Acceleration principle, 244–5
Accumulation of capital (see also Investment, Capital)
in Smith, 45–7
in Marx, 135–43
Capital, concepts of
in Smith, 45–7
in Marx, 132–5
in neo-classical thought, 208–10
Capitalism, prospects of
Smith’s view of, 47–50
Ricardo’s view of, 87–9
Mill’s view of, 101–3
Marxian view of, 147–51, 154–8
Marshall on, 192–5
Class, definitions of
in Smith, 38–40
in Ricardo, 77
in Marx, 127–9
Classical theory
background of, 17–22
development of, 23–106
analytical strengths and weaknesses of, 107–15
extensions of, 107–13
critiques of, in Marxian thought, 119–21, 126–9, 136–7, 143–5
in neo-classical thought, 173–6, 177–9, 191–2
Competition (see also Perfect competition and Imperfect competition)
interpretations of, in classical thought, 20–21, 112–13
in Mill, 99
in Marshall, 183–6
in Walras, 198–203
in Clark, 203–7
in Wicksell, 211–12
Consumption, aggregate Malthus’s view of, 71–2
in Keynes, 237–9
Costs of production (see also Increasing returns to scale, Diminishing returns)
in classical thought, 35, 64–8, 98–9
in Marxian thought, 139–43
in neo-classical thought, 174–86, 202–3, 205–6
Demand, concepts of
in classical thought, 36–7, 69–72
in neo-classical thought, 170–74, 196n.
Diminishing returns, 64–8, 110–11
Distribution of incomes, concepts of
in classical thought, 32–3; 38–45
in neo-classical thought, 177–9, 204–7
Division of labour, 27–8, 45–9
Economic determinism, 138–9, 161–2
Economic laws, interpretations of
in classical thought, 21
in Mill, 99ff.
in Marx, 119ff.
in neo-classical thought, 165–6
Economic surplus, interpretations of
in mercantilist thought, 18
in Physiocratic thought, 19–20
in Marxian thought, 133–5
Employment, Part IV, passim (see also Full employment, Labour)
Equilibrium, concepts of (see also Partial equilibrium and General equilibrium), 33, 52n., 175–6, 221, 242–6
Exploitation, interpretations of, 134 ff., 206
Full employment
neo-classical views on, 174, 216, 223–4, 229
Keynesian views on, 227–57
passim, 253
General equilibrium, 202–3
‘Gluts’ (see also Say’s Law), 69–72
Growth theory, Part I, passim; 254–8
Hoarding (see Say’s Law and Liquidity trap)
Imperfect competition, 216, 225 (see also Monopoly)
Imperialism, interpretations of
in Mill, 104–5
in Marxian tradition, 155–7
Increasing returns to scale
in Mill, 99
in classical thought, 113–14
in Marshall, 180–83
in neo-classical tradition, 215–19
Index number problem, 33–5, 98–9
Instability, interpretations of
in Mill, 103–5
in classical thought, 114
in Marxian thought, 147–51
in neo-classical thought, 186–90, 223–6
in Keynes, Part IV, passim
Interest rate
in Böhm-Bawerk, 209–10
in Wicksell, 212–13
in Keynes, 231 ff., 245–6, 256–7
International trade, 18–19, 48–9, 89–91, 104–5, 225, 254
Investment (see also Accumulation of capital), 45–7, 135–43, 188–90, 209–10, 239 ff.
Keynesian theory
background of, 223–6
development of, 227–52
extensions of, 254–8
analytical strengths and weaknesses of, 253–8
critiques of, 254–7
Labour see Class, Employment, Value, Wages
Laissez-faire see Capitalism, prospects of, and Competition, interpretations of
Macro-economics, Part IV, passim
Marginalism see Neo-Classical Theory
Market structure, interpretations of (see also Monopoly), 183 ff.
Marxian theory
background of, 117–23
development of, 124–53
extensions of, 154–62
analytical strengths and limitations of, 154–62
critiques of, in neo-classical thought, 165–7, 173–9, 191–2, 205–6, 208–10
in Keynesian thought, 230
Medieval economic thought, 17
Mercantilist economic thought, 18, 21–2, 23, 48–9, 69, 234
Micro-economics, 164–5, Part III, passim
Mode of production, Marxian concept of, 106n., 127 ff.
Models, general properties of, 13–15
Money (see also Quantity theory)
mercantilist view of, 19
in classical thought, 26, 68–9, 93n.
in neo-classical thought, 187, 212–13
in Keynesian thought, 231 ff.
Monopoly
in neo-classical thought, 183–6, 193–4, 202–3, 206–7, 224
in Keynesian thought, 230
Multiplier, 243 ff., 251n., 254–5
National income, concepts of, classical and Marxian, 29–30
National income, determination of, in Keynesian analysis, 242–6
Natural price see Value
Natural order
in classical thought, 21
Neo-classical theory
background of, 163–7
development of, 168–214
extension of, 215–21
analytical strengths and limitations of, 215–21
critiques of, 219–21, 223–58, passim
Net revenue
in Mill, 101
in Marx, 135
Opportunity costs, 174
Over-production see ‘Gluts’, Instability and Say’s Law
Partial equilibrium, 202–3
Perfect competition, 186, 198–203, 206, 211–12, 217
Population
in Smith, 42–4
in Marshall, 197n.
Prices see Value
Price level, general, 187 (see also Quantity theory of money)
Productive labour, interpretations of
in Physiocratic thought, 20
in Malthus, 71–2
in Mill, 97–8
in Marx, 130–31
in Marshall, 173–4
Profits (see also Distribution)
Ricardo’s view of, 79–82, 87–8
Mill’s view of, 103–5
Marx’s view of, 132 ff.
Marshall’s view of, 177–9, 191–2
Quantity theory of money, 48, 187
Quasi-rent, 179
Rent (see also Distribution)
Malthus’s view of, 64–8
Ricardo’s view of, 79–82, 87–8
in Marx, 137
Saving, 46–7, 149, 188–9, 209–10, 237–9
Say’s Law (see also ‘Gluts’), 47, 68–9, 89, 93n., 103, 109, 110, 114, 187–8, 231 ff., 256
Socialism, interpretations of
in Mill, 105–6
in Marxian thought, 158–60
in Marshall, 193–5, 211–12, 217
Stationary state, interpretations of
in Malthus, 67–8
in Ricardo, 88
in Marshall, 196n.
Subsistence, concepts of
in Malthus, 60–62
in Mill, 100–101
in Marx, 130
Supply (see also Costs of production)
in neo-classical thought, 174–6, 180–83
Technological unemployment
in Ricardo, 86–7
in Marx, 139–42
Unemployment (see also ‘Gluts’ and Instability), 223–58, passim
Utility
Smith’s rejection of, 36–7
in neo-classical thought, 170–74
Value, theories of
in Smith, 30–38
in Ricardo, 82–7
Mill’s view of, 97–9
in Marx, 129–32
in neo-classical thought, 165
in Marshall, 170–76
Velocity of circulation, 187
Wages (see also Distribution)
Smith’s view of, 39–42
Marshall’s view of, 177–8, 191–2
Wage fund, concept of, 41–2