L.S.E. Essays on Cost
A volume in the collection Studies in Economic Theory first published by the Institute for Humane Studies. This is a collection of essays written in the LSE opportunity cost tradition by scholars associated with the London School of Economics between 1937 and 1960. The papers are by Lionel Robbins, Hayek, Edwards, Coase, Thirlby, and Wiseman.
Another copy of this book can be found in HTML format at our sister website Econlib.
The L.S.E. Essays on Cost, ed. J.M. Buchanan and G.F. Thirlby (New York University Press, 1981).
Copyright:
This work is copyrighted by the Institute for Humane Studies, George Mason University, Fairfax, Virginia, and is put online with their permission.
People:
- Editor: James M. Buchanan
- Editor: G.F. Thirlby
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Table of Contents
- The Institute for Humane Studies Series in Economic Theory
- Contents
- Acknowledgements
- Preface
- 1: Introduction: L.S.E. cost theory in retrospect
- 2: Remarks upon certain aspects of the theory of costs
- i
- ii
- iii
- iv
- 3: Economics and knowledge
- i
- ii
- iii
- iv
- v
- vi
- vii
- viii
- ix
- x
- 4: The rationale of cost accounting
- i: nature and objects of cost accounting
- ii: some difficulties and suggestions regarding terminology
- iii: the problem of ‘overhead’
- iv: price-fixing and output decisions
- v
- vi: cost accounting as a tool of efficiency
- vii: some conclusions
- 5: Business organization and the accountant
- i: introductory note
- ii: some basic concepts
- iii: non-monetary factors and uncertainty
- iv: the time factor
- v: the nature of costs
- vi: cost of materials
- vii: depreciation
- viii: interest on capital
- ix: some critics answered18
- x: costs in relation to decisions
- xi: marginal costs
- 6: The subjective theory of value and accounting ‘cost’
- i: the meaning of cost to the subjectivist
- ii: the place and significance of cost in a philosophy of business administration
- iii: the different meaning that cost has to an accountant
- iv: accounting ‘cost’ related to the subjectivist’s philosophy of business administration
- vii: appendix
- 7: The Ruler
- Introduction
- Administration in planning stages. Location, layout and choice of equipment
- Illustration4
- The omission of lost opportunities from ‘cost’
- The railway illustration is not an exceptional case
- The propensity to avoid the issue
- Loose coordination
- Illustrations
- Loose coordination failing to reflect impending market changes in the production plan
- Can the rule control the weakness?
- Replanning. Recalculation of cost. Cost dependent upon the opinion of the administration
- The problem of structure-variation recurs
- Illustration
- The use of ‘fixed’ equipment. ‘Bygones’, user cost and renewals. The qualifications of the person(s) reckoning user cost
- The conjuncture out of which the cost–revenue relationship emerges. Its indefiniteness and fallibility. Competent administration more important than the rule?
- The Ruler turned administrator
- The application of the rule, on the assumption that what is required is that total cost and total revenue should be equal. The nature of the cost-revenue relationship
- 1 The application when the relationship refers to cost and revenue in the sense so far implied
- 2 The application when the relationship refers to the ‘estimated profit calculation’
- 3 The application when the relationship refers to the account
- A possible addition to the rule: the stipulation that the account should agree with the ‘estimated profit calculation’
- APPENDIX I
- APPENDIX II
- APPENDIX III51
- 8: The economist's description of business behaviour
- i: the first approximation
- ii: the timeless equilibrium setting of the equation. the suppression of the planning operation and the evasion of doctrine. the suppression of ‘the organization’ and the concepts which its treatment requires. authority and authoritarianism
- iii: the obscurity about cost. a restatement
- iv: the suppressed value judgements. non monetary ends and marginal costs. intra and ultra vires policy–making as affecting the operation of the marginal principle in the organization. identification
- v: other suppressed subjective judgements. time preference. policy–making and administrative judgements affecting marginal cost
- 9: Uncertainty, costs, and collectivist economic planning
- i: introduction
- ii: the nature of the rule
- The competitive market economy
- The liberal collectivist economy
- iii: time and uncertainty
- iv: the rule as reformulated
- v: the rule without a check
- vi: checks through net revenue
- vii: conclusions
- 10: The theory of public utility price— an empty box
- i: the marginal–cost rule
- ii: the multi–part tariff and the ‘club’
- Income redistribution and the ‘club’ principle
- ‘Voluntary’ choice and the ‘Club’ principle
- iii: the welfare model and uncertainty 26
- summary and conclusions
- 11: Economists’ cost rules and equilibrium theory
- i: conflicting notions of rationality
- ii: confusion on the meaning of ‘cost’
- iii: neglect of time and uncertainty in equilibrium analysis
- iv: neglect of discontinuity of knowledge within ‘the firm’
- Index of Names
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