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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The text is in the public domain.
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- Author: Philip H. Wicksteed
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Table of Contents
- 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
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