Read e-book online A Concise History of Economic Thought: From Mercantilism to PDF
By Gianni Vaggi
This quantity provides a quick historical past of monetary thought from the 17th century to the current day. each one bankruptcy examines the main contributions of an incredible economist, or staff of economists, and concludes with short feedback for additional studying. The economists lined comprise Keynes, Marshall, Petty and Jevons, in addition to much less known theorists comparable to Galiani and Turgot.
Read or Download A Concise History of Economic Thought: From Mercantilism to Monetarism PDF
Similar economic theory books
The arrival of financial neoliberalism within the Eighties prompted a shift on this planet economic system. within the 3 a long time following international struggle II, now thought of a golden age of capitalism, financial development was once excessive and source of revenue inequality reducing. yet within the mid-1970s this social compact used to be damaged because the global economic climate entered the stagflation challenge, following a decline within the profitability of capital.
In his educational paintings, Robert Higgs has dissected the government’s smart mystery excesses that result in the Welfare country, the struggle country, and the executive country. For numerous many years he has unstintingly chronicled the federal, country, and native governments’ malfeasance in those many components of existence that each one degrees of presidency have intruded upon with out Constitutional mandate.
- The Social Science of Hayek's the Sensory Order (Advances in Austrian Economics)
- The National Element in the Development of Fiscal Theory
- Towards an Advanced Modelling of Complex Economic Phenomena: Pretopological and Topological Uncertainty Research Tools
- Alternative Theories of Competition: Challenges to the Orthodoxy
- Inequality and Economic Integration
Extra resources for A Concise History of Economic Thought: From Mercantilism to Monetarism
However, Petty only opened the way and did not take all the theoretical steps needed to fully overcome mercantilism. A trade surplus was not regarded as and end in itself but as a way to increase economic activity and employment. However, Petty did not explicitly deny the mercantilist views concerning the causes of the increase of wealth, and in fact sometimes he seemed to share the bullionists’ view on the superiority of precious metals. Gold, silver and jewels are the only forms of wealth not subject to deterioration, in contrast to other commodities, hence they are wealth at any time and in any place (see Petty, 1662, pp.
But the value of commodities is much more stable, and it is not linked to what happens on the market at a particular time or place. It depends on permanent causes, or long run forces, which Petty identiﬁed mainly within the conditions of production of a commodity. Petty, Division of Labour and Surplus 33 Petty related value to the production process and to the costs and difﬁculties incurred in the production of a commodity, but he offered alternative measures of these costs. Sometimes he seemed to support the labour theory of value.
Instead of simply buying and selling goods, they began to provide workers with raw materials to be transformed into manufactured products, which were then sold. In particular it was possible to take advantage of the long periods of inactivity in agriculture during the winter; textile industry in England began with the so-called cottage industry under the supervision of the merchant–capitalist, who supplied the peasants with the raw materials and often advanced them money. The extension of manufacturing activities and the need to protect the newly established industry from foreign competitors led to the end of the age of bullion and to a new phase in mercantilist thinking.
A Concise History of Economic Thought: From Mercantilism to Monetarism by Gianni Vaggi