The New Palgrave Dictionary of Economics

2018 Edition
| Editors: Macmillan Publishers Ltd

Wood, Stuart (1853–1914)

  • George J. Stigler
Reference work entry


A member of a prominent Philadelphia Quaker family, Wood was briefly active in economics twice in his life. The first period was 1873–5, when he received at Harvard the first Ph.D. in economics in the United States. The second period was 1888–90, when he wrote three first-class articles on wage theory. His primary interests during his adult life were in business and finance.


Factor substitution Marginal productivity theory Technological substitution Wages fund Wood, S. 

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  1. Stigler, G.J. 1947. Stuart Wood and the marginal productivity theory. Quarterly Journal of Economics 61: 640–649.CrossRefGoogle Scholar

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© Macmillan Publishers Ltd. 2018

Authors and Affiliations

  • George J. Stigler
    • 1
  1. 1.