First published in 1965, this is a reissue of the first volume in Professor Meade’s highly influential Principles of Political Economy, which aimed to provide an overview of economic analysis in light of contemporary developments in the subject. This volume is based on models of economic systems in which conditions are such as to make possible a state of perfect competition, in which there are no capital goods, in which consumers’ tastes, technical knowledge, and the size and composition of the goods are static.
1. Ten Assumpions 2. Consumers’ Choice 3. The Market for Consumption Goods 4. The Terms of Trade 5. Constant Costs 6. Increasing Costs: (i) Comparative Advantages 7. Increasing Costs: (ii) A Fixed Factor 8. Increasing Costs: (iii) Differences in Factor Proportions 9. Many Factors and Many Products 10. Changes in Technical Knowledge and in Factor Supplies 11. Fixed Technical Co-efficients 12. Economic Efficiency and the Distribution of Income 13. The Centrally Planned Economy: (i) The Organization of Consumption 14. The Centrally Planned Economy: (ii) The Organization of Production 15. The Centrally Planned Economy: (iii) The Deployment of Labour – Conclusion