Power or Pure Economics?

JOSEPH A. SCHUMPETER (1883 - 1950) was sometime Professor of Economics at the Universities of Graz, Bonn and Harvard. His major works which made him one of the all-time great economic theorists and historians of economic thought included Business Cycles; Capitalism, Socialism and Democracy and The History of Economic Analysis.YASUMA TAKATA (1883-1971) was sometime Professor of Economics at Kyoto and Osaka Universities. In 1965 he received the Bunka Koro-sho (Prize for Contribution to Culture) and in 1971 the Kun-itto (the first class honour) both from the Japanese Government. His major works, all published in Japanese, included Principles of Political Economy (5 volumes), On the Rate of Interest and Essays in Power Theory of Economics. The editor, MICHIO MORISHIMA is Professor Emeritus of Economics at the London School of Economics and Political Science.

• Acknowledgements General Editor's Introduction Foreword: Joseph A. Schumpeter (1883-1950) and Yasuma Takata (1883-1971), by Michio Morishima PART I: BY JOSEPH A, SCHUMPETER The Fundamental Principle of Distribution Theory Preliminary Remarks The Economics and Sociology of Distribution Foundations of the Wage Theory The Social Marginal Product Critical Discussion Peculiarities of the Labour Market The Wage Theorem of Uni- and Bilateral Monopoly The Problem of the 'Artificial Raise' of Wages PART II: BY YASUMA TAKATA Equilibrium and Power Power and the Economy: The View of an Anti-Schumpeterian Why Can Wages be Rigid? An Alternative Foundation for Keynes, Premise Why Interest Remains Positive Even in Static Equilibrium: Another Anti-Schumpeterian View Disequilibrium in Factor Markets due to Power, with Special Reference to Agricultural Land Rent The Twentieth Century and Secular Disequilibrium in the Economy: A Power-Theoretic View References Index