richard Whately, Introductory Lectures on Politial Economy

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Applications to Social Philosoplry (1848) Karl Marx, The Poverty of Philosophy (1846-7) -------• A Contribution to the Critique of Political Economy (1859) ------, Capital, vol. I (1867), vol. II (1893), vol. III (1894) Reverend Richard Jones, Literary remains consisting of Lectures and Tracts on

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347

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Philip Henry Wicksteed, The Alphabet of Economic Science (1888) -------• The Common Sense of Political Economy (1910) Alfred Marshall, Principles of Economics (1890) John Bates Clark, The Distribution of Wealth ( 1899) Knut Wicksell, Lectures on Political Economy (1910) Vilfredo Pareto, Manual of Political Economy (1907) Frank H. Knight, Risk, Uncertainty and Profit (1921) Edward Hastings Chamberlin, The Theory of Monopolistic Competition, A

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2. Critical studies of economic method

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1980). Eichner, Alfred S. (ed.), A Guide to Post-Keynesian Economics, with a

Foreword by Joan Robinson (White Plains: M. E. Sharpe, 1978). -------• (ed.}, Why Economics is not yet a Science, with a Preface

by Wassily Leontief (London: Macmillan, 1983). Galbraith, John Kenneth, The AjJ/uent Society (Harmondsworth: Penguin,

1958).

348 The Origin of Economic Ideas

Green, Francis and Nore, Petter (eds), Economics: An Anti-Text (London: Macmillan, 1977).

-------, (eds), Issues in Political Economy, A Critical Approach (London: Macmillan, 1979)

Heilbroner, Robert L. (ed.), Economic Means and Social Ends: Essays in Political Economics (Englewood Cliffs, NJ: Prentice-Hall, 1969).

Hollis, Martin and Nell, Edward, Rational Economic Man - A Philosophical Critique of Neo-Classical Economics (Cambridge University Press, 1975).

Hunt, E. K. and Schwartz, Jesse G., A Critique of Economic Theory (Harmondsworth: Penguin, 1972).

Hutchison, T. W., Economics and Economic Policy in Britain 1946-1966 (London: Allen & Unwin, 1968).

-------, Knowledge and Ignorance in Economics (Oxford: Basil Blackwell, 1977).

_______ ,, On Revolution and Progress in Economic Knowledge (Cambridge University Press, 1978).

Jones, Richard, Literary Remains, ed. William Whewell (London: John Murray, 1859).

Kadish, Alon, The Oxford Economists in the Late Nineteenth Century (Oxford: Clarendon Press, 1982).

Kamarck, Andrew M., Economics and the Real World (Oxford: Basil Blackwell, 1983).

Katona, George, Psychological Ana!Jisis of Economic Behavior (New York: McGraw-Hill, 1951).

Katona, George and Strumpel, Burkhard, A New Economic Era (New York: Elsevier, 1978)

Katouzian, Homa, Ideology and Method in Economics (London: Macmillan, 1980).

Klamer, Arjo, The New Classical Macroeconomics - Conversations with New Classical Economists and their Opponents (Brighton: Wheatsheaf Books, 1984).

Kornoi, Janos, Anti-Equilibrium (Amsterdam: North Holland, 1971). Kregel, J. A., The Reconstruction of Political Economy - An Introduction to

Post-Keynesian Economics (London: Macmillan, 1973). Latsis, Spiro (ed.), Method and Appraisal in Economics (Cambridge

University Press, 1976). Lekachman, Robert, Economists at Bay (New York: McGraw-Hill, 1976). Leslie, Thomas Edward Cliffe, Essays in Political Economy (London:

Longmans, Green, 1888). Levine, David P., Economic Studies: Contributions to the Critique of Economic

Theory (London: Routledge & Kegan Paul, 1977). Livingstone, Ian et al. (eds), The Teaching of Economics in Africa (London:

Chatto & Windus, 1973). Loeb!, Eugen, Humanomics (New York: Random House, 1976). Lowe, Adolph, On Economic Knowledge (White Plains: M. E. Sharpe, 1977). Lutz, Mark and Lux, Kenneth, The Challenge of Humanistic Economics

(Menlo Park, Cal.: Benjamin/Cummings, 1979). Martin, K. and Knapp, J. (eds), The Teaching of Development Economics

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&onomic Theory (Gainesville: University Presses of Florida, 1974). Robinson, Joan, &onomic Philosophy (Harmondsworth: Penguin, 1964). Routh, Guy, The Origin of Economic Ideas (London: Macmillan, 1975; new

edn, 1989). Schoeffler, Sidney, The Failures of &onomics: A Diagnostic Study (Cam­

bridge, Mass.: Harvard University Press, 1955). Shackel, G. S. L., Epistemics and &onomics: A Critique of Economic Doctrints

(Cambridge University Press, 1973). Sismondi, Simonde de, Nouveaux Principes d'Economie Politique 1st edn,

1819; 2nd edn, 1827. Thurow, Lester, Dangerous Currents: The State of Economics (Oxford

University Press, 1983). van Meerhaeghe, M.A. G., &onomic Theory, A Critic's Companion (London:

Martinus Nijhoff, 1980). Veblen, Thorstein, The Place of Science in Modern Civilisation and other

Essays (New York: Russell & Russell, 1961). Walker, E. Ronald, From Economic Theory to Policy (University of Chicago

Press, 1943). Ward, Benjamin, What's Wrong with Economics? (New York: Basic Books,

1972). Whynes, David (ed.), What is Political &onomy? (Oxford: Basil Blackwell,

1984). Wiles, Peter, Price; Cost and Output (Oxford: Basil Blackwell, 1961). Wiles, Peter and Routh, Guy (eds), &onomics in Disarray (Oxford: Basil

Blackwell, 1984). Woo, Henry K. H., What's Wrong with Formalization in Economics?

(Newark, Cal.: Victoria Press, 1986). Wootton, Barbara, Lament for Economics (London: Allen & Unwin, 1938).

(b) Papers from the journals (in chronological order) Ingram, John Kells, 'The Present Position and Prospects of Political

Economy' (Presidential Address to Section F of the British Association, 1878). Reproduced in S. Howard Patterson (ed.), Readings in the History of Economic Thought (New York: McGraw-Hill, 1932).

Hoxie, Robert F., 'On the Empirical Method of Economic Instruction', The Journal of Political Economy, 1901.

Veblen, Thorstein, 'Professor Clark's economics', Quarter!J Journal of Economics, 1908.

-------• 'The Limitations of Marginal Utility', journal of Political Economy, 1909.

Clapham,J.H., 'Of Empty Economic Boxes', Economic]ournal, 1922. Sraffa, Piero, 'The Laws of Returns Under Competitive Conditions',

Economic Journal, 1926. Beveridge, William, 'The Place of Social Sciences in Human Knowledge',

Politica, 1937. Schumpeter,Joseph A., 'Science and Ideology' (Presidential Address to the

350 The Origin of Economic Ideas

American Economic Association, 1948), American Economic Review, 1949.

Bou1ding, Kenneth, 'The Economics of Knowledge and the Knowledge of Economics' (Richard T. Ely Lecture, 1965),. American &onomic Review, 1966.

Leontief, Wassily, 'Theoretical Assumptions and Nonoberved Facts' (Presidential Address to the American Economic Association, 1970), American &onomic Review, 1971.

Phelps Brown, E. H., 'The Underdevelopment of Economics' (Presidential Address to the Royal Economic Society, 1971), Economic journal, 1972.

Worswick, G. D. N., 'Is Progress in Economic Science Possible?' (Presiden­tial Address to Section F of the British Association, 1971), &onomic Journal, 1972.

Robinson, Joan, 'The Second Crisis of Economic Theory' (Richard T. Ely Lecture, 1971), American &onomic Review, 1972.

Kaldor, Nicholas, 'The Irrelevance of Equilibrium Economics', &onomic journal, 1972.

Galbraith,]. K., 'Power and the Useful Economist' (Presidential Address to the American Economic Association, 1972), American Economic Review, 1973).

Dubs, L.A., 'Economics: A "Science" in Quotes', Economic AnalJisis and Policy, 1979.

Phelps Brown, E. H., 'The Radical Reflections of an Applied Economist', Banca Na.(.ionale del Lavoro QparterlJI Review, 1980.

Etzioni, Amitai, 'Founding a New Socioeconomics', Challenge, Vol. 29, no. 5, 1986.

Index

Abstinence, 40, 160-2, 246-7, 249, 260

Accumulation, 100-3, 105, 179 Achilles, 220, 296 Agents of production, 129, 130-3,

160-l, 252 Alexander the Great, 150 Allen, R. G. D., 246-6, 347 Althrop, Lord, 189 A priori method, reasoning, 25;

Leslie on, 9-10; in Malthus, Ill; in Ricardo, 120, 143, 156; Sidgwick on, 12; Whewell on, 7

Aquinas, T., 29 Aristotle, 29 Arkwright's water frame, 84 Arnold, T. W., 310-11, 347 Ashley, W. J., 163n., 179n. Automatons, 207, 217 Ayres, C. E., 347

Babeuf, 106 Bacon, F., 340 Bagehot, W., 9-11, 224 Balogh, T., 347 Bastiat, F., 225, 228 Beeton, H. R., 278 Beggars' Banquet, 195-6 Bell, D., 347 Bensusan-Butt, D. M., 347 Bentham, J., x, 18, 222-5, 239-40,

261, 281, 346 Berle, A. A., 325 Beveridge, W., 18-19, 28, 306,

349; quoted by Lipsey, 320 Black, R. D. C., 227n. Black Death, 30 Black Dwarf, 137

Blanqui, L., 201 Blaug, M., 220, 277n., 347 Bodio, M., 223 Bohm-Bawerk, E. von, 219, 258-9 Boisguillebert, P., 51, 55-60, 225,

345; circular flow, 140, 147; followed by Quesnay, 74, 75; on gluts, 148, 166, 287; on liquidity preference, 139; on taxes, 69

Boulding, K. E., l6n., 20-1, 28, 54, 350

Boulton and Watt engines, 84 Bowley, M., 157-8 Bourgeoisie, 202 Boyle, R., 35 Brougham, Lord, 153, l54n., 156,

157n., 189 Brown, A., 266n. Buchanan, D., 91 Bukharin, N., 269n. Burnett, J., 153n. Business cycle, 208-11

Cairnes,J. E., 54, 171,223,278, 322

Calvin, 30 Cannan, E., on employment, 286-

7, 288, 290; on Wealth of Nations, 84n., 85, 87, 9ln., l08n., liOn.

Cantillon, R., 61, 62-8, 86, 345; abandoned by Senior, 148; followed by Malthus, 107-8, Quesnay, 71, 72, 74, Smith, 89, 97, 98; land wealth, 226; pre-history of capitalism, 3n.; reproduced by Postlethwayt, BOn.

351

352

Capital, as abstinence, 160-2; services, 250, 254, 258; circulating and fixed, 92-4, 178, 191; concentration of, 207; constant, 206, 209, 211; demand increased by its employment, 136, 138; as goods of higher order, 247-8; idle, 164; immobility between countries, 119; Jevon's theory of, 245-6; marginal efficiency of, 175, 297, 307; as 'natural' category, 13, parsimony prevents employment of, 139; redundant, 137; Ricardo on, 117; Smith on, 101-3

Capitalist system, 198, 21 7 Capital intensity, 159 Capitalism, breakdown of, 291;

development of, 125; criminal element in, 171; entrepreneur in, 130; Keynes as saviour of, 308; turbulence of, 281; views of, 105, 106, 146, 148, 196, 295

Carey, H. C., 163 Carlyle, T., 64 Catherine the Great, 69, 78n Cato Street Conspiracy, 135 Chalmers, T., 180 Chamberlin, E. H., 176, 272-7,

295n., 347 Chance, 198 Chapman, M. W., 135, 196-7 Charity schools, 64 Charles I, 34 Clapham, J. H., 15-16, 349 Clark, J. B., 14, 219, 267, 269, 347;

Veblen on, 12, 13 Clark, M., 14 Classless society, 216 Class struggle, 200, 203, 214-16 Cobban, A., 226n. Colbert, J. B., 55 Cole, G. D. H., 171n. Combination Acts, 106 Commission on the Employment of

Children, 126 Commons, J. R., 168 Communism, 173-4, 181, 260

Index

Communist Manifesto, 199-208,291 Communist Party, 200 Comparative advantage, 118-20,

175 Competition, 15, 17, 103, 143, 167-9,

181, 196;imperfect, 15,20,269-77, 313, 327; monopolistic, 15, 17, 20, 269-77,294, 313; perfect, 253,267, 269, 270, 281, 290, 313; pure, substituted for, 272

Condorcet, A.-N. de, 107 Confidence, 61, 287-8 Consumers, 321-5; behaviour, 14,

42n., 266n.; capacity for enjoyment, 262; ophelimity, 263; services, 258-9; sovereignty, 24, 28, 318, 323; surplus, 219

Consumption, 12, 188, 298; complementary and competitive goods, 265; conspicuous, 52; fluctuations in, 57, 144-8, 307; influence on production, 164; unproductive, 141

Co-operation, 196 Corn Laws, 225 Cournot, A., 16, 278 Cranston, M., 47 Crises, 59, 61, 201-2, 209-11, 217,

290 Custom and usage, 12, 13, 167-9,

181

Daire, E., 55n., 62, 77n. Dante, 29 d' Arnouville, M., 69 Darwin, C., 25 D'Avenant, C., 45, 61, 62, 308, 345 Deane, P., SOn., 84n., 125n., 160n. Deaton, A., 266n. de Azurara, G. E., 31 Decennial cycle, 208 Defoe, D., 62 de Ia Riviere, M., 69, 78, 346 de Maintenon, 70n. de Malynes, G., 32-3, 345 Demand and supply, 16, 26, 120,

123-5, 128, 258, 295, 312; elasticities of, 27; introduction

Index

of, 46-54 passim, 231; John Law on, 61; of1abour, 63, 64; and margina1ism, 148; in Say's Law, 140; versus cost of production, 118, 175-7

de Mandeville, B., 52n., 140, 148, 345

de Pompadour, 70, 71n., 76 Depression, 3, 4, 18, 106, 134-48,

155, 180, 283-6, 308; see also Gluts

De Quincey, T., 176 Desaguliers, J. T., 87 Descartes, R., ix, 340 de Toqueville, 226 Dialectic, 215-16 Diderot, D., 79 Differential calculus, 15, 224,

236-9 Discretionary expenditure, 59n.,

138-9 Disraeli, B., 226 Division of labour, 36, 37, 85-7,

95, 228 Douglas, J., 84 Drake, Sir F., 31n. du Halde, J. B., 107, 108 du Hausset, 71n. Duhs, L.A., 350 Dunlop, J. T., 307 Duns Scotus, 29 Dupont de Nemours, 69, 70, 77-8,

346

East India Co., 34, 162 Eatwell, J., 337 Eccentric Spheres, 341 Economic man, 12, 61 Economic Table, see Tableau

IEconomique Economies of scale, 36, 37 Economists' visions, 341 Edgworth, F. Y., 219, 261-3, 265,

278, 293, 322, 347 Edict of Nantes, 70 Effective demand, 137, 297, 304 Eichner, A. S., 347 Einstein, A., 18

Elasticity, 27, 49, 123, 219 Elliot, H. S. R., 158n. Ely, R. T., 10n., 219

353

Empirical observations, 320 Employment, 12, 23, 25, 43, 147 Engels, F., 198-217 passim, 221,

290 Entrepreneur, 268; job description,

132; pay of, 133, 296; role of, 67-8, 130-1, 258-9, 300-1, 304

Equlibrium, 26, 54, 58, 198, 217, 270, 277-8, 281, 318, 327; breakdown of, 59, 147; diminishing returns needed for, 15; in international trade, 175; limiting point, 293; and maximisation, 219, 251

Etzioni, A., 350 Evelyn, J., 35 Ex ante and ex post, 305, 333 Excess capacity, 274-5, 327, 335

Factor substitution, 27, 267-8 Factors of production, 266-9 Factory Acts, 158-60 passim Fawcett, H., 178 Filson, A. W., 171n. Fluctuations, 101, 155-6, 191, 307 Forensic economics, 191-2 Fourier, C., 104, 106, 221 Foxwell, H. S., 221 Freedman, R., 199 Frugality, 82, 129-30 Full-cost pricing, 213, 328

Galbraith, J. K., 20, 24, 28, 169, 319, 347, 350

Gandy, D. R., 216 General equilibrium, 335 Ghengis Khan, 150 Gluts, 56, 143-8, 164-7, 245, 287 Gobelins tapestry, 55 Godwin, W., 5, 107, 110 Goldsmith, 0., 81 Gordon, D. F., 26 Gossen, H., 220, 222-3 Granut, J., 35, 36, 43, 345 Gray, J., 221

354

Green, F., 348 Gromelgaynor, 30

Hague, D. C., 338 Haldimand, Sir F., 182 Halley, E., 65 Hammond, J. L. and B., 126n.,

15ln., 158n. Hannington, W., 264n. Hargreaves's spinning jenny, 84 Hard core, 317, 335-7, 341 Harrod, Sir R., 287, 29ln., 306,

312 Hawtrey, R., 306 Hayek, F., 331 Hegel, G. W. F., 203; influence on

Marx, 214-16 Henry the Navigator, 31 Heilbroner, R., x, 338-9, 348 Herford, C. H., 277n., 278 Hess, M., 200 Hicks, Sir J., 2n., 219n., 264-6,

331-5, 344, 347 Higgs, H., 62n., 67n., BOn. Hilton, P. ]., 329n. Himmelfarb, G., 107n. Hitler, A., 289 Historical materialism, 203 Hobbes, T., xii, 18 Hodgskin, T., 5, 220, 22ln., 346 Hogarth, R. M., 343n. Hollis, M., 348 Holroyd, M., 29ln. Hopkins, H., 309 Horner, L., 159, 160 Howey, R. S., 223n., 266n. Hoxie, R. F., 349 Hull, C. H., 35n., 45 Hume, D., xii, 18, 81-2, 91, 93,

101, 140, 317, 345 Hunt, E. K., 13n., 348 Hutchison, T. W., x, 316n., 348 Hutton, G., 289n.

Imperfect competition, see Competition, imperfect

Income, 12, 38, 55, 57, 140, 187, 295

Income effect, 219, 265 Indifference curves, 263-6 Induction, 7, 10

Index

Industrial relations, 96-7,211-13, 293-4

Industrial reserve army, 207-8 Inferior goods, 323 Inflation, 147, 295 Ingram,]. K., 8, 9-11,349 Innovation, 314-15 Inter-disciplinary studies, 6, 10,

20-1, 22 Interest, 13, 30, 36, 146; not

immoral, 249-50; Keynes on, 302-3; Locke on, 47-8; Mill on, 172-5; North on, 50-1; as reward for forbearance, 40-1, 129-30, 246; same as wages, 260

Invisible hand, 87, 94, 103, 140, 317, 320

IS-LM, 331-5

Jackson, D., 338 Jaffe, W., 223n., 254n. Jennings, R., 220, 222-3, 243, 248 Jevons, W. S., 218, 248, 249, 257,

259, 260, 261; on business cycles, 287; defence of laissez:faire, 281; on factor prices, 266; gloomy predictions, I 79; hostile reception to, 223; introductory lecture, 227-30; mathematical economics, 15; opposed Ricardo and Mill, 224-5; precursors of, 127, 182, 222-3; Shaw on, 278; theories of239-47; views on reform, 226-7, 347

Job evaluation, 63 Jolly R., 4n. Joint-stock companies, 169-70 Jones, R., 3n., 6-8, 28, 224, 272,

306, 346-7' 348 Jones-Loyd, 158n., 160 Just price, just wage, 29-30, 38,

46, 54, 58, 63, 99, 124

Kadish, A., 348

Index

Kaldor, N., 350 Kamarck, A. M., 348 Katona, G., 59n., 138n., 348 Katouzian, H., 348 Keynes, J. M., xii, 2n., 15, 106n.,

219n., 347; aim of General Theory, 293-4; antecedents, 291-2; anticipations of, 40, 43, 52n., 61, 75, 164, 167, 175, 210; on confidence, 318; on Edgworth, 26ln., on Jevons and Marshall, 243; on Miss Martineau, 187; model, 296-8, 298, 304; objectives, 296; on rentiers, 295-6

King, G., 35n. Klamer, A., 316, 348 Knapp, J., 348-9 Knight, F. H., 269-70, 347 Konekamp, R., 227 Kornoi, J., 348 Koutsoyiannis, A., 338 Kregel, J. A., 348 Kuhn, T. S., 26

Labour, 13; contributes to capital, 160-1; demand and supply, 124; fund for support of, 142; immobility of, 100, 119; pain of, 146, 243-5; productive and unproductive, 100-1, 136, 210-11; productivity of, 72; as personal services, 254, 258; similar to abstinence, 162; socially necessary, 206; theory of value, 37-8, 39, 49, 119, 143; revoked by Marx, 211-13; surplus, 206

Laisse;:.-faire, 1, 3, 18, 45, 60, 61, 75, 105, 106, 114, 181, 198, 251, 259, 277, 281; as utopia, 322 Land, 13, 38, 66, 179, 250, 254,

258; and labour, par between, 39-40, 66

Landlords, 73-4,91, 105, 117, 129, 131, 193

Lakatos, Imre, 317 Lasalle, F., 220

Latsis, S., 348 Law, J., 61, 62 Law of Settlement, 153 Law of Value, 212 League of the Just, 200

355

Leibnitz, G. W., 236-7 Lekachman, R., x, 291n., 310, 348 Leontief, W., 20-1, 350 Lerner, A. P., 19 Lerner, M., 162n., 18ln. Leslie, T. E. C., 8-10, 28, 224, 272,

348 Levine, D. P., 348 Levy, S. L., 154n., 156n., 157n.,

158n. Linder, M., 316n. Lipsey, R. G., 316-37 passim Liquidity preference, 41, 54n., 147,

167, 303, 307 Livingstone, 1., x, 348 Lloyd, W. F., 220 Locke, J., xii, 18, 19, 46-50, 55,

60, 70, 221, 345 Loeb!, E., 348 London School of Economics, 319 Loria, A., 212-13 Lowe, A., 123n., 329-30, 348 Lumpenproletariat, 202 Luther, M., 30 Lutz, M., 348 Lux, K., 348

Machinery, 18, 86, 115, 116, 135, 159, 178, 190, 192, 280

Major, J., 310n. Mallet, J. L., 156-60 Malthus, T. R., 6, 44, 105, 346;

anticipated by Cantillon, 62, 64; on gluts, 61, 134-48 passim; on economics, 121-5; on methodology, 122; and Miss Martineau, 190, 196; on population, 107-14, 219; dispute with Senior, 148-51; supported by Ricardo, 121; Thompson on, 5

Mantoux, P., 85n., 125n. Marcet, J. H., 105, 182-4, 188,

189, 346

356

Marginal efficiency of capital, 175, 297' 307' 333

Marginal rate of substitution, 219, 265-6

Marginal theory, 11, 27, 219; constituents of, 231-9; Edgworth on, 261-2; Jevons on, 239-47; Menger on, 247-50; origins of, 148, 186, 220-3; Pareto on, 262-4; productivity, 40, 248, 266-9, 281, 294-5, 322; utility, 13, 222-4,240-1,252,257,265,266,313, 322, 324; Walras on, 251-60

Marshall, A., 2, 12, 15, 40, 103n., 219,291,293,308, 347; fair profits, 272; on Jevons, 223n., 243, 257, 265, 278; on unemployment, 287-8

Macroeconomics, 329-35 Market, allocation of resources by,

320; in Samuelson, 335 Martin, K., 348-9 Martineau, H., xii, 18, 135, 182,

187-97, 228, 346 Marx, K., ix, 179, 180, 198-217

passim, 293, 346; on bourgeois economists, 224-5; on Jevons, 330; refutations of, 278-9, 280; Wicksteed and Shaw on, 277-8

Mathematical economics, models, 11, 15, 16, 21, 22, 25,234,239, 251, 263, 265

Maximisation, 27, 251, 252-3, 259, 262, 273-7, 281, 283

McCulloch, J. R., 46n., 85n., 149, 157, 163, 182, 228

Means, G. C., 325 Meek, R. L., 70n., 7ln., 73n., 75n.,

76n. Melon, J. F., 62 Menger, A., 22ln. Menger, C., 218, 219, 224, 251,

259, 278n., 281, 347; Austro­Hungarian empire, 230-1; factor prices, 266; labour really pleasant, 260; theories, 247-50

Mercantilists, 139 Merchant, E. M., 345 Merton, R. K., 218n

Index

Mill, J., 5, 104, 135, 149, 163, 181, 196, 232, 293, 346

Mill, J. S., 2, 3n., 148, 228, 278, 291, 293, 346; on comparative advantage, 120, 175; conflict in, 103n.; on custom, 167-9; on fluctuations, 164-7; Jevons on, 224, 225; Marx on 225; on poor law administration, 158; theories, 162-81; on utilitarianism, 232; on value, 175-7, 213, 282

Mini, P. V., 340, 349 Mirabeau, Marquis de, 62, 69,

74n., 76, 345 Misselden, E., 345 Mitford, N., 70n., 76n. Mitchell, B., 283n., 284n. Mitchell, B. R., SOn., 84n., 125n.,

15ln., l60n. Mitchell, W. C., xii, 14-15 Moggridge, D., 292n. Monchn!tien, A. de, 32-3, 44, 345 Money, 18, 44, 57; quantity of, 43,

49, 295 Monopolistic competition, see

Competition, monopolistic Monopoly, 16, 36, 42, 90, 118, 176,

270, 326; no longer opposed, 328, 335; warning by Adam Smith, 318-19

Mortality, Bills of, 36-7 Meuller, D., 340 Multiplier, 36, 43, 302, 304 Multiples, 45, 315 Musgrave, A., 317n. Myrdal, G., x

National accounting, 36, 44 Natural law, order, 6, 13, 36, 44-

5, 46, 56-60, 70-9 passim, 87-9; order of nature, 13

Newton, Sir 1., 18, 35, 236-7 Nicholson, J. S., 279-80 Non-competing groups, 64, 171 North, Sir D., 55, 60, 86, 140, 148,

315, 318, 345; appetites of men, 52-3; on demand and supply, 53-4,

Index

231; followed by Boisguillebert, 57-8, Cantillon, 63, Locke, 46-7, Quesnay, 74-5, Smith, 91; medley of errors, 51, 235, 287; theories, 50-4

Occupational differentials, 63, 94, 99-100, 170-1

Ohlin, B., 293, 305-6, 333 Oncken, A., 45n. Ophelimity, 263-4 Organic composition of capital,

207 Owen, R., 105, 106, 221

Paine, T., 106 Paley, W., xii, 18 Paradigm, 24, 26-7, 47, 61, 94,

103, 143, 316-17 Pareto, V., 219, 262-5, 347 Paris Commune, 231 Parry, J. H., 31 Parsimony, 101-3, 139, 141 Patterson, S. H., 42 Perfect competition, absurdity of,

319; dangers of, 336; examined by Lipsey, 320; in Samuelson, 318

Petty, Sir W., 55, 60, 70, ll5n., 148, 345; distinction between permanent and contingent causes of price, 36, 41, 48, 89; followed by Boisguillebert, 56, Cantillon, 62, 68, Keynes, 309, Locke, 49; founder of modern economics, 1, 19; labour theory of value, 37-8, 259; land titles, 91; life and writings, 35; theories, 35-46

Phelps Brown, Sir Henry, 20-2, 350 Phillips curve, 22, 194 Physiocrats, 189; on danger of

crises, 55, 74, 140, 147, 148, 287; doctrines, 68-79; influence of, 68-70; inspired by Cantillon, 62; land source ofvalue, 71-2, 226; mysticism, 73, 75, 81; and Smith, 83, 95, 100

357

Pigou, A. C., xii, 15, 105, 223n., 292, 293; exploitation, 275n., on unemployment, 287, 289-90

Poor laws, lll-12, 121, 251-8, 189, 194-6

Population: estimates of, 45; limits to, 116; Malthus on, 107-14; Mrs Marcet on, 184; Senior on, 148-51, 156; see also Subsistence theory

Postlethwayt, M., 80, 345 Poynter, J. R., llln. Price, 30; contingent causes of, 41,

48, 89; current, 127, 128; determined by demand and supply, 48-9, 50, 74; market, 89, 90, 115, 124; natural, 37, 38, 39, 89, 103, 114, 115, 118, 124; and value, 36, 41, 186

Price, L. L., lin., 279, 280 Price, R., liOn. Profit, 13, 24, 51, 90, 125; as

argument for higher wages, 96; attracts capital, 128; claim of workers to, 148; conflict with wages eliminated, 260; of entrepreneur, 131; ignorance of, 103; in gluts, 138; Malthus on, 124-5; managers as maximisers of, 169, 327, 329; Mill on, 172-5; natural rate of, 88; Ricardo on, 115, 116-18, 146; Smith on, 92-4; as spirit of markets, 60; and ten-hour day, 158-60; threatened by Poor Laws, 195; varies inversely with wages, 95, 143

Proletariat, 200, 20 l, 216-17 Property; acquired by labour of

others, 88; apologia for, 116, 129, 250; derived from abstinence, 160-2; enables men to reap without sowing, 91; Mill on, 172-5; Physiocrats on, 77-9; results of abolition of, 108, 110, Ill; in stationary state, 116, 117, 179-90, 215; tendency to equality, 117; title to, 130

358

Proudhon, P.-J., 171, 221, 279, 344 Psychology, 14, 20, 264, 302, 307

Qualitative change, 215 Quesnay, F., 62, 68, 69-76, 83,

108, 235n., 345 Quinine, 311

Rate of profit, tendency to fall, 207,211,212

Reder, M. W., 343n. Reform Acts, 201, 225-7, 229-30 Reid, T., 211 Relations of production, 203 Rent, 13, 245; Cantillon on, 68;

differential, 36, 38-9, 193; Jones on, 7; not immoral, 249; Petty on, 37-8, 40; price for loan of land, 129; Ricardo on, 7, 116-18; same as wages and interest, 260; Smith on, 88, 91-2

Revealed preference, 219, 266, 313, 323

Ricardo, D., 1, 105, 163, 179, 196, 278, 346; on comparative advantage, 118-20; denial of general gluts, 3, 60; 134-49 passim, 164; Jevons on, 224; Jones on, 7; and labour theory of value, 114-15, 118, 126; and Malthus, 122, 124, 141-3; Sismondi on, 106; theories of, 114-21; Wicksell on, 280

Richter, J., 143n. Robbins, Lord, 19, 288-9, 290;

rejects macro-micro dichotomy, 329

Robertson, Sir D., 15, 281n., 299, 306

Robertson, H. M., 30n. Robinson, E. A. G., 29ln. Robinson, J., 20, 23-4, 28, 176,

337, 347, 349, 350; and imperfect competition 272-7 passim, 294n., 295n.

Rodbertus, J. K., 221, 279, 280 Roll, Lord, x Roosevelt, F. D., 309-10

Rosenman, S., 309n. Rousseau, J.-J., xii, 18, 107 Rotwein, E., 82n. Routh, G., 349

Index

Samuelson, P. A., 316-37 passim Saunders, C., 287 Saving: cannot be unfavourable to

wealth, 141; equals investment, 298, 304, 332; by manufacturers, 139; motive for, 146; savers would get tired of, I 79; source of capital, 102, 191; sterile, 75-6

Sawyer, W. W., 239n. Say, J. B., 105, 116, 163, 346;

denial of general gluts, 3, 60-1, 164, 167; on the entrepreneur, 130-3; life of, 125; on Mrs Marcet, 182; Marx on, 125; saving painful, 40

Say's Law, 134-48, 287 Schoeffler, S., 349 Schoolmen, medieval, 29, 37 Schumpeter, J. A., 349; on

ideology, 204; on monopolies, 342

Schwartz, J. G., 13n. Scott, W. R., 32n. Scrutton, R. J., 285-6 Seers, D., x, 4n., 25 Self-interest: Bentham on, 232-5;

of merchants, 33; miraculous results of, 75, 185, 235-6; when managers not owners, 169; source of general good, 58, 87, 108, 114

Seligman, E. R. A., 222 Senior, N. W., 135, 163, 185, 346;

as applied economist, 148; interest reward for abstinence, 40, 116, 160-2, 249, 260; on poor laws, 151-8; on populaton, 148-51; on ten-hour day, 158-60

Sennholz, H. F., 278n. Shackel, G.S.L., 349 Shaftesbury, Lord, 47 Shaw, G. B., 277-8

Index

Shirer, W. L., 309n. Shove, G., 295n., 312 Simmons, J., 319n. Sinclair, U., 310 Singer, H., 4n. Sismondi, S. de, ix, 105, 164, 224,

314, 346, 349; critique of economic thought, 2-4, 25, 106; on gluts, 61, 140, 143; Say on, 145, 146-8

Six Edicts, 79, 135 Slutsky, E. E., 264, 269 Smart, W., 155 Smith, A., xii, 3n., 18, 35, 163,

179, 196, 219, 235, 278, 315, 346; on accumulation and growth, 100-3; on astronomy, 341; character and life of, 82-4; excludes excess saving, 60, 102, 134, 140; codified economic thought, 61; conflicting doctrines, 103-4, 180; conspiracies against the public, 91, 103, 235; division of labour, 37, 85-7; followed by Cantillon, 63, 65; by Malthus, 107; followed North and Boisguillebert, 51, 58n.; followed by Sismondi, 2-3; higgling and bargaining, 87-91, 178; and Hume, 81; invisible hand, 87, 94, 317; on laissez-Jaire, 114; Malthus on, 124, 141; people as wealth, 44; and Physiocrats, 70n., 71, 76; on profit, 92-4; rent, 91-2; wages, 94-100

Smith, F. B., 226n. Social class, 170-l Socialism, 106, 173-4, 230-l Socialists, 151, 221, 251, 277-80,

309 Sociology, 10, 20, 121 Sommerville, A., 15ln. Speculation, 326 Sraffa, P., 15, 24, 28, 115n., 214,

295n., 349; on laws of returns, 16-17, 269-71

Stark, W., 222n., 233-4

Stationary, static state, 98, 180, 268-9

Stephen, L., 232n., 234-5 Stewart, D., 70n., 82, 84 Stigler, G.J., l6n. Strachey, L., 29ln. Strauss, E., 35n. Streeten, P., x Strikes, 193-4, 229

359

Subsistence theory, 65-6, 74, 108, 115, 120, 121, 143, 150, 194

Substitution effect, 219, 265 Surplus population, 207 Surplus value, 38, 100, 206, 209;

and accumulation, 210, 212

Tableua oeconomique, 62, 68, 72-9 passim

Tatonnement, 254 Tawney, R. H., 29 Taxation, 36, 55, 56, 69, 189 Technical composition of capital,

207 Ten-hour day, 158-60 Theoretic blight, 343-4 Theory of the firm, 325-9 Thompson, W., 4-6, 28, l7ln.,

221, 346 Thomson, G. M., 31n. Thornton, W. T., 179 Thiinen, J. H. von, 220, 222 Thurow, L. C., 339, 349 Tooke, T., 163 Torrens, Col. R., 163 Trade, 30, 39, 50-l, 52, 80;

foreign, international, 46, 80, 125

Trade Union Congress, 309 Trade unions, 106, 178, 193-4,

202, 229-30 Trade Boards Act, 121 Turgot, A. R.J., 69, 79, 83, 346

Uncertainty, 326 Unemployment, 12; involuntary,

294; machinery wrongly blamed for, 191-2; Marx on, 208, 290-l; measures against, 309-10; in

360

1930s, 283-6; orthodox thought on, 25, 287-90; and Poor Law, 156; population and, 194; public works as remedy, 36, 43; speedily reduces wages 142; workhouses for, 133-4

Usury, 29, 41 Utilitarianism, 12, 232-6 Utility, 5, 127-8, 176, 222, 232-6,

281; immeasurability of, 263-6; dismissed by Samuelson, 323

Value, 66-8, 205-6; as cost of production, 30, 118, 124, 128-9, I 76-7; exchange, 48, 116, 127, 222; labour theory of, 36, 37-8, 39, 60, 87-91, 119, 121, 143, 186, 218, 222-3, revoked by Marx, 211-13; refuted by Jevons, 242-3, Menger, 249, W alras, 259-60, Wicks teed, 277-8; natural, 48; rareti, 252; use, 48; and utility, 127-8, 186

Van Meerhaeghe, M.A. G., 349 Varga, E., 284n. Variable capital, 209 Vauban, S. le P. de, 55-6, 60, 69,

345 Veblen, T., 12-14, 349 Velocity of circulation, 36, 43, 49,

147, 165, 295 Verification, II, 19 Von Westphalen, Jenny, 214

Wages, 13, 30, 93; Clark on, 268-9; conflict with profit eliminated, 260; effects of rise in, 112, 183-4; and employment, 290; fund, 93, 142, 177-9, 195, 289;Jevons on, 243-5; level of, 44; lowering of raises profits, 180; and marginal productivity, 281; Marshall on, 268; multiplier and, 43; natural rate of, 88; and Poor Law, 157; in post-1815 slump, 138; as price for loan of industry, 129; reduction of, 192;

Index

Ricardo on, 116-18; Smith on, 94-100, 143; subsistence theory of, 61, 62, 63, 97; and unemployment, 194

Walker, E. R., 344n., 349 Walker, K., x Wallis, G., 221n. Walras, L., 218, 219, 224, 265,

266, 347; distribution independent of production, 173n., 253; theories of, 251-60

Ward, B., 26, 349 Warnock, M., 232n. Watt, J., 125 Watts, 1., 186 Wealth, distribution of, 110, 184,

187, 295 Webb, S. and B., 153n., 157n.,

158n. Weber, N., 30n. Whately, Archbishop, 182, 185-7,

228, 235-6, 346 Whewell, W., 6, 9, 24, 28 Whitworth, C., 45n. Whynes, D., 349 Wicksell, K., 219, 279-80, 347 Wicksteed, P. H., 219, 240n.,

266n., 267, 277-8, 347 Wieser, F. von, 219, 240n., 266n.,

278n., 279 Wiles, P., 343n., 349 Wilson, C. H., 45n. Wilson, E., 22ln. Wilson, T., 30n., 345 Windfalls, 333 Winter, N. and S., 329 Woo, H. K. H., 349 Wootton, B., 349 Workhouses, 133-4, 156-7, 158,

194-5 World view, 204 Worswick, G. D. N., 20, 22-3,

350

Young Hegelians, 214

Zeno 220