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Books > History > History of specific subjects > Economic history
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Classical Economic Theory and the Modern Economy (Paperback)
Loot Price: R1,131
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Classical Economic Theory and the Modern Economy (Paperback)
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Economic theory reached its highest level of analytical power and
depth in the middle of the nineteenth century among John Stuart
Mill and his contemporaries. This book explains classical economics
when it was at its height, followed by an analysis of what took
place as a result of the ensuing Marginal and Keynesian Revolutions
that have left economists less able to understand how economies
operate. Chapters explore the false mythology that has obscured the
arguments of classical economists, clouding to the point of near
invisibility the theories they had developed. Steven Kates offers a
thorough understanding of the operation of an economy within a
classical framework, providing a new perspective for viewing modern
economic theory from the outside. This provocative book not only
explains the meaning of Say's Law in an accessible way, but also
the origins of the Keynesian revolution and Keynes's pathway in
writing The General Theory. It provides a new look at the classical
theory of value at its height that was not based, as so many now
wrongly believe, on the labour theory of value. A crucial read for
economic policy-makers seeking to understand the operation of a
market economy, this book should also be of keen interest to
economists generally as well as scholars in the history of economic
thought.
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