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-

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