... vols. Paris:Felix Alcan. Productive Nature and the Net Product: Quesnay’s Economies Animal and Political H. Spencer Banzhaf If there isone thing that somebody islikely to know about the physiocrats, it is that they held steadfastly to a theory of the exclu- sive productivity of agriculture...

... to voluntary ones. Finally, we show that Mises considers cases beyond their strict monetary results and refers to entrepreneurial profits as being primarily psychic in nature. As a result, Mises is able to offer an explanation for why forced transactions create no net benefit, but voluntary ones cannot...

... of capital goods in an economy at any given time, and consequently the total amounts of services, are taken as given exogmody. The price of each capital good is determined in part by the equilibrium condition that the rate of net return must be the same for all capital goods. Let p...

... and the Physiocrats advocated the same proposal, a single tax on land values. Galbraith too (1987, 53) stated that the produit net of the Phys- iocrats had a renaissance in the works of Henry George. George himself ([1879] 1954,423-24) wrote that the Physiocrats “proposed just what I have proposed; that all...

... these propositions more than a half- century before. 111. Marginal Social Net Product Versus Marginal Private Net Product To explain the divergences from the welfare maximum, Pigou in- troduced the terms marginal social net product and marginal private net product...

...) that this concept is precisely related to Quesnay’s analysis of the exchange value of commodities; and (ii) that profit is nec- essary to give a precise meaning and a definite analytical role to the con- cept of bonprix. The Physiocrats regard profits as a typical part of the net product because they play...

... ‘/i to 13 hours, net profit would be more than doubled but that if the workday were reduced by 1Y2 hours from 11% to 10 hours, net profit (and also gross profit) would be destroyed (1837b, 13). De Long shows convincingly that in the case of an increase of 1% hours in the workday, Senior’s...

... Quesnay, whose Philosophie rurale was published in 1764. Quesnay and his followers identified national income with the income and product originating in agri- culture, believing that only agriculture-still the mainstay of the French economy-produces a rent, or “produit net” over and above...

...’ goods C = aggregate physical consumption I = aggregate physical gross investment J = present net worth of an endless succession of investments L = labor employed P = price of consumers’ goods Correspondence may be addressed to the author, 1103 South Douglas Avenue, Urbana IL...

... as income, saving, real investment, and the price level. 92. Definitions. What, then, is meant by income? In conventional reasoning the underlying notion is quite vague. Presumably net in- come generally means the value of the quantity of goods and services madk available in a period...

... History of Political Economy 21:4 (1989) rates for letters that were half those of the Post Office’s uniform penny post. It was the net consumers’ loss and the disincentive to inventiveness from the suppression of such “cheap and good” local posts that spurred Marshall to a public...

.... Num- bers in brackets refer to items listed under References at the end of this article. 226 HISTORY OF POLITIC& ECONOMY I output of producers’ goods k worth of producers’ goods L labor employed n net worth of producers’ goods P price of consumers...

... Maynard. 1971-89 . The Collected Writings of John Maynard Keynes , edited by Elizabeth Johnson and Donald Moggridge. London: Macmillan. ____. [1931] 1972 . Essays in Persuasion . Vol. 9 of Keynes 1971 -89. London: Macmillan. ____. [1936] 1973 . Fluctuations in Net Investment in the United...

... in technological unemployment, is significant for the understanding of the laws which determine distribution. As will be seen below, Ricardo’s new position is based upon a recognition of differential changes in a society’s net and gross income, the former being the source “from which landlords...

... to the present cost of a new capital investment, the nature of the marginal efficiency of capital demands more detailed consideration. For any given period (say a year) entrepreneurs must decide upon the optimal amount of net investment; this is the amount which sets the mar- ginal efficiency...

.... The relevant price of timber is what is left of the market price at the center after deducting transport costs. For the present purpose, the net price may be assumed to be normalized at unity. Rent is determined as the annual average of the economic surplus in a perfectly synchronized forest. A forest...

... would advance the discussion beyond a similarly incon- clusive outcome. If income-increasing expenditures are continued at a constant rate, say, at 3 billion dollars a year, it might at first appear that no actual net increase from year to year is being made in the national income...

... of land, pp is the price of the services of personal capital, pk etc. are the prices of the services of different capital goods, pb etc. are the prices of different consumption goods, and i is the net rate of return common to all capital goods. The function identifies gross rather than net...

...) in about a year. . . . I also find that the net profit annually derived may be esti- mated at ten per cent. . . . But in order to realize this net profit, a gross profit of rather more than fifteen per cent is neces~ary.~ Senior recounts some stylized facts: 80 percent of capital invested...

... refers to the supply costs and surplus in the consumer-goods sector. Under simple reproduction or long-run equilibrium, it is assumed that rthere is only replacemat of capital, no net expansion of capital (or output). Therefore, the demand for the investment goods of department 1...