Economic Theory

Contributions to the History of Economic Thought: Essays in by Antoin Murphy, Renee Prendergast PDF

By Antoin Murphy, Renee Prendergast

ISBN-10: 020318324X

ISBN-13: 9780203183243

ISBN-10: 0415215528

ISBN-13: 9780415215527

That includes unique contributions from many of the best modern figures within the heritage of monetary proposal, this booklet deals new views on key themes, from Smith's Wealth of countries to the Jevonian Revolution. Drawing idea from the existence and paintings of R.D.C. Black, previously Professor of Economics at Queen's college Belfast, this ebook could be of crucial curiosity to any severe pupil of financial proposal.

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Additional resources for Contributions to the History of Economic Thought: Essays in Honour of R.D.C. Black (Routledge Studies in the History of Economics)

Sample text

The neat equations of marginal utility and general equilibrium had less to say on these subjects than the Smithian and Ricardian models. (1978: 598) Indeed the loss was greater than Stigler seems to have appreciated; he was confident that there were no microeconomics to be learned from Marshall (Stigler 1969a: 217), yet, as Brian Loasby (1978) has shown, Marshall’s demand theory was so old-fashioned as to be avantgarde. Again it was Stigler who pointed out that while Adam Smith drew attention, extensively, to the role of self-interest in legislation, twentieth-century economists like Pigou continued to write about a wise, impartial, benevolent state, and it was only with the advent of American writers like Niskannen in the 1960s that the focus of attention shifted and the whole literature on rent-seeking developed (Stigler 1971; 1982: 9).

Indeed some of the greatest names in economics have been associated with the study of the history of the subject. EMINENT PRACTITIONERS The great economists of the last quarter of the nineteenth century, who participated in the development of economics as an academic subject, were all, as Robbins has observed, ‘truly learned in … the scholarship of the subject’ (1952: 1). Jevons’s enthusiasm for the work of his predecessors, from Cantillon onwards, is well known, and he encouraged the history of 32 O’Brien economic thought work of Cossa (Cossa 1893: v).

How is the way that these people look at it in 1875 different from the way that people looked at it in 1825? In that way it seemed to me that you were using the notion of perspective in a way in which an architect might use it and that it was meaningful to do that in the context of changing ideas. It got me a lot of criticism at that Smith bicentenary conference, especially from Soviet economists. Their point was that the approach I took meant that Marx’s writings on Smith were ignored because, although Marx had said things about Smith in 1869, he had not done so in 1876.

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Contributions to the History of Economic Thought: Essays in Honour of R.D.C. Black (Routledge Studies in the History of Economics) by Antoin Murphy, Renee Prendergast


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