The Online Library of Liberty

A project of Liberty Fund, Inc.

• Acknowledgements
• G. F. Thirlby, Preface
• 1: James M. Buchanan, Introduction: L.s.e. Cost Theory In Retrospect
• 2: Lionel Robbins, Remarks Upon Certain Aspects of the Theory of Costs
• 3: F. A. Von Hayek, Economics and Knowledge
• 4: R.s. Edwards, the Rationale of Cost Accounting
• 5: R.h. Coase, Business Organization and the Accountant
• 6: G.f. Thirlby, the Subjective Theory of Value and Accounting ‘cost’
• 7: G.f. Thirlby, the Ruler
• 8: G.f. Thirlby, the Economist's Description of Business Behaviour
• 9: Jack Wiseman, Uncertainty, Costs, and Collectivist Economic Planning
• 10: Jack Wiseman, the Theory of Public Utility Price— an Empty Box
• 11: G.f. Thirlby, Economists’ Cost Rules and Equilibrium Theory

Preface

When I originally suggested the idea for this book, I had hoped to be able to include a considerably wider range of papers with which to underline James M. Buchanan's challenge on p. 35 of his Cost and Choice, where he regrets the demise, and calls for a resurrection, of the L.S.E. opportunity-cost tradition (see p. 6 of this book). However the limitations of finance compelled a stricter selection, and, even so, the emergence of the book would not have been possible without institutional as well as personal support and encouragement. The Center for Study of Public Choice, Virginia Polytechnic Institute, has cooperated fully with the L.S.E. Publications Committee throughout the planning and production of the book, which is institutionally a joint product. For this purpose the Center itself was supported by the Earhart Foundation, whose assistance is gratefully acknowledged.

I do not adhere entirely to Buchanan's Introduction: I am not a grand designer! My own pedestrian idea of the next goal towards which economic theorists should direct their own steps is indicated in an unpublished paper called ‘After Cost and Choice’, namely towards the construction of a multi-entrepreneur firm together with a theory of the account.

G. F. Thirlby