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WICKSTEED, Philip Henry.

An Essay on the Co-ordination of the Laws of Distribution.

London: Macmillan & Co., 1894 Stock Code: 134671
£7,500.00
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"The first detailed... statement of the general marginal productivity theory" - GEORGE STIGLER'S COPY

First edition, first issue of Wicksteed's Essay on the Co-ordination of the Laws of Distribution, with several printed errors (both authorial and of production), corrected by hand at the author's instruction. An excellent association copy, being from the library of the Nobel prize-winning economist George Stigler, possibly given to him by Lionel Robbins, the editor of the L.S.E. Reprint of 1932, with an 8-page letter from Wicksteed's daughter Rebecca to Robbins loosely inserted, and a 2-page letter to Robbins from the economist A. W. Flux, who reviewed Wicksteed's work in the Economic Journal of June 1894, together with a 3-page transcript of Wicksteed's reply to Flux's review copied out in Flux's hand.

Wicksteed's Essay is one of the major original contributions to marginal analysis, clarifying the issue of extending the marginal theory of intensive rent into a more general theory of distribution. A student and follower of W. S. Jevons, "Wicksteed's originality lay in his integration of the theory of value of resources he asserted that if in the production of any given amount of a good each resource is paid the value of its marginal product, the total of the payments will be equal to the market value of that amount of the good" (IESS). According to Stigler, Wicksteed was "much more thorough and consistent than Jevons. He extended marginal analysis to all parts of man's rational life and in the Essay he gave the first detailed and reasonably satisfactory statement of the general marginal productivity theory" (see Stigler, Production and Distribution Theories, 1941).

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Description

Octavo (183 x 120 mm). Original blue cloth, front board direct-lettered in gilt, yellow coated endpapers.

Illustrations

Folding plate with 3 figures loosely inserted, with numerous figures and mathematical formulae in the text.

Condition

Neatly recased, front inner hinge repaired, folding plate browned and with both folds separated, pages 6-7 browned from where the plate has been laid in. Several manuscript corrections in ink (see below); a very good copy.

Bibliography

Batson, p. 73; Einaudi 6042; Mattioli 3842; Sraffa 6627.

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