A Concise History of Economic Thought From Mercantilism to Monetarism

by Vaggi, Gianni; Groenewegen, Peter

• ISBN13: 9781403987396
• ISBN10: 1403987394
• Format: Paperback
• Copyright: 2006-03-03
• Publisher: Palgrave Macmillan

Summary

This volume presents a brief history of economic thought from the seventeenth century to the present day. Each chapter examines the key contributions of a major economist, or group of economists, and concludes with brief suggestions for further reading. The economists covered include Keynes, Marshall, Petty and Jevons, as well as less familiar theorists such as Galiani and Turgot.

Author Biography

Gianni Vaggi is Professor of Development Economics at the University of Pavia in Italy. Peter Groenewegen is Emeritus Professor of Economics at the University of Sydney, Australia.

Table of Contents

List of Figures	x
Prologue	xi
Foreword	xvii
PART I CLASSICAL POLITICAL ECONOMY, 1600-1870
1 Introduction: from Mercantilism to Marx	3	(12)
Section I Seventeenth-century Pioneers
2 Thomas Mun, 1571-1641: from Bullion to Foreign Trade	15	(8)
3 Dudley North, 1641-91 and John Locke, 1632-1704: Early Critical Reactions to Mercantilism	23	(6)
4 Sir William Petty, 1623-87: Division of Labour and Surplus	29	(10)
Section II Developments in French Economics
5 Pierre le Pesant Sieur de Boisguilbert, 1646-1714: France at the Turn of the Century	39	(7)
6 Richard Cantillon, 1697-1734: the Entrepreneur in Agriculture and Trade	46	(11)
Section III Towards a Mature Classical Political Economy
7 François Quesnay, 1694-1774: Reproduction and Capital	57	(14)
8 David Hume, 1711-76 and the Scottish Enlightenment	71	(11)
9 Ferdinando Galiani, 1728-87 and Sir James Steuart, 1713-80: Real Value and Corn Trade	82	(10)
10 Anne Robert Jacques Turgot, 1727-81: Investments and Returns	92	(11)
Section IV The First Full Systems of Classical Political Economy
11 Adam Smith, 1723-90: National Wealth and the Productivity of Labour	103	(14)
12 Jean-Baptiste Say, 1767-1832 and Jean-Charles Simonde de Sismondi, 1773-1842: Value, Revenues and Crises	117	(12)
Section V The 'Golden Age' of Classical Political Economy 13 Thomas Robert Malthus, 1766-1834: Population and Effectual Demand	129	(50)
14 David Ricardo, 1772-1823: the Rate of Profit	137	(12)
15 Torrens, Senior and the Aftermath of Ricardo	149	(10)
16 Karl Marx, 1818-83: the Critique of Political Economy	159	(20)
PART II MODERN DEVELOPMENTS, 1870-1960
17 Introduction: the Coming of Marginalism and Macro-economics	179	(12)
Section I The First Generation
18 John Stuart Mill, 1806-73: a Figure of Transition	191	(12)
19 William Stanley Jevons, 1835-82: Utilitarianism and Economics	203	(8)
20 Carl Menger, 1840-1921: the Importance of Marginal Utility and the Economics of Scarcity	211	(6)
21 Léon Walras, 1834-1910: the Notion of General Equilibrium	217	(10)
22 Alfred Marshall, 1842-1924: Partial Equilibrium and Useful Economics	227	(10)
Section II The Development of Marginalist Economics: Distribution and Capital Theory
23 J.B Clark and P.H. Wicksteed: the Development of Marginal Productivity Theory	237	(7)
24 Von Wieser and Böhm-Bawerk: Austrian Versions of Capital and Distribution Theory	244	(11)
Section III Pioneers of Macro-economics
25 Knut Wicksell, 1851-1926: Interest and Prices	255	(5)
26 Irving Fisher, 1867-1947: Appreciation and Interest	260	(5)
27 Joseph Alois Schumpeter, 1883-1950: Economic Development	265	(8)
Section IV Further Developments in Micro-economics
28 Pigou, Clapham and Scraffa: Wealth, Welfare and Cost Controversies	273	(10)
29 Joan Robinson, 1903-83 and Edward Chamberlin, 1899-1967: Theory of the Firm	283	(5)
30 Vilfredo Pareto, 1848-1923 and Lionel Robbins, 1898-1984: Critique and Decline of Utility Theory	288	(9)
Section V The Foundations of Modern Macro-economics
31 John Maynard Keynes, 1883-1946: a New General Theory of Employment, Interest and Money	297	(11)
32 Michal Kalecki, 1898-1970: a New Macro-economics	308	(6)
33 R.F. Harrod, 1900-78 and E.D. Domar (1914-99): Cycles and Growth	314	(5)
34 Milton Friedman (1912— ): Monetarism and its Critics	319	(6)
Epilogue	325	(2)
Bibliography	327	(4)
Index	331

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