A Concise History of Economic Thought: From Mercantilism to Monetarism PDF
Preview A Concise History of Economic Thought: From Mercantilism to Monetarism
A Concise History of Economic Thought Also by Gianni Vaggi FROM THE DEBT CRISIS TO SUSTAINABLE DEVELOPMENT THE ECONOMICS OF FRANCOIS QUESNAY Also by Peter Groenewegen ALFRED MARSHALL: Collected Essays ALFRED MARSHALL: Critical Responses AUSTRALIAN TAXATION POLICY: Survey 1965 to 1980 ECONOMICS AND ETHICS? THE ECONOMICS OF A.R.J. TURGOT EVERYONE’S GUIDE TO AUSTRALIAN TAXATION FEMINISM AND POLITICAL ECONOMY IN VICTORIAN ENGLAND A HISTORY OF AUSTRALIAN ECONOMIC THOUGHT (with Bruce McFarlane) ITALIAN ECONOMICS PAST AND PRESENT (co-edited with J. Halevi) OFFICIAL PAPERS OF ALFRED MARSHALL: A Supplement PHYSICIANS AND POLITICAL ECONOMY PUBLIC FINANCE IN AUSTRALIA: Theory and Practice READINGS IN AUSTRALIAN TAX POLICY A SOARING EAGLE: Alfred Marshall 1842–1924 SOCIALIST THOUGHT IN THE POST COLD WAR ERA (co-edited with Bruce McFarlane) THE TAXABLE CAPACITY OF LOCAL GOVERNMENT IN NEW SOUTH WALES TAXATION AND FISCAL FEDERALISM: Essays in Honour of Russell Mathews (co-edited with H.G. Brennan and B.S. Grewel) THE WHOLESALE SALES TAX IN HISTORICAL PERSPECTIVE A Concise History of Economic Thought From Mercantilism to Monetarism Gianni Vaggi Professor of Economics University of Pavia Italy and Peter Groenewegen Professor of Economics University of Sydney Australia © Gianni Vaggi and Peter Groenewegen 2003 Softcover reprint of the hardcover 1st edition 2003 978-0-333-99936-6 All rights reserved. No reproduction, copy or transmission of this publication may be made without written permission. No paragraph of this publication may be reproduced, copied or transmitted save with written permission or in accordance with the provisions of the Copyright, Designs and Patents Act 1988, or under the terms of any licence permitting limited copying issued by the Copyright Licensing Agency, 90 Tottenham Court Road, London W1T 4LP. Any person who does any unauthorised act in relation to this publication may be liable to criminal prosecution and civil claims for damages. The authors have asserted their rights to be identified as the authors of this work in accordance with the Copyright, Designs and Patents Act 1988. First published in hardcover 2003 First published in paperback 2006 by PALGRAVE MACMILLAN Houndmills, Basingstoke, Hampshire RG21 6XS and 175 Fifth Avenue, New York, N. Y. 10010 Companies and representatives throughout the world PALGRAVE MACMILLAN is the global academic imprint of the Palgrave Macmillan division of St. Martin’s Press, LLC and of Palgrave Macmillan Ltd. Macmillan® is a registered trademark in the United States, United Kingdom and other countries. Palgrave is a registered trademark in the European Union and other countries. ISBN 978-1-4039-8739-6 ISBN 978-0-230-50580-3 (eBook) DOI 10.1057/9780230505803 This book is printed on paper suitable for recycling and made from fully managed and sustained forest sources. A catalogue record for this book is available from the British Library. The Library of Congress has catalogued the hardcover edition as follows: Vaggi, Gianni. A concise history of economic thought: from mercantilism to monetarism/Gianni Vaggi and Peter Groenewegen. p. cm. Includes bibliographical references and index. 1. Economics–History. I. Groenewegen, Peter D. II. Title. HB75 .V32 2002 330. 1–dc21 2002073546 10 9 8 7 6 5 4 3 2 1 15 14 13 12 11 10 09 08 07 06 Gianni Vaggi dedicates this book to Paolo, Marco and Anna This page intentionally left blank Contents List of Figures x Prologue xi Foreword xvii PART I CLASSICAL POLITICAL ECONOMY, 1600–1870 1 Introduction: from Mercantilism to Marx 3 Section I Seventeenth-century Pioneers 2 Thomas Mun, 1571–1641: from Bullion to Foreign Trade 15 3 Dudley North, 1641–91 and John Locke, 1632–1704: Early Critical Reactions to Mercantilism 23 4 Sir William Petty, 1623–87: Division of Labour and Surplus 29 Section II Developments in French Economics 5 Pierre le Pesant Sieur de Boisguilbert, 1646–1714: France at the Turn of the Century 39 6 Richard Cantillon, 1697–1734: the Entrepreneur in Agriculture and Trade 46 Section III Towards a Mature Classical Political Economy 7 François Quesnay, 1694–1774: Reproduction and Capital 57 8 David Hume, 1711–76 and the Scottish Enlightenment 71 9 Ferdinando Galiani, 1728–87 and Sir James Steuart, 1713–80: Real Value and Corn Trade 82 10 Anne Robert Jacques Turgot, 1727–81: Investments and Returns 92 Section IV The First Full Systems of Classical Political Economy 11 Adam Smith, 1723–90: National Wealth and the Productivity of Labour 103 12 Jean-Baptiste Say, 1767–1832 and Jean-Charles Simonde de Sismondi, 1773–1842: Value, Revenues and Crises 117 Section V The ‘Golden Age’ of Classical Political Economy 13 Thomas Robert Malthus, 1766–1834: Population and Effectual Demand 129 vii viii Contents 14 David Ricardo, 1772–1823: the Rate of Profit 137 15 Torrens, Senior and the Aftermath of Ricardo 149 16 Karl Marx, 1818–83: the Critique of Political Economy 159 PART II MODERN DEVELOPMENTS, 1870–1960 17 Introduction: the Coming of Marginalism and Macro-economics 179 Section I The First Generation 18 John Stuart Mill, 1806–73: a Figure of Transition 191 19 William Stanley Jevons, 1835–82: Utilitarianism and Economics 203 20 Carl Menger, 1840–1921: the Importance of Marginal Utility and the Economics of Scarcity 211 21 Léon Walras, 1834–1910: the Notion of General Equilibrium 217 22 Alfred Marshall, 1842–1924: Partial Equilibrium and Useful Economics 227 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 24 Von Wieser and Böhm-Bawerk: Austrian Versions of Capital and Distribution Theory 244 Section III Pioneers of Macro-economics 25 Knut Wicksell, 1851–1926: Interest and Prices 255 26 Irving Fisher, 1867–1947: Appreciation and Interest 260 27 Joseph Alois Schumpeter, 1883–1950: Economic Development 265 Section IV Further Developments in Micro-economics 28 Pigou, Clapham and Scraffa: Wealth, Welfare and Cost Controversies 273 29 Joan Robinson, 1903–83 and Edward Chamberlin, 1899–1967: Theory of the Firm 283 30 Vilfredo Pareto, 1848–1923 and Lionel Robbins, 1898–1984: Critique and Decline of Utility Theory 288 Section V The Foundations of Modern Macro-economics 31 John Maynard Keynes, 1883–1946: a New General Theory of Employment, Interest and Money 297 Contents ix 32 Michal Kalecki, 1898–1970: a New Macro-economics 308 33 R.F. Harrod, 1900–78 and E.D. Domar (1914–99): Cycles and Growth 314 34 Milton Friedman (1912– ): Monetarism and its Critics 319 Epilogue 325 Bibliography 327 Index 331
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