The Development of Economics
Index
Abeille, 48
Act of apprentices, 11-12
Administration, public, Emil Sax on, 397-399
African Company, see Guinea Company
Agriculture, doctrine of diminishing returns in, 98-99, 162
Anarchism, Proudhon’s, 274-275
Anderson, B. M.: criticism of concept of value as a ratio, 476-479; - of marginal utility theory, 422-424;- of quantity theory, 498-499; demonstration that value is a social product, 480-482; quantitative concept of value, 476, 478-480; social-value theory, 476-482; Value of Money, by, 497, n. 43
Anderson, James: Observations on the Means of Exciting a Spirit of National Industry, by, 97; theory of rent, 96-97
Anti-mercantilistic theory, 54-56
Anti-physiocratic party, 52
Anton, 213
Apprentices, act of, 11-12
Aristotle, 3
Ashley, W. J.: influences that have modified economics, 517; Introduction to English Economic History and Theory, by, 527; life and writings, 517; views on method in economics, 518-519; - nature of political economy, 518
Associationism, ch. XVI; 263-275
Associationists, distinguished from collectivists, 263-264
Austrian School: criticisms of, ch. XXIV; exposition of contributions of chief members of, chs. XX-XXII; some applications of doctrines of, ch. XXIII
Bagehot, Walter, Economic Studies, by, 527
Bakounine, quarrel with Karl Marx, 285
Balance of trade: mercantile theory of, 19; mercantilistic projects for development of, 16
“Bank Act,” the, 126, 130 Bank notes, effect on prices, 103
Bank of England, suspension of specie payments by, 90, 92, 103-104
Banking, theory of: Chester A. Phillip’s, 501; effect of deposit banking on, 500; effect of World War on, 501
Banks, discount, 126
Bastiat, Frédérick: criticism of Malthus, 245; - Ricardo’s doctrine of distribution, 246, 247; doctrine of property, 246-247; explanation of value, 245-246; free trade views, 242-243; Harmonies économiques, by, 245; laws of harmony, 247, 248; life of, 242-245; reaction against socialism, 244; writings, 242, 244
Baudeau, 48
Becher, Joachim, 22-24
Bekman, 213
Bentham, Jeremy: classification of pains and pleasures, 127; life and writings, 126127; principle of “asceticism,” 127; - “sympathy and antipathy,” 127; -utility, 127-128; relation to “Philosophical Radicals,” 128
Black Death, 53
Blanc, Louis: Ateliers Nationaux, 271; life of, 270-271; Organisation du Travail, by, 270; social philosophy, 271; social workshops, 271-272
Böckh, 213
Böhm-Bawerk, Eugen von: Capital and Interest, by, 527; criticism of the abstinence theory of interest, 371-372;-the exploitation theory of interest, 375-377; -Irving Fisher’s theory of interest, 431; - the labor theory of interest, 372-374; - the minor theories of interest, 377-379; - the productivity theory of interest, 365-368; the use theory of interest, 368-371; contribution to theory of value, 384-386; discussion with Carl Dietzel on marginal utility theory, 420-422; explanation of interest problem, 365; life of, 364-365; reply to Walker’s and Marshall’s criticisms, 426428; reply to Irving Fisher’s criticism, 431; treatment of forms of interest, 390-392; - market for “means of production,” 392-394; - nature, origin, and functions of capital, 379-384; -rate of interest, 395-396; - valuation of durable goods, 390-392; - valuation of future goods, 386-389; wages, 395-396; writings of, 364-365
Boisguillebert: doctrines and ideas, 33-36; life of, 32-33; writings of, 32-33
Bonar, James, Philosophy and Political Economy, by, 527
Bosanquet, criticism of the report of the “Bullion Committee,” 106
Boucke, O. Fred: A Critique of Economics, by, 527; The Development of Economics, by, 527
Bounties, Adam Smith’s criticism of, 88-89
Brook Farm Experiment, 270
Brougham, Lord Chancellor Henry, 128
“Bullion Committee,” 106
Cairnes, J. E.: Character and Logical Method of Political Economy, The, by, 291; condition of political economy in 1857, 291; doctrine of cost of production, 294, 295;-demand and supply, 293-294;--international trade,295; - “non-competing groups,” 294; - value, 293;
Cliffe Leslie’s criticism of, 513; life of, 291; obstacles to competition in international trade, 294; political economy as an “hypothetical science,” 292-293; Some Leading Principles of Political Economy Newly Expounded, by, 293; protection in the United States, criticism of, 296; subject-matter of political economy, 292
Cameralists, 22; Schmoller’s relation to, 509
Cannan, Edwin, History of Theories of Production and Distribution, by, 527
Cantillon: Essai sur le commerce en général, by, 38-41, 42; life of, 38
Capital: adjustability of, to labor according to J. B. Clark, 441; adjustment of volume to needs of nation, Lord Lauderdale on, 191; Böhm-Bawerk’s treatment of nature, origin, and functions of, 379-384; J. B. Clark’s theory of, 439-442; conceived as social fund by J. B. Clark, 446-447; defects in Classical Economists’ doctrine of, 305-307;--in Mill’s four propositions concerning, 307; definition and classification of, by Adam Smith, 74; different ways of employment of, according to Adam Smith, 77-78; distinguished from capital goods by J. B. Clark, 441-442; doctrine of independent productivity of, 100-103; effect of different employments of, according to Adam Smith, 77-81; - of increase of, on distribution, according to J. S. Mill, 176; fixed and circulating, according to Adam Smith, 74-76; functions of, according to J. S. Mill, 157-158; - according to Adam Smith, 73-74; law of increase of, according to J. S. Mill, 160-162; limits of amounts that can be employed, according to Adam Smith, 79-80; Lord Lauderdale’s views on, 190-191; Menger’s treatment of, 339-340; J. S. Mill’s four propositions concerning, 158-159; relation of self-interest to employment of, according to Adam Smith, 85-86; - to division of labor, according to Adam Smith, 72-73; size of societies’ fund of, according to Adam Smith, 82-83; sources of, according to Adam Smith, 74-76
Capitalists’ interests in conflict with landlords, according to Ricardo, 123-124
Carey, Henry C.: application of doctrine of value to land, 235; change in views of on political economy, 233; conception of value, 233; criticism of Malthusian doctrine of population, 238; distinction between trade and commerce, 241; doctrine of association, 240; -protection, 240-241; explanation of distribution, 236-237; -ratio of exchange, 233-234; general law of life, 238-239; harmony of interests, 237-240; law of harmony, 239-240; life of, 232; man’s peculiar gifts, 240; on value of labor, 235; writings of, 252-233 Carver, Thomas Nixon, criticism of Böhm-Bawerk’s theory of interest, 428-429
Catherine II of Russia, 48
Charles III of Spain, 48
Child, Sir Josiah, 20
Clark, John Bates: capacity of capital to adjust itself to supply of labor, 441; capital as productive power or force, 444; contrast with Alfred Marshall, 433; criticism of Böhm-Bawerk’s theory of interest, 444-445; demonstration that labor and capital get what they produce, 439-456; distinction between capital and capital goods, 441-442; -labor and labor force, 445-446;-rent and interest, 442; doctrine that prices are determined by the final increments of the qualities of goods, 449-451; effect of changes in static standards, 456-458; exchange as a socializing influence, 436-437; influence of backward countries on labor, 458; - dynamic forces on labor, 457458; - monopoly on labor, 458; - social production on value and distribution, 437-438; interest the product of capital, 442; life of, 432; labor and capital as social funds, 446-447; law of wages, 440, 441; marginal productivity theory and exploitation of laborers and capitalists, 455-456; natural prices, wages, and interest, 438-439; principle of analytical valuation applied to producers’ goods, 452; profits, theory of, 457; relation between abstinence and capital, 444; social dynamics, 456-458; social processes of production and distribution, 453; social statics, 436-456; social value theory, 475; subdivisions of economic theory, 433-434; treatment of competition, 458; “ultimate standard of value,” 477; universal phenomena and laws of wealth, 434-436; wages and interest treated as surpluses, 447-449; writings of, 433
Classical Economists: cost of production of the precious metals as ultimate regulator of the value of money, 312; criticism of, by Bruno Hildebrand, 222-223; - by Cliffe Leslie, 512-513; - by Frederick List, 201-205; - by the nationalists, 187; vulnerable points in chief doctrines of, 298-308
Clifford, W. K., 459
Colbert, 21
Collectivism, ch. XVI, 259-263
Colonies: American, 90; their place in mercantile theory, 16
Commerce, foreign: means of development in mercantile period, 14; relation to development of the English navy, 14
“Communist Manifesto,” 285
Competition: J. B. Clark’s treatment of, 458; delation to economic science, 165166; Sismondi’s criticism of, 254
Comte, Auguste, description of his sociology by J. K. Ingram, 515-516
Condillac, 65
Condorcet, 93
Coöperation, relation to division of labor, 159-160
Corn laws: controversy over, 97-98; Malthus’s pamphlet on, 98; repeal of, 130
Corvée, the, 29
Cost Goods: J. B. Clark’s theory of valuation of, 452; see also Goods Cost of production: criticism of theories of, 359-362; entrepreneur’s, 300-301; sacrifice theory of, by J. E. Cairnes, 295; treatment of, by J. S. Mill, 170; - by Alfred Marshall, 465, 466; - by Wicksteed, 412; - by Von Wieser, 356-363
Credit: effect on prices, 315; theory of, see Theory of banking; treatment of, by J. S. Mill, 170, 172, 313; - by Adam Smith, 312
Credit system: development of in recent years, 319-320; - in period 1815-1848, 126
Crises, commercial, 125-126; theory of, by J. S. Mill, 179;-by Robert Owen, 265; - by Rodbertus, 282
Culpepper, Sir Thomas, 20
Cunningham, W., Growth of English Industry and Commerce, by, 54, 527
Custom, effect of, on distribution of wealth, according to J. S. Mill, 165-166
D’Alembert, 65
Darwin, Charles, Origin of Species, by, 459
Davenport, Herbert Joseph: on psychological basis of marginal utility theory, 413-414, 416; Value and Distribution, by, 527
Day, Clive, A History of Commerce, by, 13
Demand and supply: applied to money, 310, 311-312, 314-315; defects in Classical Economists’ theory of, 301-302; W. T. Thornton’s criticism of doctrine of, 297298; treatment of, by J. E. Cairnes, 293294; - by Alfred Marshall, 464-469, 469-472;-by J. S. Mill, 170
Deposits, bank, effect of growth of, on banking and credit theory, 500
Dickinson, Zenar Clark, on psychology of marginal utility theory, 415-416
Diderot, 65
Dietzel, Carl, criticism of marginal utility theory, 420-422
Diggis, Sir Dudley, 21
Distribution: defects in Classical Economists’ theory of, 302-305; effect of societies’ rules and regulations on, 163; influence of progress on, 175-181; laws of, contrasted with those of production, 163; marginal productivity theory of, 490, ch. XXV; result of social production on, 437438; Rodbertus, exploitation theory of, 281-282; - recommended method of, 283;-stages in, 279-281; social process of, 453; treatment of, by Bohm-Bawerk, 390-396; - by Henry C. Carey, 236-237; - by Alfred Marshall, 469-472;-by J. S. Mill, 163-169; - by Von Wieser, 354355; - by Wicksteed, 410-411
Domestic economy, Wicksteed’s analysis of, 400-402
Downey, E. H., criticism of the marginal utility theory, 417-420
Dühring, E., Kritische Geschichte der Na-tionalökonomie und der Socialismus, by, 527
Dupont de Nemours, Physiocratie, by, 49 Duties, export and import, relation of, to balance of trade, 16; see also Protection
East India Company, 13
Eastland Company, 12 Economy, business, development of in recent times, 320-321 Economic conditions: between 1776 and 1815, 90-92; between 1815 and 1848, 125-126; during last fifty years, ch. XIX Economic goods, Menger’s treatment of, 335-338
Economics: characterization of, by Wesley C. Mitchell, 522-524; institutional, 519522; quantitative, 523-524; statistical, 522-525; revolts against the “orthodox,” ch. XXVIII; see also Political economy
Economic sciences, the, Menger’s classification of, 327-328
Economic theory, J. B. Clark’s classification of, 433-434
Economy, Menger’s treatment of, 335-338
Eheberg, Professor, eulogy of Frederick List, 208
Eichorn, 213
Eighteenth century, characteristic features of the, 56-57
Emperor Joseph II, 48
Engels, Frederick, 284, 285
Entrepreneur, F. A. Walker’s description of function of, 483-484
Epicureans, the, 3
Evolution, Karl Marx’s theory of, 286-288
Exchange: treatment of, by J. B. Clark, 436-437;--by J. S. Mill, 169-173; -by Menger, 344-346
Exchange Bank, Proudhon’s, 275
Factory System, effects of, 1776-1815, 91
Ferdinand of Naples, 48
Fetter, Frank A., 417 n. 8; see also Hans Mayer
Finance, public, Emil Sax’s treatment of, 397-399
Fisher, Irving: criticism of Böhm-Bawerk’s theory of interest, 429-430; version of quantity theory, 495-496
Fourier, Charles: life of, 266-267; phalansteries, 267-269; social philosophy of, 267
Fourieristic communities, 269, 270
France: condition of, at the time of the Revolution, 27-31; distribution of property in, before the Revolution, 27; government of, under Louis XIV, 29; taxation in, before the Revolution, 29-30
Free trade: Bastiat’s views on, 242-243; Adam Heinrich Müller’s criticism of, 194; permissible exceptions to, according to Adam Smith, 89; Physiocratic doctrine of, 51
French Revolution, 90
Friedrich, Carl of Baden, 48
Galiani, 65
George, Henry, theory of interest, 377-379
Gervinus, 213
Gide, Charles, and Rist, Charles, History of Economic Doctrines, by, 527
Godin, Jean, Fourieristic community at Guise, France, 269
Godwin, William, 93
Gonnard, Rene, Histoire des doctrines économiques, by, 527
Goods, complementary: valuation of, according to Marshall, 467-468; - according to Menger, 343;--according to Von Wieser, 352-353
Goods, cost, Von Wieser’s treatment of, 350-352
Goods, durable, valuation of, according to Böhm-Bawerk, 390-392
Goods: expenditures on durable, according to Adam Smith, 83-84; treatment of, by Menger, 331-332, 333-334, 339, 342-343
Goods, future, valuation of, according to Böhm-Bawerk, 386-389 Goods, production, see Cost Goods
Goschen, 213
Göttingen, University of, as center of Kultur-geschichte, 213
Government: duties of, according to Adam Smith, 84-85; influence of, according to J. S. Mill, 181-184; interference of, according to J. S. Mill, 182-184; - according to Adam Smith, 86-88; necessary and optional functions of, according to J. S. Mill, 181; relation of, to wealth of nations, according to Adam Smith, 84-88
Green, T. H., 459
Grimm, 65
Grotius, 3
Grundsätze, Menger’s, analysis of, 330-349
Guinea Company, 13
Guizot, 284
Gustavus III of Sweden, 48
Haley, B. F., on psychological basis of marginal utility theory, 414-415
Haney, Lewis, History of Economic Thought, by, 527
Hedonism, relation of, to marginal utility theory, 413-420
Heeren, 213
Hegel, George William Friederich, 212
Hegewisch, 213
Helvetius, 65
Hermann, use theory of interest, 150
Higgs, Henry, 44, n. 4; The Physiocrats, by, 29, n. 4
Hildebrand, Bruno: criticism of Classical School, 222-223; - of Proudhon, 223; disagreement with Roscher, 223224; life of, 220-221; Die Nationalökon-omie der Gegenwart und Zukunft, by, 222; writings of, 221
Historical school, the new, 505-519; Gustav Schmoller, Grundriss as exposition of, 506; - studies in promotion of, 506; -relation to, 505
Historical school, the old, ch. XIII; general characteristics of, 227-230; Hegel’s influence on, 212; historical background of, 212-214; Savigny’s influence on, 213214 Hobbes, 3
Hollander, Jacob H., A Reprint of Economic Tracts, by, 98, n. 5
Homan, Paul T., Contemporary Economic Thought, by, 520, n. 24, 527
Horn, J. E., L’Economie politique avant les Physiocrats, by, 528
Hornig, Phillip Wilhelm von, 22, 24
Hullman, 213
Hume, David, 3; influence on Adam Smith, 63-64; life of, 62-63
Hutcheson, 3; influence on Adam Smith, 62
Income, Sismondi’s theory of gross and net, 255-256
Ingram, John Kells: description of Comte’s sociology, 515-516; - “the new school of economics,” 516-517; A History of Political Economy, by, 55, n. 2, 528; preface to Ely’s Introduction to the Study of Political Economy, by, 516; views on defects in political economy, 515; writings, 514-515 Institutional economics, 519-522 Interest, agio theory of: Böhm-Bawerk’s contribution to, 424-426; criticism of, by Carver and Macfarlane, 428-429; -by Marshall, 426-428;-by Walker, 426; history of, 424-426; Irving Fisher’s criticism of Böhm-Bawerk’s version of, 429-430 Interest, forms of, by Böhm-Bawerk, 390-392
Interest, theory of: J. B. Clark’s, 438-439, 442-443, 447-449; Lord Lauderdale’s, 102; Senior’s, 140
Jevons, Stanley, 460
Johnson, Joseph French, version of the quantity theory, 492-493
Jones, Richard, criticism of Ricardo’s doctrine of rent, 133-137; writings, 133, n. 9, 10
Jurists, Roman, 3
Kameralwissenschaft, 22
Kemmerer, E. version of the quantity theory, 495
Keynes, J. M., on the quantity theory, 495
Kleinwächter, Friederich von, Der Ent-wickelungsgang der national-ökonomi-schen Wissenschaft in Deutschland, by, 528
Knies, Karl: definition of political economy, 225; — method, 226; doctrine of relativity, 225-226; life of, 224; Die politischen Oekonomie vom Stand punkte der geschichtlichen Methode, analysis of the, 224-226; Schmoller’s characterization of, 226-227; treatment of Volkswirtschaft und Volkswirtschaftslehre, 225; writings of, 224 Kulturgeschichte, 212; at University of Göttingen, 213 Kultur-historians, 212-213; Schmoller’s characterization of, 213
Labor: J. B. Clark on, conceived as social fund, 446-447; - distinguished from labor force of society, 445-446; displacement of, by machinery, 319; division of, by Adam Smith, 71-72; as factor in production, by J. S. Mill, 156-157; future of, according to Ricardo, 121; law of increase of, according to J. S. Mill, 160, 162; natural and market price of, according to Ricardo, 117; productive and unproductive, according to J. S. Mill, 156; -to Adam Smith, 81-82; as source of wealth, according to Adam Smith, 69 Laborers, interests in conflict with that of landlords, 123-124
Laboring class, the: demands of, according to Rodbertus, 281-282; effect of dynamic forces on, 457-458; Sismondi’s views on effect of competition on, 254-255
Labor Party, International, Karl Marx’s connection with, 285
Laissez-faire: criticism of, by Adam Heinrich Müller, 194; - by Sismondi, 257-258; - J. S. Mill’s discussion of, 182-184; Adam Smith’s doctrine of, 86-88
Land: J. S. Mill on private property in, 165; no-rent, defects in Classical Economists’ theory of, 302; value of, according to Henry C. Carey, 235-236
Landlords, interests of, in conflict with that of other classes, 123-124
Lauderdale, Lord: criticism of Adam Smith’s doctrine of saving, 190-191; distinction between public and private riches, 188-189; doctrine of productivity of capital, 101-102; life of, 188; views on capital, 190-191
Lawrence, Joseph Stagg, Stabilization of Price, by, 503, n. 48
Leopold II of Tuscany, 48
Leslie, Cliffe: analysis of his articles on “Philosophical Method in Political Economy,” 511-514;--on Adam Smith, 510-511; characterization of political economy in England, 511; criticism of J. B. Cairnes, 513; - of doctrines of Classical Economists, 512-513; Essays in Political and Moral Philosophy, by, 528; life of, 510; views on method in economics, 513; writings of, 510
Le Trosne, 48
Levant Company, 13
List, Frederick: analysis of his book on “Theory,” 201; characterization of his “National System,” 207-208, criticism of the classical political economy, 201-205; Professor Eheberg’s eulogy of, 208; life of, 199-200; organization of the “National System,” 200-201; Schmoller’s characterization of, 208-209; summary of his doctrines, 206-207; views on the teachings of history, 201
Loans, J. S. Mill’s treatment of interest on, 172
Localism, in England, 8-9; decline of in England, 10-11 Locke, 3
Longe, Francis D., criticism of the wages-fund theory, 296
Louis XIV, 28-30
Macfarlane, Charles W.: criticism of Böhm-Bawerk’s theory of interest, 428-429; theory of profits, 487-489; Value and Distribution, by, 487, n. 18, 528
Mackintosh, Sir James, 128
Malthus, Daniel, 93
Malthus, Thomas Robert, application of doctrine of diminishing returns in agriculture, 99-100; argument for protection, 99; criticism of Ricardo’s doctrine of rent, 130-133; Essay on Population, history of, 93-94; pamphlets, 98; theory of population, 93-96; Henry C. Carey’s criticism of, 238; version of wages-fund doctrine, 143-146
Malynes, Gerard de, 21 Manors, mediæval, 9
Market, Wicksteed’s analysis of the, 409-410
Markets, foreign, problem of in England, 92
Marmontel, 65
Marshall, Alfred: appraisal of work of, 472-474; arrangement of chapters in “Principles,” 464; contrasted with J. B. Clark, 433; on cost of production, 465, 466; on demand and supply, 467-469;-applied to labor, capital, and land, 469-472; -interdependence of, applied to the agents of production, 472;-theory of the equilibrium of, 466-467; on expenses of production, 465; goal of his “Principles,” 460-461; guiding principles of, 461-463; law of substitution, 471; life of, 459-460; “principle of continuity,” 461-462; - “the marginal increment,” 463-464; producer’s goods, value of, 467-468; “producer’s surplus,” 470; on “the representative firm,” 467; on Ricardo’s doctrine of rent, 468-469; on standard of life in relation to wages, 470-471; writings of, 460
Marx, Karl: “Communist Manifesto” of, 285; connection with International Labor Party, 285; contact with French Socialists, 284; doctrine of economic evolution, 286-288;-surplus value, 285, 286; - of value, 285-286; quarrel with
Proudhon and Bakounine, 285; his Das Kapital, 285; life of, 283-285 Maurice, F. D., 459
Mayer, Hans, Fetter, Frank A., and Reisch, Richard, Die Wirtschaftstheorien der Gegenwart, by, 528
McCulloch, J. R.: life of Ricardo, 105-106; role assigned to standard of life, 148; wages-fund doctrine, 146-148; works of Ricardo, 106, n. 2
Meiners, 213
Menger, Karl: analysis of his “Grundsätze,” 330-349; chief publications of, 327; classification of “economic sciences,” 327-328; controversy with Schmoller, 328-330; discussion of capital, 339-340; - economy and economic goods, 335-338; - exchange, 344-346; - goods, 331-332, 333-334; - merchandise, 346, 347; - money, 347-349; - needs, 330-331, 333334; - property, 338-340; - standard of value, 348;-of value, 340-344
Mercantilism: considered as a national policy, 7; criticism of, 25; decline of, in England, ch. V; in England, 8-16; in other European states, 17; literature of, 20-26; reaction against, in France, ch. III; theory of, 17-26
Mercantilists: English, 20-21; French, 21; German, 22-25; Italian, 25
Merchandise, Menger’s discussion of, 346-347
Merchant Adventurers, 13
Mercier de la Rivière, L’Ordre naturel et es-sentiel des sociétés, by, 48
Metals, the precious, mercantile theory of, 19
Method in economics: W. J. Ashley’s views, 518-519; controversy over, 308; as influenced by critics, 316-317; Sismondi’s views on, 253-254 Mill, James, wages-fund doctrine, 146
Mill, John Stuart: abandonment of the wages-fund doctrine, 296; four propositions regarding capital, defects of, 307; goal of his “Principles,” 151; discussion of credit, 170; - cost of production, 170;-demand and supply, 170; - importance of diminishing returns in agriculture, 162; - distribution, 163-169; - effects of custom and competition, 165-166; - exchange, 169-173; - influence of government, 181-184; - influence of credit on prices, 313;-influence of progress on production and distribution, 174-181; - inconvertible notes, 315-316; - international trade, 171-172; — of interference of government, 182-184; - necessary and optional functions of government, 181;-laissez-faire, 182-184; -large and small scale production, 160; of laws of increase of production, 160-163; -money, 170, 309, 310-312; - minimum of profits, 178179, 180; -private property, 163-165; - productiveness of the productive agents, 159-160;-production, 155-163;-rent, 169;-
“The Stationary State,” 179-181;-- underselling on foreign markets, 173; on value, 169-170; life of, 152-154; organization of his “Principles,” 154-155; theory of commercial crises, 179; use of wages-fund doctrine, 166; writings of, 153
Mirabeau, Marquis de: L’Ami des hommes, by, 43; L’Explication du Tableau économique, by, 47; life of, 42; Philosophie Rurale, by, 47; Thèorie de l’impôt, by, 47
Misselden, E., 21
Mitchell, Wesley C.: content of quantitative economics, 523; criticism of current economic theory, 522-523; “group behavior,” 524; new economic theory of the future, 523-524; writings of, 522 Money: Menger on, 347-349; functions of, 347-348; as measure of value, 348; external and internal value of, 348-349; J. S. Mill on, 170; functions of, 309; importance of, 308; value of, 309-312; paper, by Adam Heinrich Müller, 194-195; Ricardo on value of, 309-312; vulnerable points in Classical Economists’ views on, 314-316
Monopoly: effect on labor according to J. B. Clark, 458; Senior’s theory of, 140-142
Montcretien de Watteville, 21-22 Montesquieu, 32
Morrellet, 65
Möser, Justus, 213
Müller, Adam Heinrich: conception of capital, 194; criticism of free trade, 194; - laissez-faire, 194-195; life of, 191-192; theory of relation of the individual to the nation, 193; views on paper money, 194-195; writings of, 192
Mun, Thomas, 20
Municipalities, mediæval, 8-9
Napoleon, effect of his war with England on the corn law controversy, 97-98
Nation, the, Daniel Raymond’s criticism of Adam Smith’s conception of, 196 National Agents, as factor in production, 155-156, 157
Nationalism: contrasted with localism, 8; theory of, 17-18
Nationalists, the: criticism of Classical Economists, by, 187; significance of work of, 209-211
“Natural Order,” Physiocratic doctrine of, 49, 51
Navy, English: development of, as key to economic history of England, 15; functions of, 14; means essential to development of, 14-16
Necker, 65
Needs, Menger’s discussion of, 330-344
Newton, Isaac, Philosophiae naturalis prin-cipia, 31
Nicholson, J. Shield, version of the quantity theory, 493-494
Niebuhr, 213
North, Sir Dudley, 54, 55-56; Discourses upon Trade, by, 56 Notes, inconvertible: as illustration of quantitative law, 315-316; value of, 315-316
Noyes, J. H., History of American Socialism, by, 269
Optimists, the: attitude towards the Classical School, 231; explanation of contemporary appearance of, in France and the United States, 231-232
Owen, Robert: experiments, 265-266; hostility to Ricardo’s doctrines, 130; New Lanark experiment, 264; life of, 264-266; theory of crises, 265; other theories, 265; writings of, 265, 266
Parsimony, see Saving Peasants’ Rebellion, 53
Peel, Sir Robert, 129
Petty, Sir William, 54, 55
Phalansteries, 267-269
Phillips, Chester A., theory of banking, 501
Philosophical Radicals, the, 128-129
Physiocratic School: decline of, 52; development of, 47-48; doctrines of, 48-51; origin of, 42-46
Physiocrats, 3; influence on Adam Smith, 64-65
Plato, 3
“Political Arithmetic,” 55
Political economy: W. J. Ashley’s views on nature and methods of, 518-519; condition of, in early seventies, ch. XVIII; effect of critics in broadening the scope and changing the methods of, 316-317; J. K.
Ingram on defects in, 515; - on new school of, 516; Cliffe Leslie on condition of, in England, 511; premises of, according to J. E. Cairnes, 292-293; subject-matter of, according to J. E. Cairnes, 292; significant trends in development of, 326
Pollexfen, John, 21
Poor Law, the, of 1601, 12
Population: Henry C. Carey’s criticism of Malthusian doctrine of, 238; Malthusian doctrine of, 93-96; mercantilists’ theory of, 18; J. S. Mill on effect of increase of, on distribution, 175-176; -importance of restraints on increase of, 162; -law of increase of, 160, 162
Poverty, problem of: in period 1776-1815, 91-92; Rodbertus’s remedy for, 283; theory of, 282
Prices: J. B. Clark’s theory of, 449-451; effect of credit on, 312, 313, 315; fluctuations of, in period 1776-1815, 91, 97; natural, according to J. B. Clark, 438-439; stabilization of, 502-504
“Producers’ Surplus,” Alfred Marshall on, 470
Production: cost of, see Cost of production; Marshall on expenses of, 465; influence of progress on, 174-175; large and small scale, 160; meaning of, 78-79; law of increase of, 160-163; John Stuart Mill on, 155-163; requisites of, 155-159; social processes of, 453
Productive Agents, productiveness of, 159160
“Produit Net,” Physiocratic doctrine of, 49, 50
Profits: minimum of, by J. S. Mill, 178-179; theories of, by J. B. Clark, 457; - by Charles W. Macfarlane, 487489; -residual claimant, 121-123, 489-490; - by Ricardo, 121-123; -by Francis A. Walker, 483-487
Progress, defects in Classical Economists’ theory of, 307
Property: Bastiat’s doctrine of, 246-247; Menger’s discussion of, 338-340; national, distinguished from national wealth by Daniel Raymond, 196-197; private, criticism of, by Saint-Simonians, 262-263; -, essentials of, 163-164; -, influence on distribution, 165; -, limitations on, 164-165; - Proudhon’s attack on, 273-274 Protection, Adam Smith’s criticism of, 86-88, see Frederick List, Thomas Robert Malthus, Adam Müller, Sismondi, Daniel Raymond Proudhon: his anarchism, 274-275; attack on private property, 273-274; proposed “Exchange Bank,” 275; Bruno Hildebrand’s criticism of, 223; life of, 272-273; Karl Marx’s quarrel with, 285; theory of possession, 274; writings of, 272-273
Psychology, defective, alleged in criticisms of marginal utility theory, 413-417
Pufendorf, 3
Quantity theory: criticisms of, 496-499; equation of exchange, a version of the, 495-499; Keynes on, 495; restatements of, 491-496; Irving Fisher’s version of the, 495-496; Joseph French Johnson’s version of the, 492-493; Kemmerer’s version of the, 495; J. S. Mill’s version of the, 309, 310-312; J. Shield Nicholson’s version of the, 493-495; Ricardo’s version of, 309-310; F. A. Walker’s version of, 491-492
Quesnay, François: life of, 43; Tableau économique, by, 43
Rae, John, Life of Adam Smith, by, 61, n. 1
Rambeaud, Joseph: Histoire des doctrines économiques, by, 528; summary of Müller’s criticism of Adam Smith, 192
“Rapidity of Circulation of Money”: defect in Classical Economists’ doctrine of, 315; J. S. Mill’s version of, 311
Raumer, 213
Raymond, Daniel: criticism of Adam Smith’s conception of a nation, 197; - his doctrine of saving, 197; - his views on national wealth, 195; distinction between national wealth and private riches, 195-196; life of, 195; summary of his criticism of Adam Smith, 197-198
Raynol, 65
Readjustments, economic, obstacles to in recent times, 321-323
Reform: legislative, 129-130; movements, 126-130
Reformation, the Protestant, influence of, in breaking down localism, 10
Reisch, Richard, see Mayer, Hans
Relativity, doctrine of, according to Karl Knies, 225-226
Rent: James Anderson’s theory of, 96-97; Böhm-Bawerk’s explanation of, 392; distinguished from interest by J. B. Clark, 442; how landlords profit from, 116-117; Marshall on Ricardo’s doctrine of, 468469; J. S. Mill’s treatment of, 169; Ricardo’s doctrine of, 113-117
“Representative Firm,” Alfred Marshall on, 467
Revenue, gross and net by Adam Smith, 76-77
Ricardo, David, 4; application of doctrine of diminishing returns in agriculture, 99-100; defects in treatment of relation of profits to value, 300; doctrine of profits, 121-123; - rent, 113-117; - value, 108-113; -wages, 117-121; Essay on the Influence of a Low Price of Corn on the Profits of Stocky, by, 105; on inconvertible notes, 315-316; life of, 105-107; use of Malthusian doctrine of population, 118; on value of money, 309-310; his wages-fund doctrine, 142-143
Rist, Charles, see Gide, Charles
Rodbertus, Johan Carl: demands of laboring class, 281-282; doctrine that economic goods are the product of labor only, 278279; exploitation theory of, 281, 282; Die Forderungen der arbeitenden Klas-sen, by, 281; life of, 277; Der Normal Arbeit-Tag, by, 283; proposed method of distribution, 283; stages in distribution, 279-281; summary of system of thought, 277-278; theory of crises, 282; writings of, 277
Roscher, Wilhelm: aims of, 214; Bruno Hildebrand’s disagreement with, 223-224; Geschichte der National Ökpnomik, by, 528; Grundriss zu Vorlesungen über die Staatswirthschaft nach geschichtlichen Methode, by, 214; Grundlegung, 218; history of political economy, 216-217; historical monographs, 215; life of, 214; Die National-Ökonomik der Akerbaues, by, 218; Die National-Ökpnomik der Handels und Gewerbefleisses, by, 218; Schmoller’s characterization of his history of political economy, 217-218; -, general, 219-220; summary of mercantile theory, 25; his “system,” 218-219; writings of, 215 Rousseau, 32 Russia Company, 12
Saint-Simon: conception of industrial equality, 261;--the “new society,” 263; leading ideas of, 260-261; life of, 259; writings of, 260 Saint-Simonians: criticism of private property, 262-263; development of state socialism, 262; organization of, 262
Sartorius, 213
Savigny, Friedrich Carl von, 213-214 Saving: criticism of Adam Smith’s doctrine of, by Lord Lauderdale, 190-191; as source of capital, 82-83; relation of, to increase of capital, by J. S. Mill, 160-162
Sax, Emil, 397-399
Say, Jean-Baptiste, 101
Schlözer, 213
Schmoller, Gustav: analysis of his “Grundriss,” 507-509; characterization of Frederick List, 208-209; - Gottingen school of Kultur-historians, 213; -“Old Historical School,” 226-229; -Roscher and his works, 217-218, 219, 219-220; controversy with Menger, 328-330; description of mercantilism, 7; Die Entwichelung der deutschen Volkswirthschaftslehre im neunzehnten Jahrhundert, by, 528; Zur Litteratur-geschichte der Stoats- und Sozialwis-senschaften, 528; on methods and laws in economics, 506-507; relation to the Cameralists, 509, to “The New Historical School,” 506
Schönberg, Gustav, 510
Schröder, Wilhelm von, 22, 24-25
Schüller, Richard, Die Klassische National-ökonomie und ihre Gegner, by, 528
Schumpeter, Joseph, Dogmen- und Methodengeschichte, by, 528
Seligman, E. R. A., social value theory, 475 Senior, Nassau: doctrine of abstinence, 137-140; - cost of production, 140; - of monopoly, 140-142; wages- fund, 148-149; life of, 137; solution of relation of interest to value, 300; theory of interest, 140
Seniorage, Ricardo on, 310 Serra, Antonio, 25
Seventeenth century, commercial and industrial organization of England in, 12-16
Sheep Culture, effect on manorial exclusiveness, 11
Sidgwick, Henry, 459
Sismondi, Jean Charles: on causes of commercial crises, 256-257; change of views on political economy, 251; criticism of Classical Economists’ views on liberty and competition, 254; - Ricardo, 253; - Senior’s and Say’s conception of economic science, 252-253;-Adam Smith, 251-252; life of, 250-251; theory of gross and net income, 255-256; views on method in economics, 253-254; - the relation of the state to industry, 257-258
Social dynamics, J. B. Clark on, 456-458
Social philosophy: Louis Blanc’s, 271;
Robert Owen’s, 265 Social statics, J. B. Clark on, 436-456 Socialism: effect of revolution of 1848 on, 276; the modern movement of, 249-250; scientific, ch. XVII; visionary, ch. XVI Smith, Adam, 3; on credit, 312; criticism of, by Cliffe Leslie, 510-511; -by Sismondi, 251-252; his exceptions to free trade, 89; discussion of effects of government interference, 86-88;-relation of government to wealth of nations, 84-88; influence of the Physiocrats on, 78-79; life of, 61-65; Rambaud’s summary of Müller’s criticism of, 192; socialists’ attitude towards, 249; summary of Daniel Raymond’s criticism of, 197-198; Theory of Moral Sentiments, by, 65, 66; views on functions of money, 309; wages-fund doctrine, 142
Spann, Othmar, The History of Economics, by, 528
Specie payments: effect of suspension of, on prices, 103-104; suspension of, by Bank of England in 1797, 90, 92 Spittler, 213
Standard of life: defects in Classical Economists’ use of, in explanation of wages, 302-303; doctrine of, by Alfred Marshall, 470-471;-by Ricardo, 120-121
Standard of value: as a function of money, 309, 314; Menger’s treatment of, 348; stabilization of value of, 503 State, the: entrepreneur theory of, 19; functions assigned to, by the Physiocrats, 51; mercantile theory of its relation to industry, 19-20
“Stationary State, The,” John Stuart Mill’s treatment of, 179-181
Stoics, the, 3
Stuart, H. W., on psychology of marginal utility theory, 416
Sully, Due de, 21
Suranyi-Unger, Theodore, Economics in the Twentieth Century, by, 528
Taille, 29, 30
Taine, H.: Ancien Regime, by, 27; description of conditions in France, 27-31
Technique, economic: difficulty of adjustment to changes in, 319; recent changes in, 318-319
Thornton, W. T.: criticism of doctrine of demand and supply, 297-298; - wages-fund doctrine, 296, 297-298
Toynbee, Arnold, 460
Trade, International, treatment of, by J. S. Mill, 171-172 Trades Unions, effect of, on wages, according to J. E. Cairnes, 296
Transportation, application of steam to, 126
Tudors, the, national control of economic life, 11-13
Turgot: Reflexions, by, 49; theory of interest, 377, 378
Underselling, in foreign markets, by J. S. Mill, 173
Utility, Bentham’s principle of, 127-128
Value: B. M. Anderson’s criticism of concept of, as a ratio, 476-479; -- demonstration that it is a social product, 480-482;-quantitative concept of, 476, 478-480; - social theory of, 476-482; Böhm-Bawerk’s contribution to theory of, 384-386; defects in Classical Economists’ theory of, 298-302; labor theory of, 109-113; marginal utility theory of, alleged defects in psychological basis of, 413-417;-, alleged futility of, 417-420; -, B. M. Anderson’s criticism of, 422-424; -, criticisms of, 413-442;-, Carl Dietzel’s criticism of, 420-422;-, Menger’s version of, 340-344; -, Karl Marx’s theory of, 285-286; social theories of, 475-482
Vauban: Dime Royal, by, 37; life of, 36-37
Veblen, Thorstein: criticism of economics, 520-521;-marginal utility theory, 415; theory of development of economic institutions, 521; writings of, 520
Verein für Sozial-Politik, 510 Versailles, under Louis XIV, 29
Voltaire, 32
Von Wieser, Frederick: on collective needs and state economy, 398-399; criticism of cost theories, 359-363; - Menger’s valuation of complementary goods, 353; doctrine of costs, 356-358; explanation of distribution, 354-355; on interest, 355; on laws of imputation of value, 354-355; valuation of complementary goods, 352-354, of producers’ goods, 350-352
Wages, theory of: J. B. Clark’s, 438-439, 439-441, 447-449; J. S. Mill’s, 166-168; Ricardo’s, 117-121; standard of life, 117119, 120-121; Wicksteed’s, 409-410
Wages-Fund Doctrine, 142-149; controversy over, 296-298; critics of, 296; defense of, by J. E. Cairnes, 295-296; J. S. Mill’s abandonment of, 296; Malthus’s version of, 140-146; J. R. McCulloch’s version of, 146-148; James Mill’s version of, 146; Ricardo’s version of, 142-143; Senior’s version of, 148-149; Adam Smith’s version of, 142
Wagner, Adolph, 510
Walker, Francis A.: analysis of functions of entrepreneurs, 483-484; theory of profits, 483-487; version of the quantity theory, 491-492
Wealth, national: definition of, by Daniel Raymond, 196-197; - by Lord Lauderdale, 188; labor as the source of, 69; relation of governments to, 84-88; universal phenomena and laws of, according to J. B. Clark, 434-436
“Wealth of Nations, The”: analysis of, ch. VII; evolution of, 65-66; influence of on Physiocratic School, 52; keynote and plan of, 68-69 West, Edward, doctrine of diminishing returns in agriculture, 98-99
Weulersse, Georges, Le mouvement physiocratique en France, by, 42, n. 1
Wicksteed, Philip: analysis of domestic economy, 400-402; - the market, 404-406; arrangement of subject-matter of economics, 400; The Common Sense of Political Economy, by, 400; on cost of production, 412; definitions of “economic conditions,” “economic forces,” “the economic motive,” “economic life,” “economic relations,” 402, 403; explanation of exchange, 402; treatment of distribution, 410-411; - interest, saving, tools, and machinery, 406-408; -the market for labor, 409-410
World War, The: as disturber of economic equilibrium, 323-325; effect on theory of banking, 501;-study of stabilization of prices, 503
Zuckerkandl, Robert, Zur Theorte des Preises, by, 528
