Economic Theory in RetrospectThis is a history of economic thought from Adam Smith to John Maynard Keynes - but it is a history with a difference. Firstly, it is a history of economic theory, not of economic doctrines, that is, it is consistently focused on theoretical analysis, undiluted by entertaining historical digressions or biological colouring. Secondly, it includes detailed Reader's Guides to nine of the major texts of economics, namely the works of Smith, Ricardo, Mill, Marx, Marshall, Wickstead, Wicksell, Walras and Keynes, in the effort to encourage students to become acquainted at first hand with the writings of all the great economists. This fifth edition, first published in 1997, adds new Reader's Guides to Walras's Elements of Pure Economics (1871–74) and Keynes' General Theory to the previous seven Reader's Guides of other great books in economics. There are significant and major additions to six chapters. |
Contents
PREADAMITE ECONOMICS | |
THE EIGHTEENTHCENTURY PREDECESSORS | |
The mercantilistdilemma and thequantitytheory of money | |
The Tableau Economique 13 The single | |
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Common terms and phrases
Adam Smith aggregate analysis andthe argument assumption average BöhmBawerk’s bythe capital capitalist chapter classical classical economics commodity concept constant consumer’s consumers consumption costs demand curve determined diminishing distribution doctrine economists effect elasticity equal equation equilibrium exchange factor factors of production fall firm hence homogeneous income increase indifference curves individual industry innovations inputs inthe investment itis Jevons Keynes Keynes’s Keynesian labour longrun Malthus marginal productivity marginal utility Marshall Marshall’s Marx Marx’s Marxian economics maximise mercantilist Mill’s monetary money wages monopolistic competition neoclassical ofcapital ofinterest oflabour ofmoney ofproduction ofthe onthe optimum output perfect competition period Phillips curve physiocrats population principle problem production function rate of interest rate of profit rateof ratio rent Ricardian Ricardo rise saving Say’s Say’s Law shortrun simply socalled supply curve surplus value technical thatthe themarginal theoryof tobe tothe trade unemployment variable wage rate Walras welfare economics Wicksell Wicksell’s withthe workers