The Theory of Political Economy by William Jevons (Vintage 1971 Pelican Classics)

Description

Jevons’s The Theory of Political Economy marks the watershed between classical and neoclassical economics. Jevons provided lengthy arguments for the mathematization of economic theory as well as for the priority of the utility theory of value in place of the labour theory of value that had been central to economics since John Locke. This book will enlighten any reader wishing to understand the essential nature of contemporary mainstream economics. And like all pathbreaking works, it also raises questions that have since been forgotten, questions about the measurement of utility, the justification for using continuous mathematical functions, or the definition of capital. Spending time with Jevon’s brilliant and polymathic mind will amply reward any inquisitive reader.”