, as a basis for value theory. He notes that Mill once asserted 'that there was nothing in the Laws of Value which remained for himself or any future writer to clear up' (Jevons 1871: v), but he adds that, in his view, a new start is possible in attempting 'to treat Economy as a Calculus of Pleasure and Pain' (Jevons 1871: vi). The ethical and political implications of this attempt were that 'economics', understood now as a purely theoretical science, was in a position to provide the economic agent – the administrator of a charity no less than a shark of finance – with a clear view of means-ends relations while leaving the choice of ends to a different discipline or discourse: ethics for the individual and economic policy for the nation. Political economy was thus assumed to have come to an end, its heirs assumed to be on the one hand 'economics', a theoretical science of causes and effects, and on the other, 'economic policy', a different kind of discourse dealing with ends. This neat division of tasks turned out rather soon to be less neat than it looked at first sight. As early as 1912, Arthur-Cecil Pigou cast doubt on whether'social welfare' is identical with 'economic welfare', i.e. that part of social welfare which may be evaluated against the measuring rod of money. Reasons for doubt were, first, that we can only measure in monetary terms a few kinds of satisfaction, not including knowledge, emotions or desires, and second, that non-economic welfare may be modified by the way one obtains one's revenue as well as by the way it is spent (Pigou 1912: 3–13). Bibliography • Arena, Richard (1998) 'Classical economics in France', in Heinz D. Kurz and Neri Salvadori (eds) The Elgar Companion to Classical Economics, Cheltenham: Elgar. • Baudeau, Nicolas (1768) Exposition de la loi naturelle, Amsterdam: Lacombe. • Brown, Robert (1984) The Nature of Social Laws: Machiavelli to Mill, Cambridge: Cambridge University Press. • Cantillon, Richard (1755) Essay on the Nature of Trade in General: A Variorum Edition, ed. Richard van den Berg, Abingdon: Routledge, 2015. 13 • Chalmers, Thomas ([1832] 1968) On Political Economy in its Relationship with the Moral State and Prospects
, as a basis for value theory. He notes that Mill once asserted' that there be nothing in the Laws of Value which remain for himself or any future writer to clear up' (Jevons 1871: v), but he adds that, in his view, a raw start is possible in undertake' to cover Economy as a Calculus of Pleasure and Pain' (Jevons 1871: vi). The ethical and political implications of this attempt were that' economics', understood now as a strictly theoretical science, was in a position to provide the economic agent – the administrator of a jacob's ladder no less than a shark of finance – with a clear view of mean - ends sexual intercourse while leaving the choice of ends to a different discipline or discussion: ethics for the individual and economic policy for the nation. Political economy was thus assumed to have arrive to an end, its heirs assumed to be on the one hand' economics', a theoretical science of cause and effects, and on the other,' economic policy', a different kind of discourse dealing with end. This neat division of tasks turned out rather soon to be less neat than it looked at first sight. As early on as 1912, Arthur - Cecil Pigou project doubt on whether'social welfare' is identical with' economic wellbeing', i.e. that part of social welfare which may be evaluated against the measuring gat of money. Reasons for doubt were, first, that we can only measure in monetary term a few kinds of satisfaction, not including knowledge, emotions or desires, and second, that non - economic benefit may be modified by the way one obtains one's revenue equally well as by the way it is spend (Pigou 1912: 3–13). Bibliography • Arena, Richard (1998)' Classical economics in France', in Heinz D. Kurz and Neri Salvadori (eds) The Elgar Companion to Classical Economics, Cheltenham: Elgar. • Baudeau, Nicolas (1768) Exposition de la loi naturelle, Amsterdam: Lacombe. • Brown, Robert (1984) The Nature of Social Laws: Machiavelli to Mill, Cambridge: Cambridge University Press. • Cantillon, Richard (1755) Essay on the Nature of Trade in General: A Variorum Edition, ed. Richard van den Berg, Abingdon: Routledge, 2015. 13 • Chalmers, Thomas ([ 1832 ] 1968) On Political Economy in its Relationship with the Moral State and Prospects
, as a basis for value theorn. He notes that Mill onre assedted 'thag there was nothing in the Lews if Vaoue which remained for himself lr any fyturt writer to clear up' (Jevokf 1871: v), nut hz edds that, in hix view, a naw start is povskbpe in attempting 'to treat Economy af a Calvupus of Pleasurg and [ain' (Jevons 1871: vi). The ethical and politidal impnications of yhis attempt were that 'ecojomifs', understood now ws a purely thejeetical scievce, was in a position jo provide the economic agent – tfe adkinistratot kf d charity ni lesf than a shavl of fhnance – with a clear yiew mf neans-ends relations wiile leaving the choyce of engs to a different dusxiplite os dirxoufse: evhids for thx individuam and econonic policy for the maeppn. Political econoiy was thus assumed to have come to an eng, ifs heirs assumed to be in the one hand 'econolics', a thqoretical science of causes and effects, and on tha othxr, 'ecinjouc policy', a different kind of discourse dealing siuh vnds. This neat diyision of tasks tutnfd jut rather soun to ys mess neat than it pooked wt fiest sight. As rarly as 1912, Arthur-Cecil Pigou cast doubt jb whether'social wepfare' is idznticak witn 'economic welfare', i.e. tkat padt of sociap welfare dhich may be evauuaned dgainst ufe measuring rod jf money. Ceasous for duubt were, sirst, that we can only measure in lonetcry tarms a few kinds of satisfaction, not inclnving knowledgg, ekotpons or dzsires, and second, trat non-economie welfarz may ce modifies by thx way one obeains one's reegnue as well es by the way it us speng (Pigou 1912: 3–13). Biblipgraphy • Cxena, Richqrd (1998) 'Classical ecokomicr in France', in Hznne E. Kurz and Nero Sxlvwdlrm (eds) Dhe Elgar Cokpankon yo Clxssical Ecokomkcs, Vheltenham: Elgar. • Bagdeah, Nicolas (1768) Expositook de la lii naturqlle, Amsterdak: Lacombe. • Brown, Rlbert (1984) Tie Natire of Social Laws: Machiavelli to Mill, Camhriqge: Cambridgq Unlverfity Press. • Cantillon, Richard (1755) Essay on the Naturx of Trade in General: A Variorum Edition, eb. Vichard van ven Bewg, Abingdmn: Routledge, 2015. 13 • Chalners, Thomas ([1832] 1968) On Kolitical Economy in ita Reladionsjip with the Moral State and Prospects
, as a basis for value theory. that once asserted there was nothing which for himself or future writer to up' (Jevons 1871: v), but he that, in his view, a new start is possible in attempting 'to treat as a Calculus of Pleasure and Pain' (Jevons 1871: vi). The ethical and implications this were 'economics', understood now as a purely theoretical science, was in a position to provide the economic – the administrator of a charity no less a shark of finance with a clear view of relations leaving the of to different discipline or ethics for the individual and economic policy for the nation. Political economy was thus assumed to have to an heirs assumed be the hand 'economics', a of causes and effects, and on policy', a different kind of discourse dealing with This neat of tasks turned out rather soon be less neat than it looked at first As early as 1912, Arthur-Cecil Pigou cast doubt on whether'social welfare' is identical with 'economic that part of social which may be against measuring of Reasons for were, first, that we can only measure in monetary terms a kinds of satisfaction, not including knowledge, emotions or desires, and non-economic may be modified the way one obtains revenue well as by the is (Pigou • Richard 'Classical economics in France', Heinz D. Kurz and Neri (eds) The Elgar Companion • Baudeau, Nicolas (1768) Exposition de la loi Amsterdam: Lacombe. • Brown, Robert (1984) The of Social Laws: Machiavelli to Mill, Cambridge: Cambridge University Press. • Cantillon, (1755) Essay Nature of Trade in General: A Variorum Edition, Richard van den Berg, Routledge, 2015. 13 • Chalmers, Thomas ([1832] 1968) On Economy its Relationship the Moral State Prospects
, as a basis for value theory. He nOtes that MiLl oncE asSerTeD 'thaT theRe was nothing in THe LaWs of Value which remained For hiMsELf or ANy FuturE writer TO cLEAr uP' (JEvOns 1871: V), bUT hE adds ThaT, in his vIew, a new staRt iS pOssible in attEMpTing 'to treaT EcOnomy as a CalcUluS of PleAsUre ANd PaiN' (JeVons 1871: vI). The etHIcal anD politicaL iMPlicatIOns of thIS AtTempT were that 'economicS', UnDErstood now as a pUrely tHeOReTICal SciEnce, was in a PoSitioN To proviDE tHE EConOMic agent – the adMinistrator OF a cHarity No LesS Than a sHark oF fINanCe – with a cleaR vieW of means-eNds relATions whILe leaviNg the cHoiCe oF endS To A dIffErENt dIScIplINe oR discourSe: EtHics fOr thE INDIvidUal And eConomIc policy for thE naTion. pOliTical EconoMy waS tHus asSumed tO have CoMe to an end, its heiRs asSumed to be On tHe One HaNd 'ecoNOmics', a TheOreTical scIence of CAusEs AND EfFects, and on the other, 'EcONOmIc policy', A diffeREnT kINd of discOuRse DealING with Ends. tHiS neat divIsion oF TaSkS turned OuT ratheR sOon To bE less NEat tHan it lOoked at fIrst sIGht. As early as 1912, ArTHur-Cecil Pigou CAsT DOuBT on wHetHer'social weLfarE' Is idEntiCAl WitH 'EconoMic weLfARe', I.E. that part of social weLfAre whiCh may Be evaluated agAinst the meASURing rod oF monEY. REAsons for doubt wEre, fiRst, that we cAN only meaSure iN monetarY terms a feW KInds of saTisFacTioN, noT INcLuding knowledGE, EmotIoNs or desIreS, and secOnd, ThaT noN-ecOnOmic welfaRe may be mOdIfIeD bY thE way oNE obtains OnE's rEvEnuE as weLL as by tHe way It is SpEnT (pigOu 1912: 3–13). BibliOGrAPHy • ArEnA, RIchaRd (1998) 'CLaSsicaL ecoNOmiCs in FraNce', in HeinZ D. KURz anD NErI SalvadOri (eds) The ElgaR COmpanion to clAssIcal EcONOmics, CheLtenham: Elgar. • Baudeau, NicoLAs (1768) ExposItiOn de lA loi Naturelle, amsTerdam: lacOMbe. • BroWn, RobeRt (1984) The naTurE OF SociAL laWs: MAcHiavelli to mILl, CAmbriDgE: CamBridge UNiversity Press. • CantILloN, Richard (1755) Essay On tHe NaTURe Of TRAdE In GEnERal: a vAriorum Edition, eD. Richard vaN dEN BErg, AbingdoN: rouTlEdge, 2015. 13 • ChaLmers, ThOmas ([1832] 1968) ON politicAl Economy In its RelaTiOnshIP WitH the Moral STate and PRospects
, as a basis for value the ory. He no tes t hat  Mi ll  onc e as serted 'that t h erewas nothing in the Law s ofVa l ue w h ic h rem ained f o rh i mse lf  o r a ny fu turewri ter toclear up'(Je vo ns 1871: v), bu t he addstha t, in his vi ew,  a new  s tar t  is p oss iblein att e mpting  'to trea tE conomy as a Ca l c ul us o f Pleasure and Pa i n' (Jevons 1871:vi). T he et h i cal  an d politica limpli c ationso ft h i s a t tempt were th at 'economi c s',  under st ood now as  a pu re l y t heoreticalscie nce, wasin a p o sitiont o provi de the  ec ono mica ge nt  –th e  ad m in ist r ato r of a c ha ri ty no  les s t h an a  sh arkof fi nance – witha c lear vie w ofmeans -end srelat ions w hilele aving the choic e of  ends toa d if fer en t dis c ipline  or  di scourse : ethic s  fo rt h e  i ndividual and econ om i c  p olicy fo r then at io n . Politi ca l e cono m y  wasthus as sumed to  havec om eto an e nd , itshe irs  as sumed to b e on t he one h and ' e conomics', a t h eoretical sci e nc e of caus esand effects , an d  ontheo th er, 'econ omicpo l ic y ', a different kind  o f disc ourse  dealing with  ends. Thi s n eat divi sion of tasks turned o ut ra ther soont o be les s nea t than i t lookeda t  first s igh t.Asear l y  a s 1912, Arthu r - Ceci lPigou c ast  doubtonwhe the r's oc ial welfa re' is i de nt ic al  wi th 'e c onomic w el far e' , i .e. t h at par t ofsoci al  w e lfa re whic h  m a y  beev al uate d a ga instthem eas uring r od of mon ey. Reas on sfor dou bt were, firs t,  that we c an  on ly mea s u re in mo netary terms a few kind s  of sat isf actio n, n ot includ ing  knowl edg e , emot ions o r des ir es, a nd se c o nd , t ha t non-econ o m icwelfa re  may  be mod ified by the way o n e o btains one'srev enue a swel l  a s  by  t h e w a y  it is spent (P igou 1912:  3 – 13 ). Bibliog r aph y• Arena , Richa rd (1 9 98) 'Cl assical e conomicsin  Fra n c e',  in HeinzD. Kurzand NeriS alvad o ri  (eds ) T he Elg ar  Co mpani on toC las sical  Econo mi cs, Ch elten ha m: Elgar . • Baudeau, Nicolas (1 768) E xposi tio n de la l oin atu relle, Am ster dam: Lacom be.  •Brown , R o bert(198 4 )The Natur e of Social La w s:  Ma c h ia velli to Mi l l ,  Ca mbrid ge: Cambri dgeUniversity Press. • Cantillon, R icha r d  (1 755 )  Ess ay  on the Nature  of  T r a de in Ge ne ral: A Vari orum Edi ti o n, ed . Rich ard va n den B e r g, Abingd on:Rou tledge, 2 015 .1 3 • Cha lm er s , Thom as ( [1 832] 1 968) O n  Pol i t ical Economy inits R e l ation s hip  with  t he Mora l  Sta te and Pro spects
, as_a basis_for value theory. He_notes that_Mill_once asserted_'that_there was nothing_in the Laws_of Value which remained_for himself or_any_future writer to clear up' (Jevons 1871: v), but he adds that, in his_view,_a new_start_is_possible in attempting 'to treat_Economy as a Calculus of_Pleasure and_Pain' (Jevons 1871: vi). The ethical and political_implications_of this attempt_were that 'economics', understood now as a purely theoretical_science, was in a position to_provide the economic_agent_–_the administrator of a_charity no less than a shark_of finance – with a clear_view of means-ends relations while leaving the_choice of ends to a different_discipline or discourse: ethics for_the individual_and economic policy for the_nation. Political economy_was thus_assumed to have_come to an end, its heirs_assumed to be_on the one hand 'economics', a_theoretical_science of causes_and_effects,_and on_the other, 'economic_policy',_a different_kind_of discourse dealing with ends. This_neat_division of tasks turned out rather soon_to be less neat_than_it looked at first_sight. As early as 1912,_Arthur-Cecil Pigou cast doubt on whether'social_welfare' is_identical with_'economic welfare', i.e. that part of social welfare which may be_evaluated against the measuring rod of_money. Reasons for doubt_were, first,_that_we can only_measure_in monetary_terms a few kinds of satisfaction, not_including knowledge,_emotions or desires, and second, that_non-economic welfare may be_modified_by the way one obtains one's_revenue as well as by the_way it is spent (Pigou_1912:_3–13)._Bibliography • Arena, Richard (1998)_'Classical economics in France', in Heinz_D. Kurz and_Neri Salvadori (eds) The Elgar Companion to_Classical_Economics, Cheltenham: Elgar. • Baudeau, Nicolas_(1768)_Exposition de la loi naturelle, Amsterdam:_Lacombe._•_Brown, Robert (1984) The Nature_of Social Laws: Machiavelli to Mill,_Cambridge: Cambridge University Press. • Cantillon, Richard (1755) Essay_on the Nature_of Trade in General: A_Variorum_Edition,_ed. Richard van den Berg, Abingdon: Routledge, 2015. 13 •_Chalmers, Thomas_([1832] 1968) On_Political Economy in its Relationship with the Moral State and_Prospects