Production and Distribution Theories became a landmark in the study
of economics when it was published in 1941. Nobel Laureate
Stigler's book was the first to trace the development of theories
alongside the history of economic thought. Stigler's pioneering
effort remains a classic work on the evolution of distribution
theory during a critical juncture in the development of modern
industrial capitalism. Stigler examines the writings of major
economists during the century, including William Stanley Jevons,
Phillip Wicksteed, Alfred Marshall, F.Y. Edgeworth, and Leon
Walras. He uses their works in order to show a variety of
perspectives on distribution theory. Among the methods of thought
he explores are neoclassical price theory and marginal productivity
theory. In the new introduction, Douglas Irwin illustrates how this
book came into being and notes its continuing significance to the
study of economics. Joseph Schumpeter commented in his History of
Economic Analysis that "this excellent work by a competent theorist
is perhaps the best survey in existence of the theoretical work of
that period's leaders and is strongly recommended." This judgment
still stands. The book will be of great interest to those
interested not only in neoclassical economics, but also in the
sources of Stigler's economic thought.
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