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Aquinas argued it was immoral for sellers to raise their prices simply because buyers had a pressing need for a product. Aquinas discusses a number of topics in the format of questions and replies, substantial tracts dealing with Aristotle's theory. | https://en.wikipedia.org/wiki/History_of_economic_thought |
Questions 77 and 78 concern economic issues, primarily what a just price might be, and the fairness of a seller dispensing faulty goods. Aquinas argued against any form of cheating and recommended always paying compensation in lieu of service obtained as it utilized resources. Whilst human laws might not impose sanctio... | https://en.wikipedia.org/wiki/History_of_economic_thought |
One of Aquinas' main critics was Duns Scotus (1265–1308), originally from Duns Scotland, who taught in Oxford, Cologne, and Paris. In his work Sententiae (1295), he thought it possible to be more precise than Aquinas in calculating a just price, emphasizing the costs of labor and expenses, although he recognized that t... | https://en.wikipedia.org/wiki/History_of_economic_thought |
Jean Buridan (French: ; Latin Johannes Buridanus; c. 1300 – after 1358) was a French priest. Buridanus looked at money from two angles: its metal value and its purchasing power, which he acknowledged can vary. He argued that aggregated, not individual, demand and supply determine market prices. Hence, for him a just pr... | https://en.wikipedia.org/wiki/History_of_economic_thought |
Until Joseph J. Spengler's 1964 work "Economic Thought of Islam: Ibn Khaldun", Adam Smith (1723–1790) was considered the "Father of Economics". Now there is a second candidate, Arab Muslim scholar Ibn Khaldun (1332–1406) of Tunisia, although what influence Khaldun had in the West is unclear. Arnold Toynbee called Ibn K... | https://en.wikipedia.org/wiki/History_of_economic_thought |
French philosopher and priest Nicolas d'Oresme (1320–1382) wrote De origine, natura, jure et mutationibus monetarum, about the origin, nature, law, and alterations of money. It is one of the earliest manuscripts on the concept of money. His treatise argues how money or currency belongs to the public, and that the gover... | https://en.wikipedia.org/wiki/History_of_economic_thought |
Saint Antoninus of Florence (1389–1459), O.P., was an Italian Dominican friar, who became Archbishop of Florence. Antoninus' writings address social and economic development and argued that the state has a duty to intervene in mercantile affairs for the common good, and an obligation to help the poor and needy. In his ... | https://en.wikipedia.org/wiki/History_of_economic_thought |
Like Duns Scotus, he distinguishes between the natural value of a good and its practical value. The latter is determined by its suitability to satisfy needs (virtuositas), its rarity (raritas) and its subjective value (complacibilitas). Due to this subjective component, there cannot only be one just price, but a bandwi... | https://en.wikipedia.org/wiki/History_of_economic_thought |
Mercantilism dominated Europe from the 16th to the 18th century. Despite the localism of the Middle Ages, the waning of feudalism saw new national economic frameworks begin to strengthen. After the 15th century voyages of Christopher Columbus and other explorers opened up new opportunities for trade with the New World ... | https://en.wikipedia.org/wiki/History_of_economic_thought |
Mercantile theorists held that international trade could not benefit all countries at the same time. Money and precious metals were the only source of riches in their view, and limited resources must be allocated between countries, therefore tariffs should be used to encourage exports, which bring money into the countr... | https://en.wikipedia.org/wiki/History_of_economic_thought |
In the 16th century the Jesuit School of Salamanca in Spain developed economic theory to a high level, only to have their contributions forgotten until the 20th century. | https://en.wikipedia.org/wiki/History_of_economic_thought |
In 1516 English humanist Sir Thomas More (1478–1535) published Utopia, which describes an ideal society where land is owned in common and there is universal education and religious tolerance, inspiring the English Poor Laws (1587) and the communism-socialism movement. | https://en.wikipedia.org/wiki/History_of_economic_thought |
In 1517 astronomer Nicolaus Copernicus (1473–1543) published the first known argument for the quantity theory of money. In 1519 he also published the first known form of Gresham's Law: "Bad money drives out good". | https://en.wikipedia.org/wiki/History_of_economic_thought |
In 1568 Jean Bodin (1530–1596) of France published Reply to Malestroit, containing the first known analysis of inflation, which he claimed was caused by importation of gold and silver from South America, backing the quantity theory of money. | https://en.wikipedia.org/wiki/History_of_economic_thought |
In 1598 French mercantilist economist Barthélemy de Laffemas (1545–1612) published Les Trésors et richesses pour mettre l'Estat en splendeur, which blasted those who frowned on French silks because the industry created employment for the poor, the first known mention of underconsumption theory, which was later refined ... | https://en.wikipedia.org/wiki/History_of_economic_thought |
In 1605 Flemish Jesuit theologian Leonardus Lessius (1554–1623) published On Justice and Law, the deepest moral-theological study of economics since Aquinas, whose just price approach he claimed was no longer workable. After comparing money's growth via avarice to the propagation of hares, he made the first statement o... | https://en.wikipedia.org/wiki/History_of_economic_thought |
In 1622 English merchants Edward Misselden and Gerard Malynes began a dispute over free trade and the desirability of government regulation of companies, with Malynes arguing against foreign exchange as under the control of bankers, and Misselden arguing that international money exchange and fluctuations in the exchang... | https://en.wikipedia.org/wiki/History_of_economic_thought |
English economist Thomas Mun (1571–1641) describes early mercantilist policy in his book England's Treasure by Foreign Trade, which was not published until 1664, although it was widely circulated in manuscript form during his lifetime. A member of the East India Company, he wrote about his experiences in A Discourse of... | https://en.wikipedia.org/wiki/History_of_economic_thought |
In 1662 English economist Sir William Petty (1623–1687) began publishing short works applying the rational scientific tradition of Francis Bacon to economics, requiring that it only use measurable phenomena and seek quantitative precision, coining the term "political arithmetic", introducing statistical mathematics, an... | https://en.wikipedia.org/wiki/History_of_economic_thought |
Philipp von Hörnigk (1640–1712, sometimes spelt Hornick or Horneck) was born in Frankfurt and became an Austrian civil servant writing in a time when his country was constantly threatened by Ottoman invasion. In Österreich Über Alles, Wann es Nur Will (1684, Austria Over All, If She Only Will) he laid out one of the cl... | https://en.wikipedia.org/wiki/History_of_economic_thought |
In 1665–1683 Jean-Baptiste Colbert (1619–1683) was minister of finance under King Louis XIV of France, and set up national guilds to regulate major industries. Silk, linen, tapestry, furniture manufacture and wine were examples of the crafts in which France specialized, all of which came to require membership in a guil... | https://en.wikipedia.org/wiki/History_of_economic_thought |
In 1696 British mercantilist Tory Member of parliament Charles Davenant (1656–1714) published Essay on the East India Trade, displaying the first understanding of consumer demand and perfect competition. | https://en.wikipedia.org/wiki/History_of_economic_thought |
In 1767 Scottish mercantilist economist Sir James Steuart (1713–1780) published An Inquiry into the Principles of Political Economy, the first book in English with the term "political economy" in the title, and the first complete economics treatise. | https://en.wikipedia.org/wiki/History_of_economic_thought |
Emperor Aurangzeb, ruler of the Mughal India, compiled the sharia based Fatawa-e-Alamgiri along several Muslim scholars which include Islamic economics, whose policies eventually led to the period of Proto-industrialization. It lasted as South Asia's principal regulating body until the beginning of the 18th century. | https://en.wikipedia.org/wiki/History_of_economic_thought |
In the 17th century Britain went through troubling times, enduring not only political and religious division in the English Civil War, King Charles I's execution, and the Cromwellian dictatorship, but also the Great Plague of London and Great Fire of London. The restoration of the monarchy under Charles II, who had Rom... | https://en.wikipedia.org/wiki/History_of_economic_thought |
All these factors spurred the advancement of economic thought. For instance, Richard Cantillon (1680–1734) consciously imitated Newton's forces of inertia and gravity in the natural world with human reason and market competition in the economic world. | https://en.wikipedia.org/wiki/History_of_economic_thought |
In his Essay on the Nature of Commerce in General, he argued rational self-interest in a system of freely-adjusting markets would lead to order and mutually-compatible prices. Unlike the mercantilist thinkers however, wealth was found not in trade but in human labor. The first person to tie these ideas into a political... | https://en.wikipedia.org/wiki/History_of_economic_thought |
John Locke (1632–1704) was born near Bristol, and educated in London and Oxford. He is considered one of the most significant philosophers of his era mainly for his critique of Thomas Hobbes' defense of absolutism in Leviathan (1651) and of his social contract theory. Locke believed that people contracted into society,... | https://en.wikipedia.org/wiki/History_of_economic_thought |
When people combined their labor with their surroundings, that created property rights. In his words from his Second Treatise on Civil Government (1689): "God hath given the world to men in common... Yet every man has a property in his own person. The labour of his body and the work of his hands we may say are properly... | https://en.wikipedia.org/wiki/History_of_economic_thought |
Whatsoever, then, he removes out of the state that nature hath provided and left it in, he hath mixed his labour with, and joined to it something that is his own, and thereby makes it his property." Locke argued that not only should the government cease interference with people's property (or their "lives, liberties an... | https://en.wikipedia.org/wiki/History_of_economic_thought |
Dudley North (1641–1691) was a wealthy merchant and landowner who worked for Her Majesty's Treasury and opposed most mercantile policy. His Discourses upon trade (1691), published anonymously, argued against assuming a need for a favorable balance of trade. Trade, he argued, benefits both sides, promotes specialization... | https://en.wikipedia.org/wiki/History_of_economic_thought |
David Hume (1711–1776) agreed with North's philosophy and denounced mercantilist assumptions. His contributions were set down in Political Discourses (1752), and later consolidated in his Essays, Moral, Political, Literary (1777). Adding to the argument that it was undesirable to strive for a favourable balance of trad... | https://en.wikipedia.org/wiki/History_of_economic_thought |
Bernard Mandeville, (1670–1733), was an Anglo-Dutch philosopher, political economist and satirist. His main thesis is that the actions of men cannot be divided into lower and higher. The higher life of man is a mere fiction introduced by philosophers and rulers to simplify government and the relations of society. In fa... | https://en.wikipedia.org/wiki/History_of_economic_thought |
Francis Hutcheson (1694–1746), the teacher of Adam Smith from 1737 to 1740 is considered the end of a long tradition of thought on economics as "household or family (οἶκος) management", stemming from Xenophon's work Oeconomicus. | https://en.wikipedia.org/wiki/History_of_economic_thought |
Similarly disenchanted with regulation on trade inspired by mercantilism, the Frenchman Vincent de Gournay (1712–1759) reputedly asked why it was so hard to laissez faire ("let it be"), laissez passer ("let it pass"), advocating free enterprise and free trade. He was one of the early physiocrats (named from a Greek-bas... | https://en.wikipedia.org/wiki/History_of_economic_thought |
Over the end of the seventeenth and beginning of the eighteenth century major advances in natural science and anatomy included the discovery of blood circulation through the human body - documented by William Harvey in 1628. This concept was mirrored in the physiocrats' economic theory, with the notion of a circular fl... | https://en.wikipedia.org/wiki/History_of_economic_thought |
He believed that trade and industry were not sources of wealth, and instead in his book Tableau économique (1758, Economic Table) argued that agricultural surpluses, by flowing through the economy in the form of rent, wages, and purchases, were the real economic movers. Firstly, wrote Quesnay, regulation impedes the fl... | https://en.wikipedia.org/wiki/History_of_economic_thought |
(Later, in the early-19th century, David Ricardo showed that taxes on land are non-transferable to tenants according to his Law of Rent.) Jacques Turgot (1727–1781) was born in Paris to an old Norman family. His best-known work, Réflexions sur la formation et la distribution des richesses (Reflections on the Formation ... | https://en.wikipedia.org/wiki/History_of_economic_thought |
Turgot viewed society in terms of three classes: the productive agricultural class, the salaried artisan class (classe stipendice) and the landowning class (classe disponible). He argued that only the net product of land should be taxed and advocated complete freedom of commerce and industry. In August 1774 King Louis ... | https://en.wikipedia.org/wiki/History_of_economic_thought |
His guiding principles, as given to the king, were "no bankruptcy, no tax increases, no borrowing". Turgot's ultimate wish was to have a single tax on land and to abolish all other indirect taxes, but measures he introduced before that met with overwhelming opposition from landed interests. Two edicts in particular, on... | https://en.wikipedia.org/wiki/History_of_economic_thought |
In 1751, Neapolitan philosopher Ferdinando Galiani published a nearly exhaustive treatise on money called Della Moneta (On Money), 25 years before Adam Smith's The Wealth of Nations, and therefore is seen as possibly the first truly modern economic analysis. In its five sections, Della Moneta covered all modern aspects... | https://en.wikipedia.org/wiki/History_of_economic_thought |
Adam Smith (1723–1790) is popularly seen as the father of modern political economy. His 1776 publication An Inquiry Into the Nature and Causes of the Wealth of Nations happened to coincide not only with the American Revolution, shortly before the Europe-wide upheavals of the French Revolution, but also the dawn of a ne... | https://en.wikipedia.org/wiki/History_of_economic_thought |
He argued in it that people's ethical systems develop through personal relations with other individuals, that right and wrong are sensed through others' reactions to one's behaviour. This gained Smith more popularity than his next work, The Wealth of Nations, which the general public initially ignored. Yet Smith's poli... | https://en.wikipedia.org/wiki/History_of_economic_thought |
Smith argued for a "system of natural liberty" where individual effort was the producer of social good. Smith believed even the selfish within society were kept under restraint and worked for the good of all when acting in a competitive market. Prices are often unrepresentative of the true value of goods and services. | https://en.wikipedia.org/wiki/History_of_economic_thought |
Following John Locke, Smith thought true value of things derived from the amount of labour invested in them. Every man is rich or poor according to the degree in which he can afford to enjoy the necessaries, conveniencies, and amusements of human life. But after the division of labour has once thoroughly taken place, i... | https://en.wikipedia.org/wiki/History_of_economic_thought |
The far greater part of them he must derive from the labour of other people, and he must be rich or poor according to the quantity of that labour which he can command, or which he can afford to purchase. The value of any commodity, therefore, to the person who possesses it, and who means not to use or consume it himsel... | https://en.wikipedia.org/wiki/History_of_economic_thought |
The real price of every thing, what every thing really costs to the man who wants to acquire it, is the toil and trouble of acquiring it. When the butchers, the brewers and the bakers acted under the restraint of an open market economy, their pursuit of self-interest, thought Smith, paradoxically drives the process to ... | https://en.wikipedia.org/wiki/History_of_economic_thought |
Smith's vision of a free market economy, based on secure property, capital accumulation, widening markets and a division of labour contrasted with the mercantilist tendency to attempt to "regulate all evil human actions." Smith believed there were precisely three legitimate functions of government. The third function w... | https://en.wikipedia.org/wiki/History_of_economic_thought |
William Pitt the Younger (1759–1806), Tory Prime Minister in 1783–1801 based his tax proposals on Smith's ideas, and advocated free trade as a devout disciple of The Wealth of Nations. Smith was appointed a commissioner of customs and within twenty years Smith had a following of new generation writers who were intent o... | https://en.wikipedia.org/wiki/History_of_economic_thought |
Adam Smith expressed an affinity to the opinions of Irish MP Edmund Burke (1729–1797), known widely as a political philosopher: "Burke is the only man I ever knew who thinks on economic subjects exactly as I do without any previous communication having passed between us. Burke was an established political economist him... | https://en.wikipedia.org/wiki/History_of_economic_thought |
Jeremy Bentham (1748–1832) was perhaps the most radical thinker of his time, and developed the concept of utilitarianism. Bentham was an atheist, a prison reformer, animal rights activist, believer in universal suffrage, freedom of speech, free trade and health insurance at a time when few dared to argue for any of the... | https://en.wikipedia.org/wiki/History_of_economic_thought |
Jean-Baptiste Say (1767–1832) was a Frenchman born in Lyon who helped popularize Adam Smith's work in France. His book A Treatise on Political Economy (1803) contained a brief passage, which later became orthodoxy in political economics until the Great Depression, now known as Say's Law of markets. Say argued that ther... | https://en.wikipedia.org/wiki/History_of_economic_thought |
Say agreed that a part of income is saved by households, but in the long term, savings are invested. Investment and consumption are the two elements of demand, so that production is demand, therefore it is impossible for production to outrun demand, or for there to be a "general glut" of supply. Say also argued that mo... | https://en.wikipedia.org/wiki/History_of_economic_thought |
David Ricardo (1772–1823) was born in London. By the age of 26, he had become a wealthy stock market trader, and bought himself a constituency seat in Ireland to gain a platform in the British parliament's House of Commons. Ricardo's best known work is On the Principles of Political Economy and Taxation (1817), which c... | https://en.wikipedia.org/wiki/History_of_economic_thought |
Therefore, the cost of the production of the wheat increases, as well as the price of the wheat: The rents increase also, the wages, indexed to inflation (because they must allow workers to survive) as well. Profits decrease, until the capitalists can no longer invest. The economy, Ricardo concluded, is bound to tend t... | https://en.wikipedia.org/wiki/History_of_economic_thought |
Jean Charles Léonard de Sismondi(1773–1842) The earliest author of systemic Crisis theory. | https://en.wikipedia.org/wiki/History_of_economic_thought |
John Stuart Mill (1806–1873) was the dominant figure of political economic thought of his time, as well as a Member of parliament for the seat of Westminster, and a leading political philosopher. Mill was a child prodigy, reading Ancient Greek from the age of 3, and being vigorously schooled by his father James Mill. J... | https://en.wikipedia.org/wiki/History_of_economic_thought |
Mill's textbook, first published in 1848 and titled Principles of Political Economy was essentially a summary of the economic thought of the mid-nineteenth century.Principles of Political Economy (1848) was used as the standard text by most universities well into the beginning of the twentieth century. On the question ... | https://en.wikipedia.org/wiki/History_of_economic_thought |
The classical economists were referred to as a group for the first time by Karl Marx. One unifying part of their theories was the labour theory of value, contrasting to value deriving from a general equilibrium theory of supply and demand. These economists had seen the first economic and social transformation brought b... | https://en.wikipedia.org/wiki/History_of_economic_thought |
They also asked many fundamental questions, about the source of value, the causes of economic growth and the role of money in the economy. They supported a free-market economy, arguing it was a natural system based upon freedom and property. However, these economists were divided and did not make up a unified current o... | https://en.wikipedia.org/wiki/History_of_economic_thought |
A notable current within classical economics was underconsumption theory, as advanced by the Birmingham School and Thomas Robert Malthus in the early 19th century. These argued for government action to mitigate unemployment and economic downturns, and were an intellectual predecessor of what later became Keynesian econ... | https://en.wikipedia.org/wiki/History_of_economic_thought |
Marx wrote his magnum opus Das Kapital (Capital: A Critique of Political Economy) (1867) at the British Museum's library in London. Karl Marx begins with the concept of commodities, which he views as a historically specific phenomenon. He hence looks to history to state that before capital, production was based on slav... | https://en.wikipedia.org/wiki/History_of_economic_thought |
Marx uses the word commodity in an extensive metaphysical discussion of the nature of material wealth, how the objects of wealth are perceived and how they can be used. A commodity contrasts to objects of the natural world. When people mix their labor with an object it becomes a commodity. | https://en.wikipedia.org/wiki/History_of_economic_thought |
In the natural world there are trees, diamonds, iron ore and people. In the world of the economists they become chairs, rings, factories and workers. However, says Marx, commodities have a dual nature. | https://en.wikipedia.org/wiki/History_of_economic_thought |
He distinguishes the use value of a thing from its exchange value. If commodities are considered absolutely isolated from their useful qualities the common property is human labor in the abstract. A phenomenon unique to a specific historical configuration, which is dependent on certain social practices, most dominantly... | https://en.wikipedia.org/wiki/History_of_economic_thought |
Marx argued for critique by linking his ideas of surplus value and socially necessary labor time with the classical labor theory of value and theories of rent. Marx believed that a reserve army of the unemployed would grow and grow, fueling a downward pressure on wages as desperate people accepted work for less. But th... | https://en.wikipedia.org/wiki/History_of_economic_thought |
A glut of unsold products would result, production would be cut back, and profits decline until capital accumulation halted in an economic depression. When the glut cleared, the economy would again start to boom before the next cyclical bust begins. With every boom and bust, with every capitalist crisis, thought Marx, ... | https://en.wikipedia.org/wiki/History_of_economic_thought |
Henry George (1839–1897) is popularly recognized as the intellectual inspiration for the economic philosophy now known as Georgism. George is said to be the last classical economist. During his life, George was one of the three most famous Americans, along with Henry Ford and Thomas Edison. George's first book, Progres... | https://en.wikipedia.org/wiki/History_of_economic_thought |
Progress and Poverty sparked a worldwide reform movement and is sometimes marked as the beginning of the Progressive Era. Georgism declined in the second half of the 20th century as the Marxist and Austrian and Keynesian neoclassical schools gained popularity. | https://en.wikipedia.org/wiki/History_of_economic_thought |
However, there are still active Georgist organizations and land reform movements around the world. George's ideas have been incorporated into the philosophies of socialism, libertarianism, and ecological economics. Paul Samuelson listed Henry George as one of only six "American saints" in classical economics. | https://en.wikipedia.org/wiki/History_of_economic_thought |
In 1895 the London School of Economics (LSE) was founded by Fabian Society members Sidney Webb (1859–1947), Beatrice Webb (1858–1943), and George Bernard Shaw (1856–1950), joining the University of London in 1900. In the 1930s LSE member Sir Roy G.D. Allen (1906–1983) popularized the use of mathematics in economics. | https://en.wikipedia.org/wiki/History_of_economic_thought |
Neoclassical economics developed in the 1870s. There were three main independent schools. The Cambridge School was founded with the 1871 publication of Jevons' Theory of Political Economy, developing theories of partial equilibrium and focusing on market failures. Its main representatives were Stanley Jevons, Alfred Ma... | https://en.wikipedia.org/wiki/History_of_economic_thought |
The Austrian School of Economics was made up of Austrian economists Carl Menger, Eugen von Böhm-Bawerk, and Friedrich von Wieser, who developed the theory of capital and tried to explain economic crises. It was founded with the 1871 publication of Menger's Principles of Economics. The Lausanne School, led by Léon Walra... | https://en.wikipedia.org/wiki/History_of_economic_thought |
American economist John Bates Clark (1847–1938) promoted the marginalist revolution, publishing The Distribution of Wealth (1899), which proposed Clark's Law of Capitalism: "Given competition and homogeneous factors of production labor and capital, the repartition of the social product will be according to the producti... | https://en.wikipedia.org/wiki/History_of_economic_thought |
In 1871 Menger's English counterpart Stanley Jevons (1835–1882) independently published Theory of Political Economy (1871), stating that at the margin the satisfaction of goods and services decreases. An example of the Theory of Diminishing Marginal Utility is that for every orange one eats, one gets less pleasure unti... | https://en.wikipedia.org/wiki/History_of_economic_thought |
Alfred Marshall (1842–1924) is also credited with an attempt to put economics on a more mathematical footing. The first professor of economics at the University of Cambridge, his 1890 work Principles of Economics abandoned the term "political economy" for his favorite "economics". He viewed math as a way to simplify ec... | https://en.wikipedia.org/wiki/History_of_economic_thought |
(3) Translate into English. (4) Then illustrate by examples that are important in real life. (5) Burn the mathematics. (6) If you can't succeed in 4, burn 3. This I do often." | https://en.wikipedia.org/wiki/History_of_economic_thought |
In 1972 American economists Harold Demsetz (1930–2019) and Armen Alchian (1914–2013) published Production, Information Costs and Economic Organization, founding New Institutional Economics, an updating of the works of Ronald Coase (1910–2013) with mainstream economics. | https://en.wikipedia.org/wiki/History_of_economic_thought |
In 1874 again working independently, French economist Léon Walras (1834–1910) generalized marginal theory across the economy in Elements of Pure Economics: Small changes in people's preferences, for instance shifting from beef to mushrooms, would lead to a mushroom price rise, and beef price fall; this stimulates produ... | https://en.wikipedia.org/wiki/History_of_economic_thought |
While economics at the end of the nineteenth century and the beginning of the twentieth was dominated increasingly by mathematical analysis, the followers of Carl Menger (1840–1921) and his disciples Eugen von Böhm-Bawerk (1851–1914) and Friedrich von Wieser (1851–1926) (coiner of the term "marginal utility") followed ... | https://en.wikipedia.org/wiki/History_of_economic_thought |
In 1871 Austrian School economist Carl Menger (1840–1921) restated the basic principles of marginal utility in Grundsätze der Volkswirtschaftslehre (Principles of Economics): Consumers act rationally by seeking to maximize satisfaction of all their preferences; people allocate their spending so that the last unit of a ... | https://en.wikipedia.org/wiki/History_of_economic_thought |
In 1881 Irish economist Francis Ysidro Edgeworth (1845–1926) published Mathematical Psychics: An Essay on the Application of Mathematics to the Moral Sciences, which introduced indifference curves and the generalized utility function, along with Edgeworth's Limit Theorem, extending the Bertrand Model to handle capacity... | https://en.wikipedia.org/wiki/History_of_economic_thought |
In echoes of Smith's "system of natural liberty", Hayek argued that the market is a "spontaneous order" and actively disparaged the concept of "social justice". Ludwig von Mises's outspoken criticisms of socialism had a large influence on the economic thinking of Austrian School economist Friedrich Hayek (1899–1992), w... | https://en.wikipedia.org/wiki/History_of_economic_thought |
But he argued that centralizing economic decision-making would lead not only to infringements of liberty but also to depressed standards of living because centralized experts could not gather and assess the knowledge required to allocate scarce resources efficiently or productively. In his book, The Road to Serfdom (19... | https://en.wikipedia.org/wiki/History_of_economic_thought |
In the early 19th century German-born English astronomer Sir William Herschel (1738–1822) noted a connection between 11-year sunspot cycles and wheat prices. In 1860 French economist Clément Juglar (1819–1905) posited business cycles seven to eleven years long. In 1925 the Soviet economist Nikolai Kondratiev (1892–1938... | https://en.wikipedia.org/wiki/History_of_economic_thought |
In the mid-1840s German economist Wilhelm Roscher (1817–1894) founded the German historical school of economics, which promoted the cyclical theory of nations—economies passing through youth, manhood, and senility—and spread through academia in Britain and the U.S., dominating it for the rest of the 19th century. | https://en.wikipedia.org/wiki/History_of_economic_thought |
Thorstein Veblen (1857–1929), who came from rural midwestern America and worked at the University of Chicago is one of the best-known early critics of the "American Way". In The Theory of the Leisure Class (1899) he scorned materialistic culture and wealthy people who conspicuously consumed their riches as a way of dem... | https://en.wikipedia.org/wiki/History_of_economic_thought |
Businesses protect their existing capital investments and employ excessive credit, leading to depressions and increasing military expenditure and war through business control of political power. These two books, focusing on criticism of consumerism and profiteering did not advocate change. However, in 1918 he moved to ... | https://en.wikipedia.org/wiki/History_of_economic_thought |
He was also part of the Technical Alliance, created in 1919 by Howard Scott. From 1919 through 1926 Veblen continued to write and to be involved in various activities at The New School. During this period he wrote The Engineers and the Price System (1921). | https://en.wikipedia.org/wiki/History_of_economic_thought |
At the outbreak of World War I (1914 –1918), Alfred Marshall was still working on his last revisions of his Principles of Economics. The 20th century's initial climate of optimism was soon violently dismembered in the trenches of the Western Front. During the war, production in Britain, Germany, and France was switched... | https://en.wikipedia.org/wiki/History_of_economic_thought |
Also in 1917 the United States of America entered the war Allies (France and Britain), with President Woodrow Wilson claiming to be "making the world safe for democracy", devising a peace plan of Fourteen Points. In 1918 Germany launched a spring offensive which failed, and as the allies counterattacked and more millio... | https://en.wikipedia.org/wiki/History_of_economic_thought |
After World War I, Europe and the Soviet Union lay in ruins, and the British Empire was nearing its end, leaving the United States as the preeminent global economic power. Before World War II, American economists had played a minor role. During this time institutional economists had been largely critical of the "Americ... | https://en.wikipedia.org/wiki/History_of_economic_thought |
The most important development in economic thought during the Great Depression was the Keynesian revolution, including the publication in 1936 of The General Theory of Employment, Interest, and Money by John Maynard Keynes. (See the discussion of Keynesianism below.) Subsequently, a more orthodox body of thought took r... | https://en.wikipedia.org/wiki/History_of_economic_thought |
In the 1930s Norwegian economist Ragnar Frisch (1895–1973) and Dutch economist Jan Tinbergen (1903–1994) pioneered Econometrics, receiving the first-ever Nobel Prize in Economics in 1969. In 1936 Russian-American economist Wassily Leontief (1905–1999) proposed the Input-Output Model of economics, which uses linear alge... | https://en.wikipedia.org/wiki/History_of_economic_thought |
The Great Depression was a time of significant upheaval in the world economy. One of the most original contributions to understanding what went wrong came from Harvard University lawyer Adolf Berle (1895–1971), who like John Maynard Keynes had resigned from his diplomatic job at the Paris Peace Conference, 1919 and was... | https://en.wikipedia.org/wiki/History_of_economic_thought |
This might include rights to elect and fire the management, require for regular general meetings, accounting standards, and so on. In 1930s America the typical company laws (e.g. in Delaware) did not clearly mandate such rights. | https://en.wikipedia.org/wiki/History_of_economic_thought |
Berle argued that the unaccountable directors of companies were therefore apt to funnel the fruits of enterprise profits into their own pockets, as well as manage in their own interests. The ability to do this was supported by the fact that the majority of shareholders in big public companies were single individuals, w... | https://en.wikipedia.org/wiki/History_of_economic_thought |
In 1967 Berle and Means issued a revised edition of their work, in which the preface added a new dimension. It was not only the separation of controllers of companies from the owners as shareholders at stake. They posed the question of what the corporate structure was really meant to achieve: "Stockholders toil not, ne... | https://en.wikipedia.org/wiki/History_of_economic_thought |
They are beneficiaries by position only. Justification for their inheritance... can be founded only upon social grounds... that justification turns on the distribution as well as the existence of wealth. Its force exists only in direct ratio to the number of individuals who hold such wealth. Justification for the stock... | https://en.wikipedia.org/wiki/History_of_economic_thought |
In 1933 American economist Edward Chamberlin (1899–1967) published The Theory of Monopolistic Competition. The same year British economist Joan Robinson (1903–1983) published The Economics of Imperfect Competition. Together they founded Industrial Organization Economics. Chamberlin also founded Experimental Economics. | https://en.wikipedia.org/wiki/History_of_economic_thought |
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