The Classical Economists Revisited

by O'Brien, D. P.

• ISBN13: 9780691119397
• ISBN10: 0691119392
• Format: Hardcover
• Copyright: 2004-08-16
• Publisher: Princeton Univ Pr

Summary

The Classical Economists Revisitedconveys the extent, diversity, and richness of the literature of economics produced in the period extending from David Hume'sEssaysof 1752 to the final contributions of Fawcett and Cairnes in the 1870s. D. P. O'Brien thoroughly updates, rewrites, and expands the vastly influential work he first published in 1975,The Classical Economists. In particular, he sets out to make clear the shaping of a comprehensive vision of the working of an open economy, building on the great work of Adam Smith inWealth of Nations, a development that was substantially affected by the contributions of David Ricardo. He shows that the Classical literature was in fact the work of a host of thinkers from a wide range of backgrounds. Covering the intellectual roots of the Classical literature and its methodological approaches, and the developed theories of value, distribution, money, trade, population, economic growth, and public finance, and examining the Classical attitudes toward a rich variety of policy issues,The Classical Economists Revisitedconsiders not only the achievements of the Classical writers but also their legacy to the later development of economics. A seminal contribution to the field, this book will be treasured for many years to come by economists, historians of economics, instructors and their students, and anyone interested in the sweeping breadth and enduring influence of the classical economists.

Author Biography

D. P. O'Brien is Professor Emeritus of Economics at the University of Durham.

Table of Contents

Preface to the Second Edition	p. xi
Preface to the Original Edition	p. xiii
Introduction	p. xv
The Classical Economic Stage	p. 1
The Period of Classical Economics	p. 1
The Personnel of Classical Economics	p. 3
The Backgrounds of the Classical Economists	p. 9
A Scientific Community?	p. 12
The Economic History of the Classical Age	p. 17
Further Reading	p. 19
The Roots of Classical Economics	p. 26
Introduction	p. 26
The Intellectual Environment	p. 26
Adam Smith	p. 35
David Ricardo	p. 44
The Later Classical Economists	p. 52
Further Reading	p. 56
The Characteristics and Preconceptions of Classical Economics	p. 63
The Focus of Classical Economics	p. 63
Population	p. 66
The Method of Classical Economics	p. 79
Further Reading	p. 87
Classical Value Theory	p. 91
Adam Smith	p. 91
David Ricardo	p. 98
"Cost-of-Production" Theories of Value after Ricardo	p. 106
The Subjective Value Theorists	p. 114
	p. 114
	p. 116
	p. 119
	p. 122
Other Writers	p. 122
Conclusion	p. 123
Further Reading	p. 124
The Classical Theory of Distribution	p. 127
Wages	p. 127
Profits	p. 137
Rent	p. 145
Relative Shares	p. 153
Conclusion	p. 161
Further Reading	p. 161
Classical Monetary Theory	p. 165
The Historical Background	p. 165
The Nature of Money	p. 166
The Basic Theory	p. 169
The Bullion Debate	p. 175
Monetary Control: The Bank Charter Debate	p. 181
A Fundamental Flaw?	p. 191
Inflation	p. 194
Conclusion	p. 198
Further Reading	p. 198
International Trade	p. 205
Absolute Advantage: Trade and Growth	p. 205
Comparative Advantage	p. 208
Reciprocal Demand	p. 219
The Terms of Trade	p. 227
Trade Policy	p. 228
Robert Torrens and the Cuba Case	p. 230
Torrens and His Critics	p. 233
Further Problems	p. 238
Customs Unions	p. 239
The Transfer Problem	p. 239
Transfer Mechanisms	p. 240
Classical Transfers	p. 242
Conclusion	p. 243
Further Reading	p. 244
The Classical Theory of Growth and Development	p. 248
The Smithian Growth Process	p. 249
The Classical Vision of Growth after Smith	p. 259
	p. 259
	p. 260
	p. 263
Machinery and Gluts	p. 269
The Machinery Question	p. 269
Capital Accumulation and Gluts	p. 274
Productive and Unproductive Labor	p. 278
Conclusion	p. 281
Further Reading	p. 282
Classical Public Finance	p. 288
General Principles of Public Finance	p. 288
Tax Finance	p. 294
Direct Taxes	p. 296
Indirect Taxes	p. 308
National Debt	p. 312
Conclusion	p. 319
Appendix: Net Present Value Taxation	p. 320
Further Reading	p. 322
The Policy Prescriptions of Classical Economics	p. 327
The Legitimate Role of Government	p. 327
Detailed Treatments of Intervention: The Domestic Economy	p. 334
The Factory Acts	p. 334
Mechanization	p. 336
Pauperism	p. 337
Education	p. 339
Trade Unions	p. 341
Policy for Ireland	p. 342
Colonies and Colonial Policy	p. 345
Conclusion	p. 349
Further Reading	p. 350
Classical Economics: A Retrospect	p. 356
Notes	p. 363
Index	p. 405
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