A Concise History of Economic Thought From

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.

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.

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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A Concise History of Economic Thought From Mercantilism to Monetarism

Summary

Author Biography

Table of Contents

Supplemental Materials