William Forster Lloyd

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William Forster Lloyd FRS (1795 – 2 June 1852) was a British writer on economics.

He was educated at Westminster School and Christ Church, Oxford, graduating BA in 1815 and MA in 1818.[1]

He was Greek Reader in 1823, Mathematical lecturer and Drummond Professor of Political Economy (1832–1837) at Christ Church, Oxford (successor to Nassau Senior).

He published several of his lectures. In his Two Lectures on the Checks to Population (1833) he introduced the concept of the overuse of a common by its commoners (i.e. those with rights of use and access to it), which was later to be developed by the ecologist Garrett Hardin and termed by Hardin "The Tragedy of the Commons".

In his Lectures on Population, Value, Poor Laws and Rent (1837) he introduced a concise and complete statement of the concept of diminishing marginal utility, and connected demand to value, but he presents neither derivation nor elaboration. Still this contribution places him clearly in the ranks of the Oxford-Dublin school of proto-Marginalists.

He was elected a Fellow of the Royal Society in 1834. He died at Prestwood, Missenden, Buckinghamshire in 1852.

Major works of William F. Lloyd[edit]

  • Lecture on the Notion of Value, as distinguished not only from utility, but also from value in exchange, 1833.
  • Two Lectures on the Checks to Population, 1833.
  • Four Lectures on Poor-Laws, 1835
  • Two Lectures on the Justice of the Poor-Laws and One Lecture on Rent, 1837.
  • Lectures on Population, Value, Poor Laws and Rent, 1837.


External links[edit]