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Laws of Wages. An Essay in Statistical Economics [1911].

MOORE, Henry Ludwell (1869-1958):

Published by New York: Augustus M. Kelley, 1967., 1967
Condition: Fine Hardcover
From Ted Kottler, Bookseller (Redondo Beach, CA, U.S.A.)

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Facsimile Reprint of 1911 First Edition. viii, 2 leaves, 196 pp, 2 leaves; ads. Original cloth. Near Fine. The American Moore, who was professor at Columbia University, is likely better known for his Synthetic Economics (1929) ('His magnum opus, Synthetic Economics, was a herculean attempt to estimate Walras's general equilibrium system,' History of Economic Thought Web site), and it as well as his other three books all sold far better in his lifetime than Laws of Wages (George J. Stigler, 'Henry L. Moore and Statistical Economics,' Econometrica, Vol. XXX, Jan., 1962, reprinted in Essays in the History of Economics, pp. 343-73; p. 369). But Stigler and another esteemed historian, Mark Blaug, have attempted to rehabilitate the book's reputation. 'The public announcement of Moore's program was made in the Laws of Wages (1911). The stage had been set, he argued, for a statistical complement of pure economics by three main developments. . The exact nature of this new statistical economics was described by illustration rather than by an explicit methodological program. It consisted of three different types of study: 1. The testing of abstract theories. 2. The estimation of the quantitative magnitudes of parameters of theoretical relationships. 3. The discovery of empirical laws which provide the basis for an enlarged economic theory. The first and third types were illustrated in Laws of Wages: the second type was to come three years later. . Moore's standard of craftsmanship is high: the basic data are fully reported and the work was carefully done. . The reviews were almost universally appreciative. Taussig had many detailed (and sensible) objections but praised the work, and so too did Schumpeter. Edgeworth was generally appreciative: '. this is the first time, we believe, that the higher statistics, which are founded on the Calculus of Probabilities, have been used on a large scale as a buttress of economic theory' ' (Stigler, 348-52). 'He was dogged by poor health all his life, much of which seems to have been psychosomatic in origin. His last book, Synthetic Economics (1929), a bold attempt to estimate a complete Walrasian system of general equilibrium, shows signs of frustration at his waning powers. His first book, however, Laws of Wages (1911), was a pioneering attempt to test the marginal productivity of wages' (Blaug, Great Economists Before Keynes, p. 172). Moore's 'findings (e.g. that wage rates for similar occupations in an industry vary directly with the size of the plant) have repeatedly been confirmed by later investigators. The book also contained a first attempt to measure the influence of unions on the outcome of strikes' (Blaug, p. 172). Bookseller Inventory # 15961

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Bibliographic Details

Title: Laws of Wages. An Essay in Statistical ...

Publisher: New York: Augustus M. Kelley, 1967.

Publication Date: 1967

Binding: Hardcover

Book Condition:Fine

Dust Jacket Condition: No Jacket

Edition: 1st Edition

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