A Review of Economic Theory

by Cannan, Edwin

• ISBN13: 9781855067943
• ISBN10: 1855067943
• Format: Hardcover
• Copyright: 1999-03-01
• Publisher: Bloomsbury USA Academic

Summary

Cannan's Review contains sixty lectures given to second and third-year students at the London School of Economics up until 1926. In these lectures he examines the history of economic theory and outlines the principles of economics, with important chapters such as 'The Theory of Production' and 'The Influence of Population on Produce'. It was well received and was given the lead reviews in the American Economic Review, Economica and the Economic Journal.

Table of Contents

CHAPTER I THE ORIGINS OF ECONOMIC THEORY
1. Ancient and Mediæval Philosophy	1	(4)
2. Seventeenth-century Philosophy	5	(1)
3. Mercantilism	6	(7)
4. Cameralism and Political Arithmetic	13	(6)
5. Cantillon's Essay on the Nature of Commerce in General	19	(2)
6. Academic Teaching in Scotland	21	(4)
7. Physiocracy in France	25	(10)
8. Smith's Wealth of Nations	35	(2)
CHAPTER II THE NAME OF ECONOMIC THEORY
1. The Ancient Meaning of "Economics"	37	(1)
2. "Economy" and "Political Economy"	38	(5)
3. "Economics" and "Economists"	43	(2)
CHAPTER III THE THEORY OF PRODUCTION
1. The Nature of Produce	45	(8)
2. The Requisites of Production	53	(6)
3. Causes of Variation in per capita Produce	59	(3)
CHAPTER IV THE INFLUENCE OF POPULATION ON PRODUCE
1. The Emergence of Theory	62	(3)
2. The Inevitability of Checks	65	(9)
3. The "Law of Diminishing Returns"	74	(7)
4. The "Optimum"	81	(7)
5. The Future	88	(5)
CHAPTER V THE INFLUENCE OF CO-OPERATION ON PRODUCE PAGE
1. The Advantages of Division of Labour	93	(8)
2. The Stimulus to Industry	101	(6)
3. The Distribution of Labour between Occupations	107	(9)
4. The Selection of Individuals for Occupations	116	(2)
5. The Local Distribution of Occupations	118	(4)
CHAPTER VI THE INFLUENCE OF ACCUMULATION ON PRODUCE
1. The Accumulation of Knowledge or Non-material Equipment	122	(4)
2. The Accumulation of Material Equipment	126	(6)
3. The Commercial and Ordinary Conception of "Capital"	132	(13)
4. The Economists' Conception of "Capital"	145	(5)
5. Inappropriateness of Capital as a Name for Accumulated Material Equipment	150	(4)
CHAPTER VII THE THEORY OF VALUE IN GENERAL
1. Early Theories	154	(10)
2. Adam Smith's Cost of Production Theory	164	(8)
3. Ricardo's attempt to revive the Pure Labour Theory	172	(8)
4. Ricardo on the Value of Currency	180	(2)
5. Ricardo on the Value of Foreign Goods	182	(3)
6. Breakdown of the Pure Labour Theory	185	(2)
7. The Labour-and-other-Sacrifices Theory	187	(9)
8. Utility	196	(10)
9. Elasticity of Demand and Increasing and Diminishing Returns	206	(4)
10. Conclusion	210	(8)
CHAPTER VIII THE THEORY OF THE VALUE OF LAND
1. Early Theory: Rent an Index of Prosperity	218	(4)
2. Neutrality of Adam Smith	222	(5)
3. The Corn Bounty: "No-rent Land"	227	(3)
4. Rent Unpopular: "Diminishing Returns "	230	(7)
5. Differences of Rent	237	(4)
6. The Distinction between Land and Capital	241	(5)
7. Ricardo on the Value of Forests, Mines and Quarries	246	(2)
8. Decay of the Ricardian Theories of Rent	248	(2)
CHAPTER IX THE THEORY OF THE COMPARATIVE VALUE OF CAPITAL AND INCOME
1. Early Theory about the Rise and Fall of Interest	250	(5)
2. The "Rate of Profit"	255	(3)
3. The West-Ricardian Theory of the Rise and Fall of Profit	258	(2)
4. The Quantity and Utility Theory	260	(5)
5. Application of the Theory	265	(4)
6. "Spendthrift Demand for Capital"	269	(2)
7. Meaning of "The Rate of Interest"	271	(4)
8. The Rate of Interest on Short-term Loans	275	(2)
9. The Rate of Interest when Money is Appreciating or Depreciating	277	(3)
10. Why is there a Rate of Interest?	280	(4)
CHAPTER X THE CLASSIFICATION AND "DISTRIBUTION" OF INCOME
1. Anticipations of the Classification into Wages, Profit and Rent	284	(7)
2. The Idea of "Distribution"	291	(12)
3. Confusion initiated by Adam Smith about the Basis of Classification	303	(5)
4. Attempts to Re-define "Profit"	308	(4)
5. Attempts to Re-define "Rent"	312	(6)
6. "Quasi-rent" of Ordinary Transferable Property	318	(9)
7. "Quasi-rent" of Acquired Personal Qualities	327	(3)
8. Conclusion	330	(3)
CHAPTER XI INCOMES FROM LABOUR: THEIR GENERAL LEVEL
1. The Crude Subsistence Theory of Wages	333	(5)
2. Adam Smith's Supply and Demand Theory	338	(7)
3. Malthus on the Supply of Labour	345	(3)
4. Regulation of the Supply by the Standard of Life	348	(2)
5. What Fund furnishes the Demand for Labour?	350	(6)
6. The Produce-less-deductions Theory of Wages	356	(2)
7. Earnings of Labour other than Wages	358	(5)
8. Ultimate Causes of Variation in the General Level of Earnings	363	(5)
9. Conclusion	368	(1)
CHAPTER XII INCOMES FROM LABOUR: THEIR INEQUALITIES
1. Occupational Differences: Supplies of Labour	369	(7)
2. Occupational Differences: Demands for Labour	376	(1)
3. Occupational Differences: Efficiency	377	(3)
4, Occupational Differences: Men and Women	380	(1)
5. Occupational Differences: Combination	381	(3)
6. Occupational Differences: Regulation	384	(4)
7. Individual Differences	388	(3)
8. National Differences	391	(6)
CHAPTER XIII INCOMES FROM PROPERTY
1. Their General Level	397	(3)
2. Inequalities between Different Kinds of Property	400	(3)
3. Inequalities between Different Individuals	403	(7)
4. Inequalities between Different Nations	410	(3)
CHAPTER XIV ASPIRATIONS AND TENDENCIES
1. For and towards Greater Economic Equality	413	(9)
2. For and towards Greater Economic Security	422	(10)
3. For and towards Greater Economic Independence	432	(13)
INDEX	445