The Theory of Political Economy (Palgrave Classics in Economics)

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. Machine generated contents note: pt. I Welfare and the National Dividend -- 1. Welfare and Economic Welfare -- 2. Desires and Satisfactions -- 3. The National Dividend -- 4. What Is Meant by Capital Intact -- 5. Changes in Size of the National Dividend -- 6. The Measurement of Changes in the Size of the National Dividend -- 7. Economic Welfare and Changes in the Size of the National Dividend -- 8. Economic Welfare and Changes in the Distribution of the National Dividend -- 9. Reactions through the Numbers of the Population -- 10. The National Dividend and the Quality of the People -- 11. The Method of Discussion to Be Followed -- pt. II The Size of the National Dividend and the Distribution of Resources among Different Uses -- 1. Introductory -- 2. The Definition of Marginal Social and Private Net Products -- 3. The Values of Marginal Social Net Products and the Size of the National Dividend -- 4. Rates of Return and the Values of Marginal Private Net Products -- 5. The Effects of Eliminating Obstacles to Movement -- 6. Hindrances to Equality of Returns due to Imperfect Knowledge -- 7. Hindrances to Equality of Returns due to Imperfect Divisibility of the Units in Terms of Which Transactions Are Conducted -- 8. Hindrances to Equality of Returns due to Relative Variations of Demand for Productive Resources in Different Occupations and Places -- 9. Divergence between Marginal Social Net Product and Marginal Private Net Product -- 10. Marginal Private and Social Net Products in Relation to Industrial Forms -- 11. Increasing and Decreasing Supply Price -- 12. State Regulation of Competitive Prices -- 13. State Regulation of Supplies -- 14. The Conditions of Monopolisation -- 15. Monopolistic Competition -- 16. Simple Monopoly -- 17. Discriminating Monopoly -- 18. The Special Problem of Railway Rates -- 19. Purchasers' Associations -- 20. Intervention by Public Authorities -- 21. Public Control of Monopoly -- 22. Public Operation of Industries -- pt. III The National Dividend and Labour -- 1. Industrial Peace -- 2. The Classification of Industrial Differences -- 3. Voluntary Arrangements for Conciliation and Arbitration -- 4. Mediation -- 5. Coercive Intervention -- 6. An Analytical View of Industrial Peace -- 7. Hours of Labour -- 8. The Methods of Industrial Remuneration -- 9. The Distribution of Labour among Occupations and Places -- 10. Employment Exchanges -- 11. Unemployment versus Short Time -- 12. The Practicability of Interference to Raise Wages -- 13. Methods of Engaging Labour -- 14. Interference to Raise Wages in Places and Occupations Where They Are Unfair -- 15. Fair Wages inside Particular Industries -- 16. Fairness as a Variable Relation -- 17. Interference to Raise Wages in Places and Occupations Where They Are Already Fair -- 18. Wage Rates and Capacity -- 19. A National Minimum Time-Wage -- 20. Fixed and Fluctuating Wage Rates -- pt. IV The Distribution of the National Dividend -- 1. The General Problem of Disharmony -- 2. Pareto's Law -- 3. The Supply of Capital and Labour -- 4. Inventions and Improvements -- 5. The Manipulation of Wages -- 6. Rationing -- 7. Subsidies to Wages -- 8. Direct Transferences from the Relatively Rich to the Relatively Poor -- 9. The Effect on the National Dividend of the Expectation of Transferences from the Relatively Rich -- 10. The Effect on the National Dividend of the Expectation of Transferences to the Poor -- 11. Bounties on Things Purchased by the Poor -- 12. The Effect on the National Dividend of the Fact of Transferences from the Relatively Rich to the Poor -- 13. A National Minimum Standard of Real Income -- Appendices -- 1. Uncertainty-Bearing as a Factor of Production -- 2. The Measurement of Elasticities of Demand -- 3. A Diagrammatic and Mathematical Treatment of Certain Problems of Competition and Monopoly -- 4. The Measurement of Real Income in Relation to Taxes (to Part I, Chapter III) -- 5. Obsolescence and Kindred Matters (to Part I, Chapter IV) -- 6. Real Income and Economic Welfare (to Part I, Chapters V and VI) -- 7. Duopoly (to Part II, Chapter XV) -- 8. All-round Monopoly (to Part II, Chapter XVI) -- 9. Imperfect Competition (to Part II, Chapter XVII) -- 10. The Elasticity of Substitution (to Part IV, Chapter III) -- 11. Measurability and Comparability of Utilities. 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 "Cover " -- "Title " -- "Copyright " -- "Contents" -- "Introduction" -- "Preface to the First Edition (1871) " -- "Preface to the Second Edition (1879)" -- "Preface to the Third Edition (1888)" -- "Preface to the Fourth Edition (1911)" -- "CHAPTER I Introduction" -- "Mathematical Character of the Science " -- "Confusion between Mathematical and Exact Science " -- "Capability of Exact Measurement " -- "Measurement of Feeling and Motives " -- "Logical Method of Economics " -- "Relation of Economics to Ethics " -- "CHAPTER II Theory of Pleasure and Pain" -- "Pleasure and Pain as Quantities " -- "Pain the Negative of Pleasure " -- "Anticipated Feeling " -- "Uncertainty of Future Events " -- "CHAPTER III Theory of Utility" -- "The Laws of Human Want " -- "Utility Is Not an Intrinsic Quality " -- "Law of the Variation of Utility " -- "Total Utility and Degree of Utility " -- "Variation of the Final Degree of Utility " -- "Disutility and Discommodity " -- "Distribution of Commodity in Different Uses " -- "Theory of Dimensions of Economic Quantities " -- "Actual Prospective and Potential Utility " The Theory of Political Economy, William Stanley Jevons Copyright material from www.palgraveconnect.com -licensed to University of Victoria -PalgraveConnect -2014-05-261 Good biographical essays are Black and Könekamp's introduction to the papers and correspondence (1972)(1973)(1974)(1975)(1976)(1977)(1978)(1979)(1980)(1981), referred to as PC and volume number, Schabas's 1990 monograph, and Mosselman and White's and Mosselmans's introduction to their recent edition of Jevons' major works. The liveliest introduction to his biography is still to be gathered from his own Letters and Journal (1886), referred to as LJ, from his Nachlass by his wife Harriet. 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.