The Development of Economic Doctrine: An Introductory Survey

INDEX

ABSTINENCE, 276-7

Agriculture: Ancient Greece, 14-15, 30, 102; Ancient Rome, 33-4, 36-7; and mercantilist doctrine, 76; Montchrétien, 81; Adam Smith, 141, and industry compared; Serra, 91. See also under Physiocrats, Quesnay, Turgot

Almsgiving, 44, 50

America: discovery of silver mines in, 42, 70

Aquinas, St. Thomas, 41, 43 et seq., 65; attitude on slavery, 44-5; doctrine of private property, 46-50 passim; potestas procurandi et dispensandi, 49; usus ipsarum, 49; wealth, 50; poverty, 50; conception of the “just price,” 50-3, 60; wages, 53; usury, 56 et seq.; trading, 59, 60-1; merchants, 61; the self-sufficient state, 61

Aristophanes, 33

Aristotle, 19, 22-9; criticism of Plato’s communism, 22-4; on private property, 23-4, 48, 49; theory of the State, 24, 28, 219; economy of the household, 22, 24; defence of slavery, 22, 44; wealthgetting, 25-7, 28, 81; unnatural finance, 26, 29, 60; on justice in private dealings, 27, 51; attitude towards “mechanics,” 28; money, 27-8, 29, 56, 57; usury, 26, 29, 54, 55; value, 29; influence of, in Middle Ages, 43, 44, 57, 59

Artificers, 21, 28, 34n.

Association, denial of right of, in Turgot, 117

Associationists, 294, 295

Austrian school, the, 330 et seq.; forerunners of, 331, 345; outstanding leaders, 345; cardinal points in view of value. 330-1. 351

BASTIAT, FREDERIC, 191, 260 et seq., 373; views of, on Protection, 261, 262; and Socialism, 261, 262; definition of the State, 261; non-interventionist attitude, 262-3; doctrine of harmony of interests, 260, 262-5; on value and utility, 263-4; defence of landed interests, 264

Beer, Mr., The Life and Teaching of Karl Marx, 326, 327, 374

Bentham, 280, 337

Bible, the, 43

Bimetallism: Oresme, 62

Blanc, Louis, 116, 294

Bodin, Jean, 68, 69

Böhm-Bawerk, Eugen von, 345, 353, 356-61; theory of interest, 356, 359-61; price determination by “marginal pairs,” 357-9; on Karl Marx, 311, 374

Bounties, 77

Bousquet, cited, 279

Bray, 296

Burke, 219, 230

CAIRNES, JOHN ELLIOTT, 191, 285 et seq.; on scope and function of Political Economy, 286-9; nature of an economic law, 288; value, 289 et seq.; cost of production, 289-90; “non-competing groups,” 286, 289, 290-1; wages of skilled labour, 292

Calvin, 72, 307

Capital, diminishing effectiveness of, 244-5

Capitalism, 72

Carey, Henry Charles, 168, 169, 203, 248 et seq., 369, 373; labour theory of value, 203, 249-50, 260; on capital in land, 250, 252, 264, 265; restatement of the Ricardian Law of Rent, 250, 251-3; and the Law of Diminishing Returns, 251, 252, 260; reply to Malthus, 251, 252, 254-7, 260; ideas of Protection and Free Trade, 253, 257-9, 269; distinction between commerce and trade, 258; manufactures and agriculture, 259; doctrine of harmony of interests, 251, 254, 260

Appreciation of, 259-60; his reaction against pessimism of the classical school, 191, 260

Cassel, 336, 364

Cato, 36, 37, 81

Child, Josiah, 90

Christian Socialists, 24

Christianity, transformation of values effected by, in Middle Ages, 43, 44-5

Cicero, De Officiis, 34-5; agriculture, 102

Clark, J. B., 364

Colbert, 101

Colonial rivalries, 71

Columella, 36, 37

Communism: Plato, 17-22, 293, Aristotle, 22-4; Aristophanes, 33; of the Christian Fathers, 47-8

Competition, unrestrained, 207

Condillac: theory of value. 331-2

Condorcet, 156, 157, 158

Contract: Rome, 38, 39

Co-operation, 294

Cost of production, 289-90

Crafts, the, 41

Croce, quoted on Marx, 327

Currency in Oresme, 62, 63

DE MAN, The Psychology of Socialism, 328

Demand, elasticity of, 195 Despotism, 68 Diminishing Returns, Law of: Carey, 251, 252, 260; Mill, 280, 283; Senior, 275; Xenophon, 30

Distribution, Laws of: Mill, 280-1

Distribution: Ricardo, 185-6; Sismondi, 208

Dupont, 106, 107

ECCLESIASTICUS, Book of, 28 Economic doctrine, nature of,12, 13, 66

“Economic man,” the, 308 Economic science, nature of, 13 Engels, 298, 306 and n., 307,320, 326

Eryxias, 32-3

Exploitation, doctrine of, 293 Exports, 75; and balance of trade, 75-6

FAMILY endowment, 164 Fawcett, Professor, 286 Feudalism, 41-2; breakdown of, 67

First International, the, 295n.

Fourier, 255, 294, 295

Free Trade, 101, 142, 269; in the Physiocrats, 109-11; Adam Smith, 142; List, 234-5, 238; Carey, 258-9

GERMAN idealist school and Adam Smith, 138

German mercantilism, 93

Godwin, 156, 157, 158, 161, 168

Gold: Pliny, 36

Gold standard, 187

Gonnard, Histoire des Doctrines Economiques, 371; cited or quoted, 52, 151, 187n.; comparison between Ricardo and Marx, 172

Goods, relative or exchangeable value, 128

Gossen, Hermann Heinrich, 336-41, 342; Law of Diminishing Satisfaction, 337-9, 354; The Laws of Human Intercourse, 336-7; marginalist principle in, 336, 339, 341; analysis of enjoyments, 337, 338; theory of value, 339-4; classification of goods, 339-40; definition of “work,” 340; exchange, 341

Gournay, 113-14, 115

Greece, Ancient, economic speculation in, 13-33 46; ethics and politics in, 14, 15, 22; agricultural economics, 14-15; view of work, 14, 45; artificers, 21, 28; citizenship, 21, 28

Gresham’s law, 62

Guilds, the, 41

HAMMURABI, Code of, 12 Harmony of interests, 209, 260, 262-5

Hawtrey, R. G., 363, 369

Hearnshaw, Survey of Socialism, 374; quoted 233n.4; cited 326n.2

Hegel, influence of, on Marx, 301

Hesiod, 15

Hildebrand, 152

Hodgskin, 296

Homan, Contemporary Economic Thought, 374; quoted, 366

Honegger, Dr. Hans, 369-70, 374

Hornick, Philipp W. von, 93-5; programme of mercantilism in, 93; ideal of self-sufficiency, 94-5

Hume, David, 119-21, 122, 149, 269; money, 120-1, 143; criticism of mercantilist ideas, 120-1

Hutcheson, 124

IMPORT duties, 77

Imports, 75-6; and balance of trade, 75-6

Individualism: Rome, 39

Industrial combination, 208

Inheritance, 293

Interest, 58; Adam Smith, 135, 137; Turgot, 116; Böhm-Bawerk, 356, 359-61

Invention: Rae, 200; Sismondi, 211-12, 215

Invisible hand, doctrine of, 23, 146, 147, 151, 163, 209 Italian mercantilism, 92

JEVONS, WILLIAM STANLEY, 330, 341-5; Theory of Political Economy, 341; utility theory of value, 342-4; criticism of labour theory of value, 344; Mentioned, 289

Judaism, 44

jus gentium, 38

Just price, 46, 50, 51-3, 60

Just wage, 53 Justice, 15, 46, 50-1

KAUTZ, 337

Keynes, J. M., 363, 368, 369, 374.

Knapp, 364; theory of money, 27

Knox, John, 307

LABOUR, division of, 59-60, 126, 200; Müller, 224-5; Plato, 15-16, 17, 126; Rae, 200; Adam Smith, 126, 127-8; Xenophon, 32, 126; in Plato and Adam Smith contrasted, 15-17, and over-production; Sismondi, 207

——, marginal productivity theory of, 244

——, productive and unproductive; Physiocratic doctrine of, 102 et seq., 118; Adam Smith, 138-9, 270, 271

Laissez-faire, 101, 114-18 passim; List, 231; Malthus, 165, 167; the Physiocrats, 101, 117-18; Ricardo, 186; Say, 271n.; Adam Smith, 141-52 passim, 161-2; rejection of, 191; Rae, 201-2; Sismondi, 205, 209, 210

Large scale production, 207

Laski, Mr., Karl Marx, 326, 374

Lassalle, 183, 296

Lauderdale, Earl of (James Maitland), 191, 192 et seq., 199, 222, 278, public wealth and private riches, 193-5 198; value, 193. 195-6; function of capital in production of wealth, 196-8; attitude to parsimony, 139, 198, 222

Lenin, 170, 307

List, Friedrich, 191, 204, 227 ei seq.; The National System of Political Economy, 228; theory of values and theory of productive powers contrasted, 229; laissez-faire, 231; on agriculture and manufactures, 232-4, 259, 269; national development, 234-5 view of Protection, 234-8; and Free Trade, 234 5, 238; small states, 235-6. retaliation, 237; pan-Germanism, 238; contradictions in, 237-8; and cosmopolitanism, 238; Mentioned, 152, 239, 257

Lloyd, W. F., 332; utility and value, 332

Longe, 286

Loria, Karl Marx, 320, 321, 374

MACHIAVELLI, 68, 69

Malthus, Daniel, 156

——, Thomas Robert, 155 et

seq.; the Essay on Population, 12, 156, 157; et seq.; summary of doctrine on population, 158-9; comparison with Sismondi, 212, 213 and n.; moral restraint, 158, 160, 161 and nn., 163; complement to doctrine of Adam Smith, 161-2, 163; gloom and pessimism in, 163; practical proposals, 163-4; views on poverty, 165, 167; Poor Law abolition, 164; and laissez-faire, 165, 167; rent, 168, 169 and nn., 177 Appreciation, 165-8 Mentioned, 170, 172, 206, 278, 279, 283

Malthusianism, 155, 156, 275; fundamental assumption, 167

Mandeville, 124

Marginal theory, 330, 331 et seq.; anticipated in von Thünen, 244-5, 246 and n.; statement of, by Gossen, 336, 339» 341; Wieser, 354

Market, extent of, and division of labour, 17

Markets, theory of, 268-70

Marshall, Alfred, 363, 364, 366, 374.

Marx, Karl, 293, 295 et seq. life and character, 172, 297, 301-2, 325, 329; influence of Hegel on, 301; relation to the classical economists, 302, 308-9; and scientific socialism, 295, 296-7, 328-9; and Rodbertus, 296, 320

Writings of, 297

Capital, 298, 300-2, 304,305, 309, 320, 321

Communist Manifesto, 298, 300, 302-5, 306n., 309

Summary of doctrines of, 298-9

Materialistic conception of history, 299, 305-7, 326

Class struggle, 299, 301, 303-4. 305. 307-9. 325; the bourgeoisie and the proletarians, 304-5, 308

Labour theory of value, 175, 176n., 189, 299, 302, 305, 309-22 passim, 326; notion of surplus value, 299, 305, 314 et seq., 326; method of I exclusion, 311; element of utility, 309, 312; skilled and unskilled labour, 313; constant capital and variable capital, 316, 319-21, 323; discussion of interest, 318; managerial functions, 318

Industrial Reserve Army, 188, 299, 322-3, 324, 325

Law of Capitalistic Accumulation, 299-300, 322,323-4. 325

Exploitation, 304, 305, 309, 316

Estimation of the prophecies of, 325-9; defence of, 327

Otherwise mentioned, 32, 170, 172, 173, 175

Mazzini, quoted, 328

Mediaeval asceticism and accu mulation of wealth, 73

Mediaeval economic doctrine. See Middle Ages.

Menger, Karl, 339, 345-54, 361, 374; Grundsätze, 341, 345; theory of the order of “goods,” 346-7; economic and non-economic “goods,” 347-8; theory of value, 348-53, 355; exchange, 353; Mentioned, 357, 359

Mercantilism, 65 et seq., 86, 90, 122, 125-6; general outline, 73 et seq.; one-sided character, 94; rooted in practice, 74, 80; fundamentals in, 74-6; and state making, 69; and balance of trade, 75, 76, 125-6; and governmental activity, 77, 78; population, 78; bullionist aspect, 74-5, 84; appreciation and criticism, 78-80, 122; four typical mercantilists, 80 et seq.; divergence from, 90; reaction against, 101

Merchants, 60, 61

Middle Ages, the, 40; economic teaching of, 40 et seq.; feudal system, 41-2; status, 42, 50; trade, 42; dearth of money, 42; the Church, 42-3, 46; non-national atmosphere, 42-3, 65, 67; dominant influences, 43-5; economic questions in, 46; just price, 46, 50-3, 60; usury, 46. 54-9; idea of justice, 46, 53; division of labour, 59-60; transition period, 65 et seq., 73; fundamental idea, 53; wages, 53; attitude towards trade, 60 See also Aquinas and Oresme.

Mill, James, 277n.2, 279

Mill, John Stuart, 191, 277 et seq; position of, in the development of Political Economy, 277-9; the Principles of Political Economy, 277, 278, 279; association of principles with applications, 279, 280; on foreign trade, 279; distinction between laws of production and laws of distribution, 280; socialism of, 281-2; Bequest and Inheritance, 280, 282; progressive taxation, 282; on population question, 164, 283, 284; and the Law of Diminishing Returns, 283; discussion of value, 284; conception of the stationary state, 284-5; wages fund doctrine, 283-4, 285-6; analysis of cost of production, 289-90; cited on labour productivity, 139n.; on protectionism; reply to Carey, 259

Mirabeau (elder), 107, 156

Mixter, Dr., The Sociological Theory of Capital, 199n.2

Money, 42, 51; a measure of values, 51; economic interest, 58-9; Aristotle, 27-8, 29, 57; Hume, 120-1, 143; Knapp, 27; Oresme, 62; Pliny, 36; Adam Smith, 128

——, Exportation of: Mun, 88, 89, 92; Serra, 92-3

——, Quantity theory, 70; Ricardo, 187

Money-changing, 63

Monroe’s Early Economic Thought, 91n., 373

Montchrétien, Antoine de, 80-5; agriculture, 81; ideal of national self-sufficiency, 82-3; principle of labour, 81-2, 85; chauvinism in, 82; national exclusiveness, 83-4; views on trade, 84-5; on wealth, 84-5; epitome, 85

More’s Utopia, 293

Mosaic Law, the, 12

Müller, Adam, 191, 217 et seq., 227, 228; political back ground, 218-20; and reaction against Adam Smith, 152, 218; the State and the individual, 218, 219-20, 226, eulogy of the feudal system 41, 220, 221; theory of money, 226-7; private property, 220-1; division of labour, 224-5; appreciation of England, 225-6; Mentioned 230. 239, 251

Mun, Thomas, 85-90; statement of theory of balance of trade, 86; mercantilist programme in, 87-9; views on exportation of money, 88, 89, 92; condemnation of idleness in his countrymen, 89; Mentioned, 91, 93

NATIONAL debt and Protection, 236

National wealth and private capital, 203

Natural law, 98-100

Navigation Acts, 77-8, 148

New colonies, 136

New World, discovery of precious metals in, 42, 69, 70

Nicholson, 363

ORESME, NICHOLAS, 61-4; money, 62-3; currency debasement, 62, 63-4

Over-production, 215

Owen, Robert, 294

PAPER money, 143, 227

Pareto, 364

Parsimony, 139

Partnership, 59

“Phalanx,” the, 294, 295

Physiocratic thought, anticipa tion of, in Aristotle, 25

Physiocrats, the, 38, 65, 97-118 124, 141; and agriculture, 37, 101-2, 108, 115, 118, 126, 141; laissez-faire, 101, 117-18; triple division of classes, 103-4; distinction between productive and unproductive labour, 105-6, 118, 138; on foreign trade, 110-11, 150; advocacy of Free Trade, 110, 111, 149; anticipation of Adam Smith, 118; and source of wealth, 126; rent, 137, 177, 182

Appreciation of, 117-18, 122; weakness of, 127

Motto, 30

See also under Quesnay and Turgot

Pigou, Professor, 363, 369

Plantations, 78

Plato, 15-22; The Republic, 15 et seq.; The Laws, 15, 20-2; the State, 15 et seq., 20-2; division of labour, 15-16, 17; and extent of the market, 17; communism in, 17-22, 293; the guardians, 18-19, 20

Pliny, 34, 36; money, 36; slave labour, 37; and extent of the farm, 36

Political Economy, 12, 170; the phrase, 81; founder, 97; the science of poverty, 335; classical school, 190, 248; reaction against, 190 et seq.; later developments, 266 et seq.; various views of; Cairnes, 286-9; Jevons, 341; Ricardo, 172; Say, 267-8; Senior, 273 et seq.

Population and mercantilism, 78, 93; Malthus, 155-64; Mill, 283, 284; Sismondi, 212-4

Poverty: Aquinas, 50; Malthus, 165, 167; Plato, 21,

Profits and wages: Ricardo, 185-6, 189

Property, private: Rome, 38-9, 49; Aquinas, 47-50 passim; Aristotle, 23-4, 48, 49; Müller, 220-1

Protection and Free Trade, 142; Bastiat, 261, 262; Carey, 257-8; List, 234-8; Adam Smith, 142

Protestantism, 72, 73

QUESNAY, FRANCOIS, 96-112; economics of, 97, 99, 100; view of natural law, 97, 98-100; laissez-faire, 101; similarities with Adam Smith, 98, 109-10; agriculture, 101, 102, 103, 108, 111; manufactures, 108, 109; distinction between agriculture and industry and commerce, 102-3, 104, 111 and the commercial classes,

102, 103, 104; the “produit net,” 103, 106, 112; the artisan an unproductive labourer, 104-5; the “Tableau Economique,” 106 et seq., 118; advocacy of Free Trade, 109-10; money and wealth, 109; analysis of mercantilist assumptions in balance of trade, 109-10, 270; taxation, 111, 112; loans, 111-112; wages, 112; theory of markets in, 269-70

RABELAIS, 72

Rae, John, 191, 192, 198 et seq., 278; invention, 200; division of labour, 200; refutation of laissez-faire, 201-2; national wealth and private capital, 199-200, 201, 203

Reformation, the, 66, 72

Renaissance, the, 66, 72

Rent: Carey, 251-3; Malthus, 168, 169 and n., 177; the Physiocrats (net-product), 103, 106, 118, 137, 177, 182; Adam Smith, 131, 137, 177; von Thünen, 242 et seq. See also under Ricardo.

Retaliation, 148, 237

Revenue, 70, 71

Ricardo, David, 170 et seq.; The Principles of Political Economy, 171, 173; abstract reasoning in, 171, 241; on scope of Political Economy, 172; labour theory of value, 173-7, 179, 182, 189, 271, 272, 302, 309, 315; fundamental error, 174-5; theory of rent, 137, 168, 169n., 177-82, 189, 243; wages, 182-6, 302; distribution, 173, 185-6; profits and wages, 185-6, 189; laissez-faire, 186; currency problems, 12, 187; misquotation and abuse of his doctrines, 173, 189, 302

Appreciation, 187-8; Carey’s criticism of, 251-2

Mentioned, 106, 245, 267, 268, 271, 278, 279

Robbins, Professor, 369

Robertson, 364, 369

Rodbertus, 296, 320

Roman Law, 37-8

Romantic movement, 218

Rome, Ancient: contribution to economic theory, 33-9; the agricultural writers, 36-7; the jurists, 37; the “jus gentium,” 38

Roscher, 33, 62, 246

Rousseau, 36

Rühle, Mr., 329

ST. SIMON, 293-4

Sax, Emil, 345, 362

Say, Jean Baptiste, 123, 168, 191, 266 et seq., 331; criticism of Adam Smith, 267; popular exposition of Political Economy, 267-8; theory of markets, 268-70; foreign trade, 270; doctrine of immaterial products, 270; views on value, 271-2; laissez-faire, 271n.

Schmoller, 69, 373

Schumpeter, 364, 366, 367, 372

Self-interest: Adam Smith, 140

Self-sufficiency: Montchrétien, 82-3; von Hornick, 94

Seneca, 34, 35

Senior, Nassau William, 191, 272 et seq.; scope and method of Political Economy, 273 et seq.; general propositions, 274-5; function of capital in production, 273, 276; abstinence, 276-7; wages fund, 283; Mentioned 280, 286, 288, 290

Serra, Antonio, 91-3; view on industry compared with agriculture, 91-2; on export of money, 92-3

Silver discoveries, effect of, 42, 69, 70

Single tax, 118

Sismondi, 191, 204 et seq.; laissez-faire, 205, 209, 210; unrestrained competition, 207; over-production, 207-8, 214, 215; theory of distribution, 208; view of man, 209; inventions, 211-12, 215; population, 212-14

Appreciation, 215-16; influence on Socialist writers,215 Mentioned, 168, 188, 284

Slave labour: Pliny, 37

Slavery: Aristotle, 24; mediaeval attitude, 44-5

Smith, Adam, 14, 122 et seq., 192; similarities with Ques-nay, 98, 109; indebtedness to the Physiocrats, 119, 122, 124, 141, 150; familiar aspects of, 124; general outlook, 124-5; view of society, 127, 128, 153

The Wealth of Nations, 14, 122-3, 124, 126 et seq., 154; labour source of wealth, 126, 153, attitude to agricultural and commercial interests, 126; division of labour, 15, 16-17, 126, 127-8, 225 and extent of market, 127; theory of value, 123, 128-32, 302; origins of money, 128; value in use, 128-9; value in exchange, 128-9; rent, 131, 137, 177; wages, 133-5; combinations, 133-4; wages and population, 134-5, 155; profits, 135-6, 137; wages and profits, 131, 135-6; wages variation, 136; interest, 135, 137; capital, 131, 137-8; productive and unproductive labour, 138-9, 270-271; parsimony as basis of accumulation of wealth, 139: self-interest, 140; distribution of capital between different employments, 140-1, 145; agriculture, 141, 151; laissez-faire, 141, 142, 146, 147, 152, 153, 161-2; optimism in, 163, 186; doctrine of the “invisible hand,” 23, 146, 147, 151, 163

Free Trade and Protection, 142, 145-9, 152; gold and silver as commodities, 142-5; foreign trade, 144; exceptions in Free Trade policy, 148-9

Views of, on the mercantilists, 75, 78, 119-20, 142-3, 145, 149-50; on balance of trade, 149-50; on the Ph ysiocratic system, 117, 142, 150

Appreciation, 151-2; and criticism of, 152, 191 et seq.; Continental misconceptions, 126, 153

Otherwise mentioned, 38, 65, 88, 121, 170, 269, 270, 279, 335

Socialism, 293; State, 78, 294; Utopian, 293-4, 295, 329; scientific, 295-6, 328; and Ricardian doctrines, 189, 302; doctrine of the “right to the whole produce of labour,” 133

Socialists, early, 278, 293

Sovereignty, doctrine of, 68

Spann, Dr., 152, 153n., 217, 238, 24n., 371

State, the: theory of, in Aristotle, 24, 28, 219; in Plato, 15 et seq., 20-2; Adam Müller, 218-20, 226

——and the individual, 219-20

State Socialism, 78, 294

Stationary State, the: wages in, 134, 135, 136

TABLEAU ECONOMIQUE, the, 106 et seq., 118

Tawney, R. H., cited, 59

Taxation, 70, 71; Quesnay, 111, 112

Thompson, 296

Thornton, 286

Thünen. See von Thünen.

Trade, doctrine of balance of, 75, 76, 79; consequences of, 76; Mun, 86; child, 90

Trading companies, 78

Turgot, Anne-Robert-Jacques, 113 et seq.; economic doctrine of, 113, 115; éloge de Gournay, 113, 114-15; laissez-faire, 114-15; agriculture, 115-16, 141; Reflexions, etc., 113, 115-16; Iron Law of Wages, 115-16, 183, 185; edict for suppression of the Jurandes, 116-17; on the freedom of work, 116-17

USURY, 35; prohibition of, 46, 54-7; mediaeval doctrine, 54-9, 63; attitude of the Church, 55; development of doctrine, 57-9; breakdown of prohibition, 58; Aquinas, 56 et seq.; Aristotle, 26, 29, 54, 55

Utility theory, 342-4, 365

Utopian socialists, 293-4, 295, 329

VALUE: Aristotle, 29; Bastiat, 263-4; Cairnes, 289 et seq.; Carey, 203, 249-50, 260; Gossen, 339-40; Jevons, 342-4; Lauderdale, 193 et seq.; W. F. Lloyd, 332; Marx, 309 et seq.; Menger, 348 et seq.; Mill, 284; Ricardo, 173 et seq.; Say, 271-2; Adam Smith, 123, 127-32, 302

Varrò, 36

Veblen, Thorstein, 204, 374

Von Hornick, Philipp W., 93-5; programme of mercantilism in, 93; ideal of self-sufficiency, 94

Von Thünen, Johann Heinrich, 191, 239 et seq., 353; on claims of nationality, 239; The Isolated State, 239, 240 et seq.; abstract method in, 241; conception of rent, 242-4; taxes on rent, 243-4; anticipation of marginalist school, 244-5, 246 and n.; marginal productivity of labour, 244; diminishing effectiveness of capital, 244-5; theory of wages, 246; on condition of the worker, 246-7

Von Wieser. See Wieser.

WAGES: Quesnay, 112; Ricardo, 182 et seq.; Adam Smith, 133 et seq.; von Thünen, 246; of skilled labour, Cairnes, 292,

Wages fund theory, 134, 283-4, 285-6

Wages, Iron Law of, 134, 183, 184, 185; in Quesnay, 112-13; in Turgot, 115-16

Wages produce theories, 134

Walras, Auguste, 331; analysis of value, 333-6, 341n.4, 348

——, Leon, 330, 333n., 341n4., 345

Wars in Middle Ages, 67. 70

Wealth, 32-3, 71, 125-6; changed ideas as to accumulation of, 72-3; Aquinas, 50; Aristotle, 25-7, 28, 81; Lauderdale, 193-5, 198; Montchrétien, 84-5; the Physiocrats, 126; Rae, 199 et seq.; Adam Smith, 126, 139; Xenophon, 29-30, 31

Weber, Max, 72, 73

Whately, Archbishop, cited, 331

Wicksell, 364

Wieser, Friedrich von, 339, 340, 345, 353, 354-6, 359, 361; marginal utility, 354; Zurechnung (attribution), 340. 354

Work: Christian conception of, 45; mediaeval view, 45; as a disutility, 340

XENOPHON, 29-32; contempt of the illiberal arts, 28n.2; wealth, 29-30, 31; agriculture, 30, 102; land and labour, 30; Law of Diminishing Returns, 30; public finance, 31; division of labour, 32; views on silver mining, 31; Cyropœdia, 32