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The Commonsense of Political Economy

Contemporaneously with, though slightly following, Marshall, this book was one of the first “modern” textbooks leading from the 19th into the 20th century. Wicksteed substantively furthered the work of John Bates Clark on marginal productivity theory. Although Marshall’s Principles generally receives more attention, Wicksteed’s explanations are sometimes clearer, more precise, and more modern.

The Commonsense of Political Economy, including a Study of the Human Basis of Economic Law (London: Macmillan, 1910).

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Author: Philip H. Wicksteed

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Econlib Editor's Notes
CONTENTS
Preface
The Common Sense of Political Economy
Introduction
BOOK I: SYSTEMATIC AND CONSTRUCTIVE
CHAPTER I: INTRODUCTORY: ADMINISTRATION OF RESOURCES AND CHOICE BETWEEN ALTERNATIVES. PRICE AND THE RELATIVE SCALE
CHAPTER II: MARGINS. DIMINISHING PSYCHIC RETURNS
CHAPTER III: ECONOMICAL ADMINISTRATION AND ITS DIFFICULTIES
CHAPTER IV: MONEY AND EXCHANGE
The Communal Relative Scale
CHAPTER V: BUSINESS AND THE ECONOMIC NEXUS
CHAPTER VI: MARKETS
CHAPTER VII: MARKETS (Continued). INTEREST. TOOLS. LAND
CHAPTER VIII: MARKETS (Continued). EARNINGS
CHAPTER IX: DISTRIBUTION. COST OF PRODUCTION
BOOK II: EXCURSIVE AND CRITICAL
CHAPTER I: MARGINS AND THEIR DIAGRAMMATIC REPRESENTATION
CHAPTER II: ON THE DIAGRAMMATIC METHOD OF REPRESENTING AREAS OF SATISFACTION AND MARGINAL SIGNIFICANCES13
CHAPTER III: ON THE NATURE OF CURVES OF TOTAL SATISFACTION
APPENDIX TO CHAPTERS II. AND III.
CHAPTER IV: BUYER AND SELLER. DEMAND AND SUPPLY
CHAPTER V: THE THEORY OF "INCREASING AND DIMINISHING RETURNS"
CHAPTER VI: THE DIAGRAMMATIC EXPOSITION OF THE LAW OF RENT AND ITS IMPLICATIONS
CHAPTER VII: BANKING. BILLS. CURRENCY
BOOK III: ANALYTICAL AND PRACTICAL
CHAPTER I: SAMPLES OF ANALYSIS
CHAPTER II: SOME FURTHER ANALYSES
CHAPTER III: CONCLUSION

The Commonsense of Political Economy

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