Thornton William Thomas

Thornton William Thomas

Thornton, William Thomas (1813-80), English economist. Alter extensive travels he entered the London branch of the East India Company, and in 1858 he was appointed First Secretary of Public Works to the India Office. Despite an active business life he spent much time studying economics. He was a close friend of John Stuart Mill, but despite a general adherence to Mill's doctrines he became a sharp critic of the method of the classical economists. His first publications were Overpopulation (1846) and Plea for Peasant Proprietors (1848), but it is On Labour (1869) that is of most interest. It contains detailed criticisms that largely destroyed the concept of the 'wages fund'.

ThUnen, Johann Heinrich von (1783-1850). German agricultural economist. Son of a landowner in Oldenburg. He bought estates in Mecklenburg and established a model farm there. Though, his main interest was agricultural economics, his approach was highly theoretical and he believed in the use of mathematical techniques. In his main work, Der IsoZierte Staat in Beziehung auf Laindwirtschafi uijd Nationat´┐Żkonomie (1826-63), he is mainly concerned with the principles determining the best system of cultivation, especially in terms of distance from the market. In this sense he was a fore-runner of modern theories of industrial location, but his analysis caused him to build up a theory of rent very similir to that of Ricardo. Because of his denial of the subsistence theory of wages and his use of marginal analysis he played a large part in developing modern economic theory. z

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