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Competing Schools of Economic Thought (Paperback, 2009 ed.)
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Competing Schools of Economic Thought (Paperback, 2009 ed.)
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1. 1 Introduction This book was born out of our reaction to the way
in which the usual texts cover the subject of the history of
economic thought. In most of these texts, there is a tendency to
emphasize the similarities and differences between all the
important economists and form a repository of encyclopedic
knowledge where one can study the seemingly important economic
ideas. In this book, we argue that it is much more fruitful to
focus on the essential ideas of each and every school of economic
thought and relate them to present-day problems, than to engage
into a sterile discussion of the ideas and the lives of the great
economists of the past. Thus, although this book deals with the
history of economic thought, it does not necessarily follow a
historic (in the sense of the order of presentation) approach, but
rather a logical one, that is to say it deals with the social
conditions associated with the emergence of a school of economic
thought, its evolution, and its contemporary in?uence. One cannot
write a book on the history of economic thought without writing
separate chapters on the major economists of the past, that is,
Adam Smith, David Ricardo, Karl Marx, and J. M. Keynes. Of course
these economists formed schools of economic thought, that is, the
classical and the Keynesian.
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