Hardback
THE CO-ORDINATION OF THE LAWS OF DISTRIBUTION
by Philip H. Wicksteed
9781852786847 Edward Elgar Publishing
Wicksteed''s classic work, The Co-ordination of the Laws of Distribution, has a central place within the development of marginal productivity theory. It claimed to explain all ‘factor returns’ on a unified basis and to show how ''marginal productivity factor pricing'' just exhausted the total product.
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Critical Acclaim
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Wicksteed''s classic work, The Co-ordination of the Laws of Distribution, has a central place within the development of marginal productivity theory. It claimed to explain all ‘factor returns’ on a unified basis and to show how ''marginal productivity factor pricing'' just exhausted the total product.
It is presented here with a long introduction by the editor, Ian Steedman, who provides both a careful analysis of the text and an assessment of Wicksteed''s place within the development of modern economics. This important new edition will make The Co-ordination of the Laws of Distribution accessible to a fresh generation of economists.
It is presented here with a long introduction by the editor, Ian Steedman, who provides both a careful analysis of the text and an assessment of Wicksteed''s place within the development of modern economics. This important new edition will make The Co-ordination of the Laws of Distribution accessible to a fresh generation of economists.
Critical Acclaim
Acclaim for this Classic in the History of Economics:
‘This is a gem of a little book that every economist may read. . . ’
– Peter C. Dooley, The Economic Journal
‘. . . this is a book that, for the importance of the text and the quality and richness of the Introduction, well deserves to be read. . .’
– Fabio Ranchetti, History of Economic Ideas
‘Philip H. Wicksteed''s Co-ordination of the Laws of Distribution (1894) is enough alone to insure for him a place of lasting importance in the history of economic thought. . . . its daring and its originality command the highest respect.’
– G.J. Stigler
‘P.H. Wicksteed, the purist of marginal theory.’
– P. Sraffa
‘[Wicksteed] set forth boldly the naked logic of the matter and also attempted a proof of the propositions – both of them guardedly affirmed but not proved by Marshall – that every “factor‘s” distributive share will under ideal conditions tend to equal its quantity multiplied by its marginal degree of productivity; and that those shares will tend to sum up to (to “exhaust”) the net product of each firm and, in the sphere of social aggregates, Marshall''s "national dividend.’
– J.A. Schumpeter
‘Philip Wicksteed might well be regarded as the leading exponent among English economists of “neoclassical” distribution analysis in its purest form.’
– T.W. Hutchison
‘This is a gem of a little book that every economist may read. . . ’
– Peter C. Dooley, The Economic Journal
‘. . . this is a book that, for the importance of the text and the quality and richness of the Introduction, well deserves to be read. . .’
– Fabio Ranchetti, History of Economic Ideas
‘Philip H. Wicksteed''s Co-ordination of the Laws of Distribution (1894) is enough alone to insure for him a place of lasting importance in the history of economic thought. . . . its daring and its originality command the highest respect.’
– G.J. Stigler
‘P.H. Wicksteed, the purist of marginal theory.’
– P. Sraffa
‘[Wicksteed] set forth boldly the naked logic of the matter and also attempted a proof of the propositions – both of them guardedly affirmed but not proved by Marshall – that every “factor‘s” distributive share will under ideal conditions tend to equal its quantity multiplied by its marginal degree of productivity; and that those shares will tend to sum up to (to “exhaust”) the net product of each firm and, in the sphere of social aggregates, Marshall''s "national dividend.’
– J.A. Schumpeter
‘Philip Wicksteed might well be regarded as the leading exponent among English economists of “neoclassical” distribution analysis in its purest form.’
– T.W. Hutchison