The Theory of Political Economy

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9780935005745: The Theory of Political Economy


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About the Author:

William Stanley Jevons (1835 –1882) is known by many as the founder of the mathematical method revolution in economics. Originally educated in the natural sciences Jevons turned his attention to the moral sciences during his stay in Australia in the 1850s. In 1866 he was elected Professor of Logic and Mental and Moral Philosophy and Cobden Professor of Political Economy in Owens College, Manchester, UK. In 1876 he accepted the position of Professor of Political Economy at University College, London, UK. Jevons published The Theory of Political Economy in 1871. At the time of his death in 1882 he was regarded by many as a thought leader in the spheres of logic and economics.

Review:

"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."

Margaret Schabas, Professor of Philosophy, University of British Columbia, Canada

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