Philip Wicksteed
Encyclopedia
Philip Henry Wicksteed (25 October 1844 – 18 March 1927) is known primarily as an economist
. He was also an English
Unitarian
theologian (son of a Unitarian clergyman), classicist, medievalist, and literary critic.
Wicksteed was educated at University College, London and Manchester New College. In 1867 he received his master's degree with a gold medal in classics
. Following his father into the Unitarian
ministry in 1867, Wicksteed embarked on an extraordinarily broad range of scholarly and theological explorations.
His theological
and ethical writings continued long after he left the pulpit (in 1897), and appear to have been a starting-point for many of his other fields of scholarly inquiry. These included his interest in Dante
, which not only produced a remarkable list of publications, but also built Wicksteed's reputation as one of the foremost medievalists of his time. It was Wicksteed's theologically-driven interest in and concern for the ethics
of modern commercial society, with its disturbing inequalities of wealth and income, which appear to have led him into his economic studies (following on his reading of Henry George
's 1879 Progress and Poverty).
Perhaps it was just by circumstance that economics entered Wicksteed's field of scholarly vision, as only one of a number of areas of his interest (to most of which he was committed for years before he began his economics
) and in the middle of the fourth decade of his life. This led Joseph Schumpeter
to remark that Wicksteed “stood somewhat outside of the economics profession”.
Yet, within a few years Wicksteed was to publish significant economic work of his own, carefully expounding on the theory he learned from Jevons
, and to become for many years a lecturer on economics for the University of London
Extension Lectures (a kind of adult-education program initiated in the 1870s to extend “the teaching of the universities, to serve up some of the crumbs from the university tables, in a portable and nutritious form, for some of the multitude who had no chance of sitting there”).
In 1894, Wicksteed published his celebrated An Essay on the Co-ordination of the Laws of Distribution, in which he sought to prove mathematically that a distributive system
which rewarded factory-owners according to marginal productivity would exhaust the total product produced. But it was his 1910 The Common Sense of Political Economy which most comprehensively presents Wicksteed's economic system
.
University College Library contains correspondence between Wicksteed's wife, Emily and Maria Sharpe Pearson, the wife of Karl Pearson
(Helga Hacker papers, Box 11).
Economist
An economist is a professional in the social science discipline of economics. The individual may also study, develop, and apply theories and concepts from economics and write about economic policy...
. He was also an English
England
England is a country that is part of the United Kingdom. It shares land borders with Scotland to the north and Wales to the west; the Irish Sea is to the north west, the Celtic Sea to the south west, with the North Sea to the east and the English Channel to the south separating it from continental...
Unitarian
Unitarianism
Unitarianism is a Christian theological movement, named for its understanding of God as one person, in direct contrast to Trinitarianism which defines God as three persons coexisting consubstantially as one in being....
theologian (son of a Unitarian clergyman), classicist, medievalist, and literary critic.
Wicksteed was educated at University College, London and Manchester New College. In 1867 he received his master's degree with a gold medal in classics
Classics
Classics is the branch of the Humanities comprising the languages, literature, philosophy, history, art, archaeology and other culture of the ancient Mediterranean world ; especially Ancient Greece and Ancient Rome during Classical Antiquity Classics (sometimes encompassing Classical Studies or...
. Following his father into the Unitarian
Unitarianism
Unitarianism is a Christian theological movement, named for its understanding of God as one person, in direct contrast to Trinitarianism which defines God as three persons coexisting consubstantially as one in being....
ministry in 1867, Wicksteed embarked on an extraordinarily broad range of scholarly and theological explorations.
His theological
Theology
Theology is the systematic and rational study of religion and its influences and of the nature of religious truths, or the learned profession acquired by completing specialized training in religious studies, usually at a university or school of divinity or seminary.-Definition:Augustine of Hippo...
and ethical writings continued long after he left the pulpit (in 1897), and appear to have been a starting-point for many of his other fields of scholarly inquiry. These included his interest in Dante
Dante Alighieri
Durante degli Alighieri, mononymously referred to as Dante , was an Italian poet, prose writer, literary theorist, moral philosopher, and political thinker. He is best known for the monumental epic poem La commedia, later named La divina commedia ...
, which not only produced a remarkable list of publications, but also built Wicksteed's reputation as one of the foremost medievalists of his time. It was Wicksteed's theologically-driven interest in and concern for the ethics
Ethics
Ethics, also known as moral philosophy, is a branch of philosophy that addresses questions about morality—that is, concepts such as good and evil, right and wrong, virtue and vice, justice and crime, etc.Major branches of ethics include:...
of modern commercial society, with its disturbing inequalities of wealth and income, which appear to have led him into his economic studies (following on his reading of Henry George
Henry George
Henry George was an American writer, politician and political economist, who was the most influential proponent of the land value tax, also known as the "single tax" on land...
's 1879 Progress and Poverty).
Perhaps it was just by circumstance that economics entered Wicksteed's field of scholarly vision, as only one of a number of areas of his interest (to most of which he was committed for years before he began his economics
Economics
Economics is the social science that analyzes the production, distribution, and consumption of goods and services. The term economics comes from the Ancient Greek from + , hence "rules of the house"...
) and in the middle of the fourth decade of his life. This led Joseph Schumpeter
Joseph Schumpeter
Joseph Alois Schumpeter was an Austrian-Hungarian-American economist and political scientist. He popularized the term "creative destruction" in economics.-Life:...
to remark that Wicksteed “stood somewhat outside of the economics profession”.
Yet, within a few years Wicksteed was to publish significant economic work of his own, carefully expounding on the theory he learned from Jevons
William Stanley Jevons
William Stanley Jevons was a British economist and logician.Irving Fisher described his book The Theory of Political Economy as beginning the mathematical method in economics. It made the case that economics as a science concerned with quantities is necessarily mathematical...
, and to become for many years a lecturer on economics for the University of London
University of London
-20th century:Shortly after 6 Burlington Gardens was vacated, the University went through a period of rapid expansion. Bedford College, Royal Holloway and the London School of Economics all joined in 1900, Regent's Park College, which had affiliated in 1841 became an official divinity school of the...
Extension Lectures (a kind of adult-education program initiated in the 1870s to extend “the teaching of the universities, to serve up some of the crumbs from the university tables, in a portable and nutritious form, for some of the multitude who had no chance of sitting there”).
In 1894, Wicksteed published his celebrated An Essay on the Co-ordination of the Laws of Distribution, in which he sought to prove mathematically that a distributive system
Distribution (economics)
Distribution in economics refers to the way total output, income, or wealth is distributed among individuals or among the factors of production .. In general theory and the national income and product accounts, each unit of output corresponds to a unit of income...
which rewarded factory-owners according to marginal productivity would exhaust the total product produced. But it was his 1910 The Common Sense of Political Economy which most comprehensively presents Wicksteed's economic system
Economic system
An economic system is the combination of the various agencies, entities that provide the economic structure that defines the social community. These agencies are joined by lines of trade and exchange along which goods, money etc. are continuously flowing. An example of such a system for a closed...
.
University College Library contains correspondence between Wicksteed's wife, Emily and Maria Sharpe Pearson, the wife of Karl Pearson
Karl Pearson
Karl Pearson FRS was an influential English mathematician who has been credited for establishing the disciplineof mathematical statistics....
(Helga Hacker papers, Box 11).