Economics Lionel Robbins
Lord Lionel Robbins was born in 1898, and was one of the many great economists of our time. Robbins was known for his contributions to economic policy, methodology, and the history of ideas, but made his name as a theorist. Robbins was made famous for his definition of economics, "Economics is a science which studies human behavior as a relationship between ends and scarce means which have alternative uses." (The Concise Encyclopedia of Economics 2007) Robbins was able to change the Anglo-Saxon thought economics off its Marshallian process and onto the Continental train of thought.
In the twenties, he fought the idea of Alfred Marshall 's concept of the "representative firm." He argued that the concept did not help one understand the equilibrium of the firm or of an industry. He also did some of the earliest work on labor supply, showing that an increase in the wage rate had an ambiguous effect on the amount of labor supplied. (The Concise Encyclopedia of Economics 2007) He was a follower of William Stanley Jevons and Philip Wicksteed. William Stanley Jevons wrote the book The Theory of Political Economy (1871) which expanded on the themes of his earlier 1866 paper and launching the Marginalist Revolution in the process. (History of Economic Thought WJ 2007) Philip Wicksteed was also a follower of Jevons and fellow economist writing The Common Sense of Political Economy in 1910, which comprehensively presents Wicksteed 's economic system. Robbins was also heavily influened by many other Continental European economists as well. In 1929, he became the chair of the London School of Economics. During that time, one of his first appointements was Friedrich Hayek. Friedrich Hayek was considered a twentieth-century Renaissance man in the world of economics. Hayek was the best-known advocate of what is now called Austrian economics. (The Concise Encyclopedia of Economics 2007) Robbins early essays were quite controversial and combative in nature towards Anglo-Saxon
In the twenties, he fought the idea of Alfred Marshall 's concept of the "representative firm." He argued that the concept did not help one understand the equilibrium of the firm or of an industry. He also did some of the earliest work on labor supply, showing that an increase in the wage rate had an ambiguous effect on the amount of labor supplied. (The Concise Encyclopedia of Economics 2007) He was a follower of William Stanley Jevons and Philip Wicksteed. William Stanley Jevons wrote the book The Theory of Political Economy (1871) which expanded on the themes of his earlier 1866 paper and launching the Marginalist Revolution in the process. (History of Economic Thought WJ 2007) Philip Wicksteed was also a follower of Jevons and fellow economist writing The Common Sense of Political Economy in 1910, which comprehensively presents Wicksteed 's economic system. Robbins was also heavily influened by many other Continental European economists as well. In 1929, he became the chair of the London School of Economics. During that time, one of his first appointements was Friedrich Hayek. Friedrich Hayek was considered a twentieth-century Renaissance man in the world of economics. Hayek was the best-known advocate of what is now called Austrian economics. (The Concise Encyclopedia of Economics 2007) Robbins early essays were quite controversial and combative in nature towards Anglo-Saxon
References: "Biography of Friedrich August Hayek". The Concise Encyclopedia of Economics. Library of Economics and Liberty. Retrieved December 12, 2007 from the World Wide Web: http://www.econlib.org/library/Enc/bios/Hayek.html "Biography of Lionel Robbins" “Lord Robbins.” History of Economic Thought. 2007 http://cepa.newschool.edu/het/profiles/robbins.htm “Lord Robbins.” London School of Economics and Political Science. 2000. The Review of Austrian Economics. Vol. 5, No. 2 (1991): 51-76.