ECONOMICS BASED ON MATHEMATICAL METHOD

WICKSTEED, PHILIP H.

The Alphabet of Economic Science. Part one (all that appeared). Elements of the Theory of Value or Worth.

London & Naw York, Macmillan and Co, 1888.

Small 8vo. Orig. olive full cloth. Spine worn, otherwise fine. Hinges a bit weak. XIII, (3), 142, (2, -advertisements) pp. + 10 folded plates.

The rare first edition of this important work on mathematical economics, one of Wicksteed's main works, in which he sets out to solve "some of the most crucial problems of Political Economy on which the foremost Economists have disputed unavailingly for generations for lack of applying the mathematical method. A glance at the "Index of Illustrations" will show that my object is to bring Economics down from the clouds and make the study throw light on our daily doings and experiences, as well as on the great commercial and industrial machinery of the world." (Preface, p. X).

Philip Henry Wicksteed (1844-1927) was en English theologian, classicist and medievalist now primarily famous for his contributions to economics. He studied classics at University College in London and Manchester New College and later on became interested in Economics, primarily in an attempt to resolve social problems with the aid of economic theories. He was one of the fist disciples of Jevons and continued his ideas of marginal utility theory. Though not highly influential in his own time, Wicksteed came to influence many great economists of the later generation, e.g. Ludwig von Mises and the "Austrians" of that generation.

"I wish that space permitted me to do justice to the personality of Philip Henry Wicksteed (1844-1927) as it radiated upon me, in 1906, during and hour's chat on the lawn in front of his house at Wantage - his repose that owed nothing to callousness, his benevolence that was not weakness, his simplicity that went so well with his refinement, his unassuming modesty that did not lack dignity. As it is, I can merely record that this theologian, who was a lecturer on Dante, stood somewhat outside of the economic profession - one of the reasons why his work, particularly excellent on the pedagogical side, did not leave a more discernible mark." (Schumpeter, History of Economic Analysis, p. 831). His books did sell very poorly at the time of their appearance, which is why several of the early ones on economics are now so rare.

He did, however, publish significant economic works, which, though to a large extent based on Jevons' theories, came to stand out as valuable and interesting in themselves. "The general complexion of his system is Jevonian -he was in fact the only Jevonian theorist of note- but he shook off so many old things that still stuck to Jevons' exposition and added so many corrections and developments -partly under Austrian influence- that he may be said to have worked out something that, though of course a revision of the marginal utility system, was his own." (Schumpeter, History of Economic Analysis, p. 832).

It was due to his concern for ethics and the ideologies behind the modern commercial society that this excellent theologian turned to economics and tried to make comprehendible the inequalities of wealth and income. He became a lecturer on economics at the University of London in a program intended to teach adults who had not been able to go to university.

In this fairly small but important work, Wicksteed aims "at giving what theologians might call a "saving" knowledge of the fundamental proposition of the Theory of Value; for this, but no more than this, is necessary as the first step towards mastering the "alphabet of Economic Science". (Chapter I, p. (1)).

Order-nr.: 38100