9781137374141

The Theory of Political Economy

by
  • ISBN13:

    9781137374141

  • ISBN10:

    1137374144

  • Edition: 4th
  • Format: Paperback
  • Copyright: 2013-11-29
  • Publisher: Palgrave Macmillan

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Summary

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.

Author Biography

William Stanley Jevons (1835-1882) was a British Economist and Mathematician. His book The Theory of Political Economy is widely regarded as the bridge between mathematical methods and economics. He famously created the Theory of Utility which is still taught as a core part of microeconomics today.

Table of Contents

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

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