Jevon's 'Blunder' Concerning Value and Distribution: An Explanation

Michael White

Cambridge Journal of Economics, 1991, vol. 15, issue 2, 149-60

Abstract: The first section outlines Jevon's critique in his THEORY OF POLITICAL ECONOMY of the Classical approach to distribution and shows that there is evidence of his having used the concept of a natural wage when developing his marginalist theory. The second explains how Jevons could have begun his distribution analysis with an explanation of rent in a Classical framework and then concluded that the framework was indeterminate. The third section suggests how Jevons modified the rent theory. The manner in which Jevons developed his new capital theory to provide a general explanation for profits is considered in the fourth section, while the fifth explains how Jevons attempted to evade a problem with his explanation of wages in the new distribution theory. Copyright 1991 by Oxford University Press.

Date: 1991
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