This book is an introduction to medieval economic thought, mainly from the twelfth to the fifteenth centuries, as it emerges from the works of academic theologians and lawyers and other sources - from Italian merchants' writings to vernacular poetry, Parliamentary legislation, and manorial court rolls. It raises a number of questions based on the Aristotelian idea of the mean, the balance and harmony underlying justice, as applied by medieval thinkers to the changing economy. How could private ownership of property (...) be reconciled with God's gift of the earth to all in common? How could charity balance resources between rich and poor? What was money? What were the just price and the just wage? How was a balance to be achieved between lender and borrower and how did the idea of usury change to reflect this? The answers emerge from a wide variety of ecclesiastical and secular sources. (shrink)

In lieu of an abstract, here is a brief excerpt of the content:184 THE ECONOMIC THOUGHT OF DAVID HUME David Hume's views on economics are expressed in his Essays, Moral, Political and Literary, Part II (1752). He was a contemporary of Adam Smith and read Smith's The Wealth of Nations shortly before his death. Some commentators have suggested that Hume exercised some influence over Smith's views on economics; others are not so sure. Hume's commentators over the last 200 years (...) have emphasized his theory of knowledge, doctrine of causality and belief, theory of morals and historical writing. His views on economics have been relatively neglected. The purpose of this essay is to summarize and clarify Hume's views on economics. Commerce and Trade Hume's essay "Of Commerce" is an extension of his view of property rights. Just as government should not impair property rights, it should not impair commerce, which is the freedom to contract between consenting parties. But Hume was not a 'pure' advocate of laissez-faire. He supported the infant industry argument: A tax on German linen encourages home manufacturers, and thereby multiplies our people and industry. A tax on brandy encreases the sale of rum, and supports our southern colonies. The bulk of workers are employed either in argiculture or manufacturing. In the more primitive societies, almost everyone is employed in agriculture (husbandry), and as agricultural techniques are improved, the land becomes able to support more nonagricultural workers, including artisans and providers of luxuries as well as manufacturers. Some of these 185 surplus (i.e., nonagricultural or manufacturing) workers are sometimes appropriated by the sovereign for use in the army or navy (OC 256), which prevents them from producing luxury goods and services, and leads to a different kind of state than would exist if their labor were not so appropriated. Increases in industry, the arts and trade generally increase both the power of the sovereign and the happiness of the people (OC 260). Trade is something that is mutually beneficial -- both parties gain. Hume spends a great deal of time refuting the idea that one nation's gain is another's trade loss. Thus, trade is a win-win rather than a win-lose situation, as some modern-day mercantilists (such as Thurow fThe Zero Sum Gamel and Batra G The Great Crash of 1989l)would have us believe. Hume views everything in the world as purchased by labor, and sees labor as being caused by people's passions (OC 261). In modern language, one could say that wealth is produced either from physical or mental labor, and that it is individual incentive that causes the human action to begin in the first place. Of course, this view overlooks the fact that labor does not exist in a vacuum, but is mixed with land and perhaps capital (which can be seen as the result of accumulated labor). Exchange occurs when producers of a commodity produce more than they can consume. At that point, they trade their surplus for other goods and services (OC 261). In peacetime, the farmers' surplus goes toward the acquisition of manufactures or the cultivation of the liberal arts. In war, the surplus can go toward the support of an army or navy. The state becomes more powerful as it can produce increasingly beyond subsistence, what Hume refers to as employment beyond mere necessities (OC 186 262). But rather than encouraging the increase in state power by force, such increase is best accomplished by allowing individuals to produce as much as they want, which they will do automatically in the absence of coercion, and then appropriate part of the surplus: It is a violent method, and in most cases impracticable, to oblige the labourer to toil, in order to raise from the land more than what subsists himself and family. Furnish him with manufactures and commodities, and he will do it himself. Afterwards you will find it easy to seize some part of his superfluous labour, and employ it in the public service, without giving him his wonted return. Being accustomed to industry, he will think this less grievous, than if, at once, you obliged him to an argumentation of labour without any reward. (OC 262) Countries that engage in... (shrink)

Although the history of centrally planned economies has been widely studied, the development of socialist thinking on the subject has remained largely uncharted. In this 1991 work, Pekka Sutela presents a detailed analysis of Soviet economic thought and theory. Dr Sutela traces the competing currents in the Marxist tradition of socialist economies from the Revolution to the present day. In particular he shows how the Gorbachev economic reform programme of 1987 rose from the work of Nobel Prize economist (...) L. V. Kantorovich and his followers. However, this programme failed and the author explains in some detail why this happened. Since then, Soviet economists have tried to abandon their traditional theory of central planning and move along the path and long established contacts with leading Soviet economists, Pekka Sutela is able to show how Soviet economic thinking has moved from dogmatism through reformism to pragmatism. (shrink)

Since the Middle Ages, Aristotle has been hailed as the father of economics. But recently classicists have maintained that he did no economics at all. This book clears up the anomaly. The author argues that Aristotle had a theory of money and commerce, but that it is ethical rather than economic. According to Aristotle ethics and economics are fundamentally opposed and can never be reconciled.

Most textbooks on the history of economic theory scarcely mention the Islamic contribution. The writings of Grice-Hutchinson, Lowry, and Essid are notable exceptions, in that they offer a broad summary of the Islamic literature that enriched the Mediterranean tradition. Yet, Islamic civilization simply deepened the flow of ideas inherited from Antiquity before, and passed them on. From the twelfth century, its brilliance started a slow transfer of Islamic knowledge to a West which was ready to receive it.

This book reformulates the central questions of ethics in economic thought. It reconsiders the purpose of economic activity, the ethical values of entrepreneurs, and the Aristotelian dilemma of differentiating between needs and desires to better understand the rise of consumerism. The book also examines cultural factors, the role of religion, and the significance of informal institutions, ultimately showing how less developed countries can increase opportunities for all of their citizens.

A historical analysis of economic thought in Islamic tradition which interrogates contemporary Islamic economics as a hybrid system.

Starting from a distinction made by the American philosopher, John Rawls, in 2000 between two kinds of liberalism, "liberalism of freedom" and "liberalism of happiness," this book presents a range of articles by economists and philosophers ...

The history of economic thought has always attracted some of the brightest minds in the discipline. These chroniclers of development have helped form our current views, and it is no surprise that many among them have been at the forefront of new movements in the history of ideas. This notable collection summarizes the work of these key historians of economics and attempts to quantify their impact. Some of the writers covered, such as Friedrich Hayek and Joan Robinson, are already (...) assured of their place among the greatest economists of the twentieth century, but the collection also stresses the influence of those still active in shaping our perceptions - including Mark Blaug, Samuel Hollander and Donald Winch. Written by an impressive roster of contributors, many of whom are themselves well-known in the history of economic thought, this key book features writings from John Creedy, Roger Blackhouse and Neil De Marchi, as well as the editors of the collection as a whole, Warren J. Samuels and Steven Medema. (shrink)

The purpose of this paper is to clarify the nature of research methods in the history of economic thought. In reviewing the "techniques" which are involved in the discipline, four broader categories are identified: a) textual exegesis; b) "rational reconstructions"; c) "contextual analysis"; and d) "historical narrative". After examining these different styles of doing history of economic thought, the paper addresses the question of its appraisal, namely what is good history of economic thought. Moreover, it is argued (...) that there is a distinction to be made between doing economics and doing history of economic thought. The latter requires the greatest possible respect for contexts and texts, both published and unpublished; the former entails constructing a theoretical framework that is in some respects freer, not bound by derivation, from the authors. Finally, the paper draws upon Econlit records to assess what has been done in the subject in the last two decades in order to frame some considerations on how the past may impinge on the future. (shrink)

This 1994 collection of interdisciplinary essays was the first to investigate how images in the history of the natural and physical sciences have been used to shape the history of economic thought. The contributors, historians of science and economics alike, document the extent to which scholars have drawn on physical and natural science to ground economic ideas and evaluate the role and importance of metaphors in the structure and content of economic thought. These range from Aristotle's discussion (...) of the division of labour, to Marshall's evocation of population biology, to Hayek's dependence upon evolutionary concepts, and more recently to neoclassical economists' invocation of chaos theory. Resort to such images, contributors find, was more than mere rhetorical flourish. Rather, appeals to natural and physical metaphors serve to constitute the very subject matter of the discipline and what might be accepted as the 'economic'. (shrink)

By throwing light on economic thought in the period of the Japanese Enlightenment, this book will make clear what led to the institutionalization of business and economic education, the birth of the pioneer business enterprise and of serious economic journalism and the reasons behind the success of Japanese economic development.

The evolution of economic thought can be traced back from its beginnings in classical antiquity up to the present day. In this book, Professor Alessandro Roncaglia offers a clear, concise and updated version of his award-winning The Wealth of Ideas, studying the development of economic thought through perspectives and debates on the economy and society over time. With chapters on prominent economic theorists, including William Petty, Karl Marx, and John Maynard Keynes, as well as on other important (...) figures and key debates of each period, Roncaglia critically evaluates the foundations of the marginalist–neoclassical approach in comparison to the Classical–Keynes approach. A comprehensive guide to the history of economic thought, this book will be of value not only to undergraduate and postgraduate students studying economic thought, but also to any readers desiring to study how economics has evolved up to the present day. (shrink)

This study concluded to refute the claim that there is a historical gap in the development of economic thought, whereby the early pioneers of Muslim economists were able to lay many intellectual foundations for the science of economics. This study sheds light on a period that was intentionally or unknowingly ignored; to reveal the historical roots of Islamic economics, and to reveal the missing link in the development of economic thought, from the first Hijri century to the fifth (...) Hijri century, as this study sought to refute the claim of Western leadership in economic thought through the contributions it offered to Muslim thinkers who preceded Western economists by several centuries. Muslim economists have inaugurated several rules of economics, and have used methods of economic analysis to monitor some economic phenomena. They have delivered these achievements to humanity through the scientific edifices in Andalusia. Likewise, the author of this study does not claim that Muslim scholars have dealt with all economic issues. He does not claim that Muslim scholars laid down all the rules of economics and have left nothing. He acknowledges that Muslim economists have not dealt with many modern economic issues, such as credit, financial derivatives, cryptocurrencies, and the like, but he confirms the contribution of Muslim scholars to the development of economic thought. (shrink)

The first decades of the twentieth century saw the emergence of Calvinist economics in the Netherlands. This clearly normative approach to economics was inspired by Abraham Kuyper and was criticized by mainstream economists from the outset. It would eventually disappear under pressure of positive economics, but survived until at least the middle of the century. Calvinist economics itself was highly critical of classical economics and, unlike the neo-classical school, strove after an entire reformation of economic thought. Calvinists writers like (...) T. de Vries, P. A. Diepenhorst, J. A. Nederbragt and J. Ridder did not constitute a school of economic thought, but nevertheless shared some fundamental ideas such as the influence of world views on economics, the existence of divine ordinances for the economic domain, and the central place of man in God’s plan for the economy. In this article, I describe the rise, sources of inspiration, fundamentals, aim and methodology of Calvinist economics. Although the perspective of this article is historical, this episode from the history of economic thought may inform us about the relationship between Christianity and the science of economics as well as that between economics and the economic crisis. (shrink)

An intuitively appealing argument for pluralism in economics can be made on the grounds that schools of economic thought complement one another. Let us call this the complementarity-based argument for pluralism (CAP). The concepts of complementarity, pluralism, and school of thought are scrutinized in this paper to evaluate this argument. I argue that the complementarity of schools is relative to scientific goals, which implies that discussing complementarity of schools of economic thought requires discussing the goals of economic (...) research. I also distinguish weak from strong complementarity and show that some alleged complementarity relations between schools are weak and thus provide little support for CAP. However, if strong complementarity relations, relative to a valuable goal, can be demonstrated to exist between specific schools, this is a strong reason for pluralism about those schools. Finally, I provide suggestions on how to distinguish strong from weak complementarity. (shrink)

This book intends to renovate the view of social sciences in the German-speaking world. It explores the intellectual tension in the social science in Austria and Germany in the late-nineteenth and early-twentieth centuries. It deals with how the emergence of the new school changed the focus of social science in the German speaking world, and how it prepared the introduction of an evolutionary perspective in economics, politics, and sociology. Based on primary evidence, this development is lively described in a series (...) of encounters and decisions by each social scientists. (shrink)

Classical economics was oriented towards the advancement of the common interest as defined by the political institutions of the state, whereas neoclassicism is defined in a social and political vacuum. Furthermore, the former related realistically to an excess supply of labour, while the latter assumes full employment. These differences have significant implications for income distribution, accumulation, growth and development. Classical economists advocated free trade to increase domestic productivity and employment at stable or growing real wages. Contemporary globalization recreates the classical (...) surplus labour economy to reduce domestic wage levels through moving domestic production from high to low wage areas around the globe. Free trade becomes necessary so that the goods produced abroad can be imported into capital exporting countries. However, without a corresponding growth of exportables, the trade balance must be adversely affected. Furthermore, adverse changes in income distribution diminish domestic demand for goods. The policy of globalization must become self-defeating. (shrink)

A leading economist and pioneering editor presents his writings in and on the discipline.

Summary This article examines the life and thought of Thomas Balogh and Nicholas Kaldor, two Hungarian-born British economists, to suggest how the personal background and émigré status of these economists changed their view of the British economy and the economic policy recommendations they put forward as high-profile government advisers in the post-1945 period. This article combines research on inter-war intellectual migration and the history of British economics and economic policy making after the Second World War. It shows how (...) the large scale migration of Central European intellectuals to the English-speaking countries affected the academic, intellectual and cultural lives of the host countries; it also suggests how economics, a relatively young social science discipline, has been crucially enriched by the contributions of exiles from old Europe, and how the mainstream paradigm of modern economics, the so-called neoclassical synthesis, was the result of the cross-fertilisation of ideas facilitated by the physical movement of academics and thinkers. (shrink)

While the political aspects of the interwar dystopias have received much attention, less focus has been given to the specific correlation to the economic thinking and developments of the period, in particular the prominence of economic planning. This article suggests that such a connection is significant by examining a key Swedish novel from the period, Kallocain, in relation to the early economic theory of the Scandinavian welfare state. The article then relates these findings to links between Brave (...) New World and the thinking of John Maynard Keynes. Finally, the kinds of critique articulated in these fictional works are centered around the citizens’ emotional and interior lives in new planned societies, and around their views on bad, disloyal, or painful feelings. (shrink)

The development of the science of economics is closely linked to the structure of capitalism. Even though ancient and medieval thinkers had already stated a certain number of ideas in this domain, the science of economics, in the modern sense of the word, did not truly begin until the 17th Century and the early 18th Century. At that time the methodology for research in the natural sciences was developed, and the first scientific academies and societies were founded (England, France, Prussia, (...) Russia). The initial step in the development of the science of economics occurred in conjunction with this process. Moreover, the ideas of the first economists were, as a general rule, centered on the practical problems and needs of the State. And in that period the prevalent state structure in Europe was the absolute monarchy. Consequently, the first economists were, for the most part, counsellors to the sovereign, authors of studies and reports containing a variety of proposals regarding economic policy. With regard to a great many distinguished economists of the 17th and 18th Centuries, we can speak of them being “men of proposals”. (shrink)

Mainstream views concerning the uselessness or usefulness of HET are illustrated. These rely on a hidden assumption: a 'cumulative view' according to which the provisional point of arrival of contemporary economics incorporates all previous contributions in an improved way. Critiques of positivism led philosophy of science to recognise the existence of different approaches – in economics, as in other sciences. Conceptualisation, recognised by Schumpeter as the first stage in economic theorising, is the stage in which the different visions of (...) the world underlying the different approaches, take shape – and are better recognised. In this, HET plays an essential role. As an illustration, the differences between the classical and marginalist conceptualisations of the economy are illustrated. Thus HET is essential in both undergraduate and graduate economic curricula, as a decisive help towards a better understanding and evaluation of formalised theories/models in the first case, and as an education to the philological method of research, essential in the first stage of theorising, in the case of graduate curricula. (shrink)

The Wealth of Ideas, first published in 2005, traces the history of economic thought, from its prehistory to the present day. In this eloquently written, scientifically rigorous and well documented book, chapters on William Petty, Adam Smith, David Ricardo, Karl Marx, William Stanley Jevons, Carl Menger, Léon Walras, Alfred Marshall, John Maynard Keynes, Joseph Schumpeter and Piero Sraffa alternate with chapters on other important figures and on debates of the period. Economic thought is seen as developing between two (...) opposite poles: a subjective one, based on the ideas of scarcity and utility, and an objective one based on the notions of physical costs and surplus. Professor Roncaglia focuses on the different views of the economy and society and on their evolution over time and critically evaluates the foundations of the scarcity-utility approach in comparison with the Classical/Keynesian approach. (shrink)

This book studies the development of ideas on freedom, coercion and power in the history of economic thought. It focuses on the exchange of goods and services and on terms of exchange and examines the nature of choice, that is, the state of the will of economic actors making exchange decisions. In a social context, anyone's range of choice is restricted by the choices made by others. The first to raise the question of the will in this (...) class='Hi'>economic context were the medieval scholastics, drawing on non-economic analytic models inherited from antiquity and mainly from Aristotle. From these origins, views on economic choice, coercion and power are recorded, as they gradually change over the centuries, until they manifest themselves in more contemporary disputes between different branches of institutional economics. (shrink)