Aspects of Wages and Profit Theory from Cantillon to John Stuart Mill

with an Addendum on Adam Smith’s Explanation of the Falling Rate of Profit
  • Marian Bowley


It must be explained that this study is not intended to provide a coherent and complete account of the development of wage theory from Cantillon to Senior. On the contrary, it is concerned with certain contrasts between a number of theories of wages in which I have become interested. What I have tried to do has been to identify some of the assumptions made and questions actually asked by the economists whose theories are included. I have avoided assessing the ‘correctness’ of theories in terms of the questions asked and assumptions made by later economists.


Real Wage Capital Accumulation Aggregate Demand Natural Rate Progressive State 


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Copyright information

© Marian Bowley 1973

Authors and Affiliations

  • Marian Bowley
    • 1
  1. 1.Professor of Political EconomyUniversity of LondonUK

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