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The Early History of Economics in the United States - The Influence of the German Historical School of Economics on Teaching and Theory (Hardcover)
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The Early History of Economics in the United States - The Influence of the German Historical School of Economics on Teaching and Theory (Hardcover)
Series: Routledge Studies in the History of Economics
Expected to ship within 12 - 19 working days
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Since the latter half of the 20th century, the economics
departments of American universities were internationally renowned
for providing competitive and advanced levels of education.
However, from the 1870s up until the beginning of WWI, German
universities held international supremacy when it came to the
quality of teaching, the enrollment of foreign students, and
scholarly publications. This book examines the role of the German
Historical School of Economics (GHSE) in the development of the
discipline of economics in the US during this period. The chapters
explain that, prior to the influence of the GHSE, political economy
was in a dismal state in the US, both as a profession and an
academic discipline. As a result, many Americans elected to go to
Germany in pursuit of an advanced education in political economy,
having been inspired by the unmatched international reputations of
theorists of the GHSE. After they returned home, these
German-trained Americans challenged the dominant status of
classical orthodoxy and revolutionized the discipline of economics
in the US by importing the ideas, methods, and approaches of the
GHSE. In doing so, they established the first dedicated political
economy departments, graduate programs, and chairs at American
universities and colleges. Although the precise magnitude and value
of the influence of the GHSE is impossible to quantify, there is no
doubt that Americans are deeply indebted to this school of thought
for its contributions to the early development of the discipline of
economics in the US. The chapters also examine what has been lost
since: the current mainstream in economics has eliminated many of
the features that were once so important to the discipline that it
has effectively limited contemporary economics to a small fraction
of the complex organism defined by the German Historical School.
This situation has facilitated the poverty of the leading economic
school of thought, as well as the discipline of economics in
general. This book represents a significant contribution to the
literature on the history of economic thought and economic
education in the US. It will be of particular interest to students
and scholars of economics, political science, sociology, and the
philosophy of economics.
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