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Books > History > History of specific subjects > Economic history
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The Development of Economic Thought - An Overview (Hardcover)
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The Development of Economic Thought - An Overview (Hardcover)
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This book provides an overview or an introduction to the
development of economic thought from the time of the early Greek
and Roman writers to the mid-20th century. It provides a basic, no
frills account of how economic ideas which were first cited by the
early philosophers were later refined by the writings of the
medieval schoolmen and still later by the contributions of the
mercantilists and physiocrats. All these ideas were collected and
synthesized by Adam Smith in his Wealth of Nations which provided
the basis for economics as a formal subject of inquiry. From
Smith's magnum opus emerged the works of the classical economists,
most notably, David Ricardo, Thomas Malthus, and John Stuart Mill.
Their work was not left unchallenged by the Utopian Socialists, the
Associationists, and other social reformers and most importantly by
Karl Marx. Nevertheless, classical economics was not to be denied
thanks to Alfred Marshall who succeeded in fusing the Austrians'
concept of utility on the demand side with the classicists' cost of
production on the supply side of the market to provide a new theory
of value. He gave new life to the classicists with his
Neo-Classicism, the basis for microeconomics, to be followed fifty
years later by Keynes' General Theory of Employment, Interest and
Money and the ushering in of macroeconomics.
General
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