CONTENTS
PAGE
INTRODUCTIONxi

Plan of the work--Inquiry into the development and the relative practical usefulness of the theories of welfare economics from Adam Smith to the present day.

PART
PHYSICAL LEVEL
CHAPTER
I. THE CLASSICAL VIEW OF THE ECONOMIC PROBLEM1

Inconsistency in the current interpretation of classical economics-- Smith's labour-theory outlook and methods of increasing the size of the national dividend (i) by widening the scope of division of labour and exchange and (ii) by increasing capital accumulation and population--Ricardo's emphasis on diminishing returns and concept of Net Revenue--J. S. Mill's systematisation of the physical output approach --Quantitative importance of the physical level of analysis on economic welfare.

II. THE MEASURING ROD OF LABOUR15

Smith's concept of the "quantity of labour commanded" as the measure (i) of current subjective income and (ii) of maximum physical output next year--Ricardo's "quantity of labour embodied" measure and the Cost and Output approach to the national dividend--Net Revenue as the measure of economic welfare.

III. THE MEASURING ROD AND THE GLUT THEORY34

Malthus's development of the "labour-commanded" measure of value into an Income approach to the national dividend--Malthus's measure of value and his theory of "intrinsic value"--Relation between the different measures of value and the Glut controversy.

IV. THE CLASSICAL THEORY OF FREE COMPETITION (A REINTERPRETATION)53

The "allocative" interpretation of Smith's theory of competition based on very selective evidence--Classical theory of competition as an auxiliary instrument of dynamic expansion of economic activity, "widening" the scope of division of labour and opening up new investment opportunities--Ricardo's theory of Comparative Costs as a classic piece of optimum analysis at the physical level.

V. THE WELFARE SIGNIFICANCE OF PRODUCTIVE 70 LABOUR

Smith's "storage" and "value" versions of Productive Labour-- Their relation to the different measures of value--Doctrine of Productive Labour implies a fundamental weakness in the system of free choice in relation to saving, investment and level of economic activity --J. S. Mill's systematisation of the "storage" version--Reinterpretation of classical economics--Productive Labour doctrine as the mainspring of the classical theory of economic expansion.

-vii-

Notes for this page

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items

Items saved from this book

This book has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this book

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this page

Cited page

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited page

Bookmark this page
Theories of Welfare Economics
Table of contents

Table of contents

Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this book

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Full screen
/ 244

matching results for page

Cited passage

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited passage

Welcome to the new Questia Reader

The Questia Reader has been updated to provide you with an even better online reading experience.  It is now 100% Responsive, which means you can read our books and articles on any sized device you wish.  All of your favorite tools like notes, highlights, and citations are still here, but the way you select text has been updated to be easier to use, especially on touchscreen devices.  Here's how:

1. Click or tap the first word you want to select.
2. Click or tap the last word you want to select.

OK, got it!

Thanks for trying Questia!

Please continue trying out our research tools, but please note, full functionality is available only to our active members.

Your work will be lost once you leave this Web page.

For full access in an ad-free environment, sign up now for a FREE, 1-day trial.

Already a member? Log in now.