West Sir Edward

West Sir Edward

West, Sir Edward (1782-1828), economist and Fellow of University College, Oxford. In 1815 he published An Essay on the Application of Capitalto Land which opposed restrictions on the import of corn. It has a place in the history of economic thought because it clearly states the law of diminishing returns and anticipates Ricardo's theory of rent (Ricardo acknowledged West in his Principles). West also published in 1826 The Price of Corn and Wages of Labour, with observations upon Dr Smith's, Mr .Ricardo's and Mr Malt/ins's Doctrines. He was called to the Bar; when he died he was chief justice in Bombay.

Whately, Richard (1787-1863), English ecclesiastic, logician and economist. He studied at Oriel College, Oxford, and was elected to a fellowship in 1811. He took Holy Orders, but after a short period as a parish priest he succeeded Nassau Senior to the Drummond Chair of Political Economy at the University of Oxford. His contributions to economics are embodied in Introductory Lectures on Political Economy (1831) and Easy Lessons on MoneyMatters (1833). On the whole Whately tended to follow the subjective theory of value, and is best known for applying the term 'catallactics' to the study of economics.

Wholesaling, buying from producers and reselling to retailers. It may reduce the costs of distribution because one commercial traveller can take orders from a retailer for the products of many manufacturers; manufacturers may send their goods to wholesalers in large consignments; the wholesaler on breaking bulk can make up relatively large parcels of several manufacturers' products for transport to the retailer; and the centralization of stocks held by wholesalers relieves manufacturers and retailers from carrying large stocks of their own. Wholesaling has declined in relative importance with the growth of large retail chains that place bulk orders with producers. In addition manufacturers have increasingly bypassed wholesalers in order to emphasize direct to consumers by advertising the merits of their brands at the point of final sale. Wholesalers have tried to compete more effectively by developing brands (in textiles), by more refined pricing based on better costing of sales of varying sizes, and by links with retailers who agree to buy stated amounts in exchange for assistance with display, stock-control, publicity, staff training and so on ('voluntary chains', especially in groceries).

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Since then his writings have in turn been increasingly reinterpreted as a special case both by some followers and by some economists who had not wholly accepted his writings. The content of economics is in a state of change, and this consumeraffairs.org.uk site is therefore not a final statement of economic doctrine.

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