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(ROBBINS, Lionel.) CLARK, John Maurice.

Studies in the Economics of Overhead Costs.

Chicago: The University of Chicago Press, 1923 Stock Code: 140341
£375.00
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Notes

First edition, first printing, the copy of the British economist Lionel Robbins, with his ownership signature to the front free endpaper, above the note "'26 Reread '46"; he has annotated the book in various places with marginal lines. A nice association - Robbins, along with Keynes, was the leading British economist of the inter-war period; at the London School of Economics, he "dominated the economics department for thirty years and built it up to its pre-eminent position in British economics" (ODNB).
"Clark's most influential contributions to economic theory are presented in his Studies in the Economics of Overhead Costs (1923), which had significant implications for microeconomic theory, the design of public policy toward business, and employment policy... His treatment of labor as an overhead cost, with its implications for social policies regarding employment and reducing the fluctuations of the business cycle, was unusual for the time... The book continues to be cited for its discussions of internal and external economies of scale and their effects on industrial structure and for the distinctions made between true economies of scale, conceived as having social benefits, by lowering costs and prices when output increases, and advantages of size, which yield only private benefits. These ideas, novel at the time, played a key role in the emergence of the theories of monopolistic and imperfect competition in the 1930s" (ANB).

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Description

Octavo. Original green cloth, spine and front cover lettered in gilt.

Condition

Light rubbing around extremities, first gathering loosening a little, still a very good copy.

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