The Emergence of the Theory of the Firm : From Adam Smith to Alfred Marshall

1 vi Contents 3. Competition and the Size of Firms 4. Equilibrium and Stability under Monopoly 6 SOME REFLECTIONS ## Endnotes Index The present study was originally prepared for submission to the University of London as a PhD thesis. Throughout the period in which it was written, I received assistance from two supervisors both of whom were extraordinarily accessible and helpful. Professor Basil Y amey of the London School of Economics welcomed me to the School and has been my constant adviser, critic and friend. Professor Mark Blaug of The University of London Institute of Education suggested the subject matter of the thesis and then agreed to help with supervision. He has tried desperately to give some shape to my indulgent musings. Later, Professor Terence Hutchison, acting as external examiner, offered many thoughtful suggestions. While Professor Maureen Brunt and Mr. Courtney Wright of Monash University first stimulated my interest in the theory of the firm, it was not until I attended lectures by Lord Robbins at the LSE that I began to understand how fascinating and valuable pre-Samuelsonian economics can be. The seeds sown at Monash were fed by Lord Robbins. Professors Blaug and Yamey acted as gardenerssometimes tending and encouraging, sometimes trying to discipline a wild and unruly bush. While these people deserve my lasting gratitude, my warmest thanks are to my wife, Elizabeth, who has supported me in body and soul these past three happy years. Philip L. Williams vii 'law of diminishing productivity' refers explicitly to marginal product, 89 and it was generalised to refer to any homogeneous variable factor when applied to a fixed factor. 90 Clark holds that the law, if stated in the form Front Matter....Pages i-vii Method and Organisation....Pages 1-10 Adam Smith....Pages 11-39 J. S. Mill....Pages 40-69 Alfred Marshall....Pages 70-143 Marshall and the Post-Marshallians....Pages 144-165 Some Reflections....Pages 166-170 Back Matter....Pages 171-207