Economic Theory in Retrospect

Front Cover
Cambridge University Press, Mar 27, 1997 - Business & Economics - 725 pages
This is a history of economic thought from Adam Smith to John Maynard Keynes--but it is a history with a difference. Firstly, it is history of economic theory, not of economic doctrines. Secondly, it includes detailed Reader's Guides to nine of the major texts of economics in the effort to encourage students to become acquainted at first hand with the writings of all the great economists. This fifth edition adds new Reader's Guides to Walras' Elements of Pure Economics and Keynes' General Theory of Employment, Interest and Money as well as major additions to the chapters on marginal productivity theory, general equilibrium theory and welfare economics.
 

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Contents

SAYS LAW AND CLASSICAL MONETARY THEORY SAYS LAW OF MARKETS 1 Says Identity 2 Dichotomisation of the pricing process
1
Division of labour 3 The measure and cause of value
2
Says Identity and the quantity theory of money
3
Costofproduction theory 5 Supplydetermined prices
4
Solutions of the transformation problem
5
Wages 7 Profits Relative wages 9 Rent
6
NOTES ON FURTHER READING
8
Profit as unearned income 10 Marx and BöhmBawerk
9
Introduction 11 Scope substance and method
380
Wants and activities 13 Marginal utility 14 Consumers demand 15 Consumers surplus 16 The law of diminishing returns 17 The growth of populatio...
386
Equilibrium of demand and supply 21 Stability conditions 22 Short run and long
392
Joint and composite demand and supply 24 Marginal net product 25 Rent and quasirent 26 Increasing returns 27 The particular expenses curve 28 T...
393
The greatness of Marshalls contribution
404
NOTES ON FURTHER READING
405
MARGINAL PRODUCTIVITY AND FACTOR PRICES THE DEMAND FOR FACTORS OF PRODUCTION
406
Exploitation 4 Is continuous substitution possible?
411

A social unit of accounting 11 The trend of prices
10
Surplus value and economic surplus
11
Capital and income 13 Banking
12
MALTHUSS THEORY OF GLUTS 13 Malthuss case 14 The doctrine of underconsumption
13
Productive and unproductive labour
14
An optimum investment pattern 16 Synoptic history
15
The invisible hand 18 Taxation and the public debt
17
Is the demand for money stable? 19 Is money neutral?
18
Adam Smith as an economist
19
Impoverishment of the working class 21 Economic imperialism
20
The role of institutional assumptions
22
READERS GUIDE TO CAPITAL 23 Value 24 Socially necessary labour 25 Commodity fetishism
23
Theory of money 27 Surplus value 28 The Factory Acts
26
Marxs use of historical material
29
Division of labour and machinery
30
NOTES ON FURTHER READING 63
31
The accumulation of capital
32
ADAM SMITH
33
Primitive accumulation 35 The costs of distribution
34
The theory of rent 36 The course of economic progress
35
The turnover of capital 37 The reproduction schema
36
Alternative costs and factor prices 38 Distribution
37
The great contradiction again 39 The transformation problem
38
The laws of return 40 The law of rent
39
The law of the falling rate of profit 41 Capitalsaving innovations
40
Applied economics
41
Foreign trade 43 Business cycles 44 Money and interest
42
The accumulation of capital 44 Cassels theory of social economy
43
Theory of rent 46 Marx as an economist
45
NOTES ON FURTHER READING
63
POPULATION DIMINISHING RETURNS AND RENT 65 65 THE THEORY OF POPULATION
65
The population explosion 2 Malthuss analytical schema 3 The empirical content of the theory 4 Automatic checks 5 The optimum theory of populati...
72
Malthusianism today
73
DIMINISHING RETURNS AND THE THEORY OF RENT
75
160
78
The law of diminishing returns 8 Differential rent 9 The alternative cost of land 10 Land as a factor of production 11 Site value taxation
82
NOTES ON FURTHER READING
84
RICARDOS SYSTEM 1 The theory of wheat profits or the corn model 2 The labour theory of value 3 Capital costs and labour values 4 The Ricardo ...
105
301
116
READERS GUIDE TO THE PRINCIPLES OF POLITICAL ECONOMY 10 Value 11 Relative wages 12 The invariable measure of value 13 Demand ...
123
The purchasing power parity theory 24 Says Law 25 Pessimism? 26 Monetary theory
125
JOHN STUART MILL
130
The Bullionist Controversy 28 The machinery question 29 Taxation 30 The lasting influence of Ricardo
132
Ricardo in modern dress
134
READERS GUIDE TO THE PRINCIPLES OF POLITICAL ECONOM 1 Laws of production and distribution
173
The doctrine of productive labour 3 Theory of capital 4 The wages fund doctrine
174
Advance economics and synchronisation economics
180
The machinery question
181
The rate of growth of the factors of production 8 Socialism 9 Custom and the laws of distribution
184
The distributive shares 11 The abstinence theory of interest 12 The theory of value 13 The quantity theory of money 14 Inflation 15 The loanable fu...
196
International wage and price levels 22 Humes Law 23 Transfer payments 24 The ventforsurplus doctrine 25 The basis of a theory of international tra...
202
Statics and dynamics 27 The falling rate of profit 28 The stationary state 29 Taxation 30 The incidence of taxes 31 The public debt 32 The scope of ...
206
Education in classical economics
208
The classical economists and the Factory Acts
209
John Stuart Mill as an economist
211
NOTES ON FURTHER READING
213
AN ABSOLUTIST OR RELATIVIST INTERPRETATION?
277
The new departure 2 The maximisation principle 3 Value and distribution 4 The genesis of marginal utility theory 5 A multiple discovery? 6 When is...
291
The theory of exchange 9 Bilateral and competitive exchange 10 The catena 11 Disutility of labour 12 Negatively or positively sloped labour supply ...
299
OTHER FORERUNNERS
301
Cournot on profit maximization 15 Duopoly theory 16 Dupuit and the French engineering tradition
303
Thünens marginal productivity theory
306
Gossens second law NOTES ON FURTHER READING
309
UTILITY AND DEMAND 311 311 UTILITY THEORY
311
The measurability of utility
312
Operational measurement of utility
313
The Bernoulli hypothesis 4 Gambling and insurance 5 The Bernoulli hypothesis and progressive taxation
320
Derivation of demand curves
322
The constancy of the marginal utility of money 8 Restatement 9 The indifferencecurve approach
328
The revealed preference approach
332
Marshallian demand curves
334
The status of the subjective theory of value WELFARE ECONOMICS
337
Consumers surplus 14 Restatement 15 The four consumers surpluses 16 Taxbounty analysis NOTES ON FURTHER READING 340
352
COST AND SUPPLY 1 The short run 2 Quasirents 3 The long
363
External economies 5 What are external economies? 6 Producers surplus 7 The asymmetrical welfare effect 8 The representative firm 9 Monopolistic...
379
The theory of imputation 6 Linear programming 7 The Hobson objection 8 The highwage economy theory 9 The present status of marginal producti...
419
LINEARLY HOMOGENEOUS PRODUCTION FUNCTIONS
421
Product exhaustion
422
The formal properties of linearly homogeneous production functions
425
The economic meaning of linearly homogeneous production functions
433
THE OPTIMUM SIZE OF THE FIRM 13 Wicksells proof of product exhaustion
435
THE THEORY OF PROFIT
439
The meaning of pure profit 19 The entrepreneur as a factor of production
440
The history of the concept of enterpreneurship
441
Profit as a return to uncertainty bearing
444
Profit as a return to innovations
445
Profit as a return to arbitrage
446
AGGREGATE PRODUCTION FUNCTIONS
447
The concept of microproduction functions
448
The problem of aggregation 26 Measurement of capital TECHNICAL CHANGE AND PROCESS INNOVATIONS
454
Taxonomy 28 The automation bias in technical change
460
The inducement mechanism 30 The neglect of technical change 31 Marginal productivity once again
467
READERS GUIDE TO THE COMMON SENSE OF POLITICAL ECONOMY
468
Consumer behaviour 33 The content of the maximand 34 Price formation 35 Supply as reverse demand 36 The doctrine of alternative costs
472
THE AUSTRIAN THEORY OF CAPITAL AND INTEREST BÖHMBAWERKS THEORY OF INTEREST
480
The productivity of greater roundaboutness
481
The three reasons for interest 3 The first reason 4 The second reason 5 The third reason 6 The interaction of the three reasons
487
The determination of interest THE AVERAGE PERIOD OF PRODUCTION
488
BöhmBawerks model 9 The definition of the average period 10 The calculation of the average period
495
Is the average period infinitely long?
497
The demise of the average period of production
499
Synchronisation of production and consumption
500
The average period and the capitaloutput ratio
502
THE SWITCHING THEOREM
503
Double switching
504
The manyproductsonetechnique simplification
505
Is switching likely? 18 A postmortem FISHERS THEORY OF INTEREST
509
Willingness and opportunity 20 Rate of return over cost 21 Diagrammatic exposition 22 Some uses of the diagram 23 The theory of investment decis...
515
The real and the money rate of interest
517
The real rate in a dynamic economy 26 Real versus monetary theories
520
THE RICARDO EFFECT
521
The concertina effect 28 The demonstration of the effect 29 The meaning of capital rationing 30 Conclusion 31 Money and real wages READERS G...
528
Utility and value 33 Welfare economics 34 Imperfect competition 35 Production and distribution 36 Capital 37 The capital structure
535
BöhmBawerks theory of interest
536
WALRASIAN GENERAL EQUILIBRIUM
549
The existence of general equilibrium 4 Stability and determinacy 5 The fall and rise of general equilibrium theory
557
READERS GUIDE TO THE ELEMENTS OF PURE ECONOMICS
558
Capital theory
566
Preface to the fourth edition 7 Definitions of basic terms 8 Bilateral exchange 9 Multilateral exchange 10 Theory of production 11 Theory of capital ...
568
PARETIAN WELFARE ECONOMICS
570
The optimum exchange conditions 18 A Pareto optimum 19 The Scitovsky double criterion 20 Recent welfare economics 21 The marginal conditions
571
The optimal characteristics of perfect competition
579
Nonmarket interdependence 24 Public goods 25 Pigovian welfare economics 26 Secondbest solutions 27 Marginal cost pricing 28 The Mislaid Maxi...
591
Back to the conflict between efficiency and equity
592
Competition as an endstate and competition as a process
593
NOTES ON FURTHER READING
595
OF LOCATION
601
The theory of rings 5 Industrial plant location theory 6 The threepoints problem 7 Sales areas 8 New developments in location theory
606
Webers theory of industrial location 10 Market area analysis 11 Isards general equilibrium theory 12 Linear transport functions 13 What survives of ...
611
NOTES ON FURTHER READING
612
MACROECONOMICS THE KEYNESIAN SYSTEM
641
The Keynesian Revolution 2 Why did it succeed? 3 Leading elements in the success story
645
Keyness principal novel predictions
648
Other Keynesian predictions
649
READERS GUIDE TO THE GENERAL THEORY OF EMPLOYMENT INTEREST AND MONEY
651
Preface 7 The postulates of classical economics
652
The principle of effective demand 9 Definitions of terms 10 The propensity to consume 11 The inducement to invest 12 The rate of interest
655
The properties of capital interest and money
658
The General Theory restated 15 Money wages and prices 16 An apologia for Pigou 17 The aggregate supply curve 18 Afterthoughts to the General ...
665
What did Keynes mean? 20 The ISLM reading 21 Dynamic readings 22 Rereading Keynes 23 Keyness contributions to economics MACROECONO...
676
The Phillips curve 25 The natural rate of unemployment 26 How expectations are formed 27 Rational expectations 28 Real business cycle theory ver...
685
NOTES ON FURTHER READING
687
A METHODOLOGICAL POSTSCRIPT
689
The optimum storage period 40 The value of capital 509
705
292
706
528
707
687
709
Index of subjects
713
468
716
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