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The Genesis of Macroeconomics - New Ideas from Sir William Petty to Henry Thornton (Hardcover)
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The Genesis of Macroeconomics - New Ideas from Sir William Petty to Henry Thornton (Hardcover)
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This is a book about the discovery of macroeconomic ideas and
concepts long before the term macroeconomics had been coined. The
cast of authors varies from doctors and physicians (Sir William
Petty and Francois Quesnay), to philosophers (David Hume and Adam
Smith), to bankers (Richard Cantillon and Henry Thornton) to Prime
Ministers of France (John Law and Anne Robert Jacques Turgot).
These authors had very rich and varied careers and the book invites
readers to imagine specific moments in their careers that
influenced both their lives and their writings. Building on these
events the contributions of each author are outlined and discussed.
Examination of their writings show that by the start of the
nineteenth century they had left a rich legacy of macroeconomics
ranging from the analysis and measurement of national income, the
depiction of the circular flow of income, the debate on the role of
money in the economy, the way to model the economy, the importance
of labour, land and capital, the role of entrepreneurship, the
Central Bank as a lender of last resort, and much more.
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