By Gianni Vaggi
Gianni Vaggi and Peter Groenewegen current a short heritage of monetary suggestion in components dealing respectively with classical economics and smooth advancements. all of the 18 chapters seems to be on the contributions of an enormous economist, from Thomas Mun within the early seventeenth century via to Keynes and Harrod and the rules of recent macroeconomics within the twentieth century. feedback are given for additional studying on every one economist featured.
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Additional resources for A concise history of economic thought
Such an approach provides space for considering value, production and circulation of commodities not simply as more or less successful activities of merchants. The contributions of Locke and North just discussed are good examples of this. However, the idea of wealth as resulting from a surplus in the trade balance is perfectly compatible with a definition of wealth in terms of commodities, or of necessaries, as various of authors, including Davenant, fully realised. O. Appleby, Economic Thought and Ideology in Seventeenth-Century England (Princeton University Press, Princeton, 1978) provides a useful guide to the economic debates of the late seventeen century both in support of, and against mercantilist practices, and includes a discussion of the role played by John Locke.
Mun and Foreign Trade 21 Further developments in mercantilist thought Important common elements exist in the two phases of mercantilism. First, even after the work of Mun, gold and silver did not cease to be considered as the best approximation to that general command over other goods and over people, or generalised purchasing power. For the Mercantilists, money constituted the essence of wealth. Secondly, foreign trade was the major source of wealth and prosperity, but the growth of national wealth often took place to the detriment of trading partners.
The ﬁrst 100 men produce the necessaries for the entire society; the remaining 900 would not be able to survive without the work of the people employed in agriculture. They are at the core of society, as the workers employed in the production of wage goods, and, more generally, the subsistence for the whole of society. Then we ﬁnd the 200 men in the export sector, which contribute to bring commodities and money into the country. For Petty, export activity seems to be more important than the production of luxury goods.
A concise history of economic thought by Gianni Vaggi