Abstract

The paper presents in a short survey the development of economic thought from mercantilism to Keynes, where specially the connections between economic reality and thinking were pointed out. New ideas as well as the re‐examination of those of the past depend on real development of the economy. So, for instance, the ideas of Keynes and the conviction that business cycles could be managed failed and were followed by a return to Schumpeter and his ideas which seem to be very attractive nowadays.