Subject
Economics -- Great Britain -- History Books
Best books
Wilhelm Roscher
Zur Geschichte der englischen Volkswirthschaftslehre aus dem III. Bande der Abhandlungen der Königlich Sächsischen Gesellschaft der Wissenschaften
"Zur Geschichte der englischen Volkswirthschaftslehre" by Wilhelm Roscher is a historical account written in the mid-19th century. The work delves into the development of English economic thought during significant periods in the 17th and 18th centuries, focusing particularly on the contributions of notable figures such as Hume, Adam Smith, Malthus, and Ricardo. It aims to explore the evolution of Nationalökonomie in England, highlighting how this body of knowledge emerged as a distinct and influential field. The opening of the book discusses the flourishing period for English economics from 1742 to 1823, describing it as a "golden age" characterized by the groundbreaking works of several key economists. Roscher outlines the interconnection between these thinkers, emphasizing their collective contributions to the discipline and the depth of their analyses. Furthermore, he contrasts this period with contemporary developments in English economics, suggesting that while there are competent scholars today, they have largely built upon rather than innovated from the foundational ideas set forth by their predecessors. In setting the historical context, Roscher also touches upon various economic dynamics, including the rural financial structures and social conditions that led to shifts in abundance and scarcity within the population.
Albert C. (Albert Conser) Whitaker
History and criticism of the labor theory of value in English political economy
"History and criticism of the labor theory of value in English political economy" by Albert C. Whitaker is a scholarly historical study written in the early 20th century. It examines how English economists developed and debated the labor theory of value, separating “philosophical” (primitive, essence-seeking) accounts from “empirical” (market and cost-based) explanations, and follows the doctrine from Adam Smith and Ricardo through Malthus, McCulloch, James Mill, Torrens, Senior, John Stuart Mill, and Cairnes. The opening of the work sets its scope and method, rejecting the idea of a single, unified “classical” labor theory and framing the history around two strands: a philosophical account that roots value in labor and an empirical account that explains market prices by entrepreneurs’ costs. It then dissects Adam Smith’s multiple and inconsistent treatments—his labor-cost regulator versus labor-command measure, his handling of labor as both productive power and disutility, and his corn-as-index idea—before showing how Smith abandons labor-cost for advanced society while retaining labor-command as a measure. Whitaker criticizes this move, then turns to Ricardo as a more consistent architect who treats utility as a prerequisite, excludes pure scarcity goods, counts indirect labor, and grapples—often obscurely—with profits and the fixed-versus-circulating capital complication in normal price (wages plus profits). The excerpt closes by introducing McCulloch, James Mill, and Torrens, highlighting McCulloch’s dogmatic broadening of “labor” (to include nature and machines) and noting his anticipation of the later Marxian “organic composition of capital” problem and its aggregate-value “solution.”
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