Land, Capital and Opportunity Cost.

£50 · Offered by Maggs Bros Ltd

A presentation copy, inscribed by the author to the American economist Frederick C. Mills (1892-1964) ‘… with best regards R.W. Souter’ in black ink to the front wrapper. With the later ownership inscription of Robert S. Weinberg. A provocative attack on the so-called ‘advertisers of the modern brand of ‘opportunity cost’’, which Souter identifies as a negated inversion of utilitarian doctrine that diminished the “concept of real cost”. Ralph W. Souter (1897-1946) was amongst the first wave of New Zealand economists to study in North America, completing his PhD in economics at Columbia University in 1930. His dissertation, later published as Prolegomena to Relativity Economics (1933), was guided by Wesley Mitchell, James Angell and John Maurice Clark. He lectured at Columbia until 1935, before returning to New Zealand as Professor of Economics at the University of Otago. His academic career was comparatively short, with most of his publications appearing before he left Columbia (see Endres Donoghue, pp. 549-551). See Endres Donoghue, ‘Defending Marshall’s ‘Masterpiece’: Ralph W Souter’s Critique of Robbins’ Essay’, Cambridge Journal of Economics.

• Year: 1932

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