Capital and Wages: A Lakatosian History of the Wages Fund Doctrine
For almost a century the wages fund doctrine played an important role in Classical economic thought, forming the theoretical basis of the Classical analysis of the labour market. In Capital and Wages John Vint applies Imre Lakatos's methodology of scientific research programmes (MSRP) to the history of the wages fund doctrine to analyse and appraise its development and decline. After discussing the initial theoretical leaps that the wages fund doctrine made in the hands of Ricardo, Senior and Mill, Dr Vint argues that this progress came to a halt in the 1850s. He then analyses the major debate on the doctrine which took place in the 1860s by using the tools and concepts of the Lakatosian framework. This important book will be welcomed as a significant contribution to the history of economic thought and to our understanding of the development of Classical economic thought.
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Classical Wage Theory and the Emergence of
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approach argued that Mill argument bargaining Blaug capitalists Chapter classes Classical economics Classical economists Classical wage theory combinations competition consume consumption criticisms critique debate demand for labour developed discussion economics edition Ekelund elements empirical employed employers employment example external history falsificationism fixed capital fund research programme important increase inelastic J. S. Mill labour demand labour market labour supply Lakatos Lakatos's Lakatosian later lemma long run wage luxuries machinery Malthus Malthus's Malthusian McCulloch methodology Mill argued Mill's recantation money funds money wages MSRP Nassau Senior notion novel facts number of labourers output political economy population predetermined prediction Principles production period profits Proofs and Refutations quantity question rate of wages rational reconstruction real funds reference result Ricardo rise run hard core run wage theory scientific Senior Smith supply and demand theoretical progress Thornton and Mill Torrens trades unions wages fund doctrine wages fund research workers