This classic and highly influential book provides unique insight into ideas of competition and the theory of the firm. First published in 1933, it builds upon the work of Alfred Marshall and Arthur Cecil Pigou and highlights both the real world application and limitations of economics, with a particular emphasis on the risk of providing misleading information to individuals. By setting out ways in which economic practices and tools can be refined, the importance of stating assumptions and finding suitable answers is highlighted. Broader topics, including monopoly equilibrium, the supply curve, price discrimination, marginal net productivity, and monopsony, are also discussed.
This book is an important milestone in the history of economics and the development of key economic concepts. It will be relevant to students, researchers, and general readers interested in economic theory and microeconomics.
Includes a new foreword from John Eatwell.
Introduction.- Book I The Technique.- 1. The Assumptions.- 2. The Geometry.- Book II Monopoly Equilibrium.- 3. Monopoly Equilibrium.- 4. Changes In Demand.- 5. Changes In Cost.- Book III Competitive Equilibrium.- 6. The Supply Curve.- 7. Competitive Equilibrium.- 8. A Digression On Rent.- 9. The Supply Curve Under Perfect Competition.- Book IV The Comparison Of Monopoly And Competitive Output.- 10. A Digression On The Four Cost Curves.- 11. Comparisons Of Monopoly and Competitive Output.- 12. Commentary On The Comparisons.- 13. Control Of Monopoly Price.- 14. Objections To The Comparisons.- Book V Price Discrimination.- 15. Price Discrimination.- 16. The Moral Of Price Discrimination.- Book VI Monopsony.- 17. A Digression On The Buyer.- 18. Monopsony.- 19. Relationship Of Monopsony And Monopoly To Perfect Competition.- Book VII The Demand For A Factor Of Production.- 20. A Digression On Marginal Net Productivity.- 21. The Demand For Labour Of The Individual Employer.- 22. The Demand Curve For Labour Of An Industry.- Book VIII The Comparison Of Monopoly And Competitive Demand For Labour.- 23. Comparisons Of Monopoly And Competitive Demand For Labour.- 24. Correction Of The Comparisons.- Book IX Exploitation.- 25. Monopolistic Exploitation Of Labour.- 26. Monopsonistic Exploitation Of Labour.- Book X A World Of Monopolies.- 27. A World Of Monopolies.- Conclusion.
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