WICKSTEED (Philip H.)
The Common Sense of Political Economy. Including a Study of the Human Basis of Economic Law.
Wicksteed’s ‘magnum opus’ in which ‘he sought to expound in minute detail the consequences of ‘the revolution that has taken place’ in economic theory’ (New Palgrave). Although Wicksteed introduces this work as ‘a popular but systematic exposition of the ‘marginal’ theory of economics’, it is in fact an importantly original contribution to economic analysis.
Schumpeter wrote in his History of economic Analysis: ‘Particularly in matters of foundations and of critical elucidation of concepts. Wicksteed’s ideas were much ahead of his time. 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.’
