Classical Political Economy and the Evolution of Post-War Capitalism

Author(s):  
Lefteris Tsoulfidis ◽  
Persefoni Tsaliki
Author(s):  
D. Andrews

In classical political economy, the real wage derives its reality from its association with a given set of products that provides for the subsistence of workers through time. In neoclassical theory the connection between the real wage and a given set of products is broken, because the restriction of workers’ consumption to a particular set of products conflicts with the idea of individual consumer preference. Thus, the ‘reality’ of the real wage in neoclassical theory is grounded differently, in a particular standard of value that can be called an index number standard. The difficulties involved with this construction raise questions about the theoretical adequacy of the notion of real wage itself. In particular, this leads to a conclusion that stands in sharp contrast to the empiricist proclamations of neoclassical theory.


Author(s):  
D. Baker

This paper argues for a right to income based on a conception of the integrity of the individual. It first justifies the argument through the notion of social need developed by Hegel, contrasting that idea with the notion of subsistence in classical political economy and of needs and wants in the neoclassical economics. It then reexamines Locke’s labor theory of property and argues that its intuitive strength actually relies on a similar notion of individual integrity, not on labor pre se. The paper concludes by applying this notion of rightful acquisition of property to the situation of production by capital and explores some policy implications of a right to income.


Author(s):  
Bruce Williams

Charles Carter was appointed Lecturer in Statistics at Cambridge in 1945, and in 1947 became a Fellow of Emmanuel College. He wrote many papers in his six years at Cambridge on a range of post-war economic problems. In 1959 He became Stanley Jevons Professor of Political Economy and Cobden Lecturer at the Victoria University of Manchester. In 1962 the University Grants Committee had appointed a Planning Board to establish the University of Lancaster, with Sir Noel Hall, Principal of Brasenose College, Oxford, as Chairman. The Board made its plans for the nature of the University and its buildings on a greenfields site, and then sought a Vice-Chancellor. Charles Carter was the Board's choice. He soon proved himself to be a superb administrator. When grants for residential buildings were less than expected he borrowed the necessary funds, and had buildings designed suitable for letting to visitors during student vacations. He attracted academic and research staff of high quality, and he was influential in providing for more students choice in the nature of their degree studies.


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