Ten Great Economists From Marx to Keynes.

Ten Great Economists From Marx to Keynes.

Language: English

Pages: 0


Format: PDF / Kindle (mobi) / ePub

World Changers: 25 Entrepreneurs Who Changed Business as We Knew It

Dirty Business: The Unchecked Power of Major Accountancy Firms

Oil: Money, Politics, and Power in the 21st Century

Monetary Unions: Theory, History, Public Choice

From Passion to Profit: A Step-By-Step Guide to Making Money from Your Hobby by Selling Online




















attempted here. The basic idea is clear enough, however. The stratifying principle consists in the ownership, or the exclusion from ownership, of means of production such as factory buildings, machinery, raw materials and the consumers’ goods that enter into the workman’s budget. We have thus, fundamentally, two and only two classes, those owners, the capitalists, and those have-nots who are compelled to sell their labor, the laboring class or proletariat. The existence of intermediate groups,

buys is not indeed, as in the case of slavery, the laborers themselves but a definite quota of the sum total of their potential labor. Now since labor in that sense (not the labor service or the actual man-hour) is a commodity, the law of value must apply to it. That is to say, it must in equilibrium and perfect competition fetch a wage proportional to the number of labor hours that entered into its ‘production.’ But what number of labor hours enters into the ‘production’ of the stock of

implies; and we can always profess ourselves convinced that all those phenomena must be explainable in the Marxian manner. But then the problem of imperialism—always granting that the theory is in itself correct—would be ‘solved’ only tautologically.4 Whether 4 The danger of empty tautologies being put over on us is best illustrated by individual cases. Thus, France conquered Algeria, Tunisia, and Morocco, and Italy conquered Abyssinia, by military force without there being any significant

work of such importance should have guided the work of the generation it taught. The economic literature of the thirty years after 1890, therefore, abounds with developments and restatements of, and corollaries to, Marshallian propositions and pieces of technique. The works of Marshall’s pupil and successor, Professor Pigou, of Robertson, Lavington, Shove, and many others afford countless instances that are familiar to all of us. Even a part of Edgeworth’s contributions comes within this

the forces that conditioned him entered so unmistakably that it is more necessary than it usually is in an appraisal of scientific performance VILFREDO PARETO 113 to convey an idea of that man and of those forces. I shall make an attempt to do so first (I). Then I shall briefly survey Pareto’s work in pure theory (II). And I shall end up with a glance at his conception of society that has found so inadequate an expression in his General Sociology (III).3 I. THE MAN Pareto’s father, the

Download sample