Lectures on Political Economy

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Table of Contents
Introduction by Professor Lionel Robbins
Author’s Preface to Second Edition
Introduction
I. The Theory of Value
	1. Exchange Value and its Causes. Earlier Explanations
	2. The Concept of Marginai, Utility
	3. Free Exchange and Market Value
		(a) The different uses of a single commodity
		(b) Exchange at given prices
		(c) Isolated exchange
		(d) Price formation in the open market. Exchange of two commodities
		(e) Continuation. Exchange of three or more commodities
	4. Objections Against the Theory of Marginal Utility. Exceptions to the Theory
	5. The Gain from Free Exchange
	6. Pricing under Limited Competition
		(a) Joint Supply and Joint Demand
		(b) Pricing in Retail Trade
		(c) Monopoly Prices
	7. Pricing under the Influence of Production
II. The Theory of Production and Distribution
	1. Production without Capital
		(a) Landowners as entrepreneurs
		(b) The labourer (or a third party) as entrepreneur. The profits of the entrepreneur
		(c) The influence of technical inventions on rent and wages
	2. Capitalistic Production
		(a) The concept of capital
		(b) The marginal productivity of capital. Capital investment for a single year
		(c) Capital investment over a period of years Note on Böhm-Bawerk’s Theory of Interest
		(d) Alternative treatment of the problems of interest and distribution
		(e) Controversies concerning the theory of capital
	3. The Interdependence of Production and Exchange. The Theory of Exchange-value in its Final Form
III. Capital Accumulation
Appendices
	1. Processor Cassel’s System of Economics
	2. Real Capital and Interest
		(a) Dr. Gustaf Åkerman’s Realkapital und Kapitalzins
		(b) A mathematical analysis of Dr. Åkerman’s problem
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Introduction
I. The Conception and Functions of Money
	1. The Economic Importance of Money
	2. Money as a Measure and Store of Value
	3. Money as a Medium of Exchange
	4. The Relation Between Money and Credit
II. Currency
	1. The Precious Metals as Currency
	2. Currency in Modern Times
	3. Swedish Currency History
	4. The Technique of Currency
	5. Standard Money and Token Money
	6. Money from the Legal Point of View
III. The Velocity of Circulation of Money Banking and Credit
	1. On Velocity of Circulation in General
	2. Virtual Velocity of Circulation
	3. Forms of Credit
	4. Some Historical Notes on the Origin of Banking
	5. Modern Banking
	6. The “Ideal Bank” and the Obstacles to its Realization
		(a) Small Payments. Banknotes
		(b) International Payments
		(c) The Foreign Exchanges
		(d) Exchange Parity and Gold-points
		(e) The Central Banks’ Discount Policy when there is an Efflux of Gold
		(f) Coins of Small Denomination. Gold Premiums. The Loan Policy of the Central Banks
		(g) The Regulation of International Payments without Bullion
		(h) The Final Obstacles to a Pure Credit System
IV. The Exchange Value of Money
	1. What is Understood by the Exchange Value of Money? The Value of Money and Commodity Prices
	2. The Average Level of Prices
	3. The Quantity Theory of the Value of Money
	4. The Cost of Production Theory
	5. Modern Theories
	6. The Defects of the Quantity Theory. An Attempt at a Rational Theory
	7. The Influence of Credit on Commodity Prices
	8. A Criticism of the Theories of Ricardo and Tooke
	9. The Positive Solution
		Note on Trade Cycles and Crises
	10. Conclusions. The Practical Organization of Currency
		Note on Irving Fisher’s Proposal for the Regulation of the Purchasing Power of Money
Authors Index
Subject Index