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Cairnesian Economics – A Road Not Taken

Author

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  • McCain, Roger

    (Department of Economics and International Business LeBow College of Business Drexel University)

Abstract

John Elliott Cairnes (1823-1875) is best known for his defense of the wages fund doctrine after Mill’s abandonment of it. This essay argues that Cairnes’ ideas represented a substantive advance in classical political economy, in that his ideas were more coherent than those of his predecessors, and that the defense of the wages fund was necessary for that coherence. A specific interpretation of “coherence” is given, and Cairnes’ understanding of supply and demand is contrasted with that of Marshall, in Marshallean terms, and is shown to have some affinities to the ideas of Edgeworth.

Suggested Citation

  • McCain, Roger, 2012. "Cairnesian Economics – A Road Not Taken," School of Economics Working Paper Series 2012-4, LeBow College of Business, Drexel University.
    • Handle: RePEc:ris:drxlwp:2012_004
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    More about this item

    Keywords

    John Elliott Cairnes; classical political economy; wages fund;
    All these keywords.

    JEL classification:

    • B12 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Classical (includes Adam Smith)
    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals

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