The Theory of Political Economy (Palgrave Classics in Economics)

William Stanley Jevons is regarded by many as bringing mathematical methods to the study of economics. The Theory of Political Economy brought together maths and the theory of utility, this contribution marked Jevons as a leading political economist of his time. Originally Published In 1871, The Theory Of Political Economy Was The First Text To Introduce The Concept Of Utility Theory Into Economics And The Use Of Calculus As A Way To Simplify And Present Economic Problems. In This Classic Work Jevons Re-formulated The Central Problem Of Economics As One Of How To Maximise Overall Utility With A Set Amount Of Means Of Production. Utility Expressed As A Function Became The Basis Of The A New Theory Of Value Which Substantially Differs From The Classical Political Economists' Labour Theory Of Value. Drawing On His Roots In The Natural Sciences Jevons Revolutionised The Tools And Methods Associated With Political Economy And Kick-started The Metamorphosis Of The Discipline. A Century After Its Original Publication The Theory Of Political Economy Continues To Exert Its Influence In The Teaching And Study Of Modern Economics. This Re-issued Classic Contains A New Introduction By Dr Harro Maas Who Explores The Rich Contextual History Of Jevons And The Theory And The Continued Influence It Has On Modern Day Economics. Part I: Introduction -- 1. Mathematical Character Of The Science -- 2. Confusion Between Mathematical And Exact Science -- 3. Capability Of Exact Measurement -- 4. Measurement Of Feeling And Motives -- 5. Logical Method Of Economics -- 6. Relation Of Economics To Ethics -- Part Ii: Theory Of Pleasure And Pain -- 7. Pleasure And Pain As Quantities -- 8. Pain The Negative Of Pleasure -- 9. Anticipated Feeling -- 10. Uncertainty Of Future Events -- Part Iii: Theory Of Utility -- 11. Definition Of Terms -- 12. The Laws Of Human Want -- 13. Utility Is Not An Intrinsic Quality -- 14. Law Of The Variation Of Utility -- 15. Total Utility And Degree Of Utility -- 16. Variation Of The Final Degree Of Utility -- 17. Disutility And Discommodity -- 18. Distribution Of Commodity In Different Uses -- 19. Theory Of Dimensions Of Economic Quantities -- 20. Actual Prospective And Potential Utility -- 21. Distribution Of A Commodity In Time -- Part Iv: Theory Of Exchange --^ 22. Importance Of Exchange In Economics -- 23. Ambiguity Of The Term Value -- 24. Value Expresses Ratio Of Exchange -- 25. Popular Use Of The Term Value -- 26. Dimension Of Value -- 27. Definition Of Market -- 28. Definition Of Trading Body -- 29. The Law Of Indifference -- 30. The Theory Of Exchange -- 31. Symbolic Statement Of The Theory -- 32. Analogy To The Theory Of The Lever -- 33. Impediments To Exchange -- 34. Illustrations Of The Theory Of Exchange -- 35. Problems In The Theory Of Exchange -- 36. Complex Cases Of The Thoery -- 37. Competition In Exchange -- 38. Failure Of The Equations Of Exchange -- 39. Negative And Zero Value -- 40. Equivalence Of Commodities -- 41. The Gain By Exchange -- 42. Numerical Determination Of The Laws Of Utility -- 43. Opinions As To The Variation Of Price -- 44. Variation Of The Price Of Corn -- 45. The Origin Of Value -- Part V: Theory Of Labour -- 46. Definition Of Labour -- 47. Quantitative Notions Of Labour --^ 48. Symbolic Statement Of The Theory -- 49. Dimensions Of Labour -- 50. Relations Of Economic Quantities -- 51. Various Cases Of The Theory -- 52. Joint Production -- 53. Over-production -- 54. Limits To The Intensity Of Labour -- Part Vi: Theory Of Rent -- 55. Accepted Opinions Concerning Rent -- 56. Symbolic Statement Of The Theory -- 57. Illustrations Of The Theory -- Part Vii: Theory Of Capital -- 58. The Function Of Capital -- 59. Capital Is Concerned With Time -- 60. Quantitative Notions Concerning Capital -- 61. Expression For Amount Of Investment -- 62. Dimensions Of Capital, Credit And Debit -- 63. Effect Of The Duration Of Work -- 64. Illustrations Of The Investment Of Capital -- 65. Fixed And Circulating Capital -- 66. Free And Invested Capital -- 67. Uniformity Of The Rate Of Interest -- 68. General Expression For The Rate Of Interest -- 69. Dimension Of Interest -- 70. Peacock On The Dimensions Of Interest -- 71. Tendency Of Profits To A Minimum --^ 72. Advantage Of Capital To Industry -- 73. Are Articles In The Consumers' Hands Capital? -- Part Viii: Concluding Remarks -- 74. The Doctrine Of Population -- 75. Relation Of Wages And Profit -- 76. Professor Hearn's Views -- 77. The Noxious Influence Of Authority. William Stanley Jevons. Originally published in 1920, The Economics of Welfare provided a solution to the much discussed problem of externalities associated with market inefficiencies such as the problem of pollution. The concept of externalities remains central to modern day welfare economics and particularly environmental economics.