Cost and Choice: An Inquiry in Economic Theory The Origins and
Development of a London Tradition Wicksteed and the Calculus of
Choice Wicksteed deserves recognition for having shifted cost
theory away from its classical, objective foundations. Although
Jevons can with justice be labeled as precursory, the major
advance beyond Marshallian conceptions was made by Wicksteed,
who tied opportunity cost quite directly to choice. He stated
that cost-of-production, "in the sense of the historical and
irrevocable fact that resources have been devoted to this or
that special purpose, has no influence on the value of the thing
produced."*14 In this respect, cost-of-production does not
affect supply. What does affect supply is anticipated cost "in
the sense of alternatives still open which must now be
relinquished in order to produce this specific article";*15 this
cost "influences the craftsman in determining whether he will
produce it or not."*16 Here, the critical relationship between
any measurement of cost and the a