By Gianni Vaggi
This e-book offers a short historical past of monetary idea from the seventeenth century to the current day. each one bankruptcy examines the major contributions of an immense economist or crew of economists and comprises feedback for extra studying. Economists coated contain Keynes, Marshall, Petty and Jevons, and not more usual theorists resembling Galiani and Turgot.
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Extra info for A Concise History of Economic Thought: From Mercantilism to Monetarism
15). Mun and Foreign Trade 19 The above is a clear example of the ability to distinguish between immediate and indirect effects. Notice that the different policies do not reﬂect a real change in the analysis of the causes of wealth, but rather an adaptation of the idea that foreign trade is the major source of wealth to the new economic conditions of the English merchants, who have now become industrial entrepreneurs. National manufactures must be supported and defended; this is the protectionist variant of mercantilist thought.
Governours, Divines, Lawyers, Physicians, Merchants and Retailers, making in all 900. the question is, since there is food enough for this supernumerary 100. also, how they should come by it? (Petty, 1662, p. 30) Petty, Division of Labour and Surplus 31 Ignoring Petty’s speciﬁc question for the moment, let us focus on his notion of social division of labour. At least three important aspects emerge from the beautiful passage just quoted. First, the social division of labour is very strikingly articulated: it identiﬁes at least four major social groups with corresponding economic functions.
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. Both North and Locke receive a chapter each in W. Letwin, The Origins of Scientiﬁc Economics: English Economic Thought, 1660–1776 (Methuen, London, 1964). R. McCulloch, Early English Tracts on Commerce (Political Economy Club, London, reprinted by Cambridge University Press in 1954).
A Concise History of Economic Thought: From Mercantilism to Monetarism by Gianni Vaggi