A concise history of economic thought by Gianni Vaggi

By Gianni Vaggi

Gianni Vaggi and Peter Groenewegen current a short heritage of monetary notion in components dealing respectively with classical economics and sleek advancements. all of the 18 chapters appears to be like on the contributions of an immense economist, from Thomas Mun within the early seventeenth century via to Keynes and Harrod and the principles of contemporary macroeconomics within the twentieth century. feedback are given for extra examining on every one economist featured.

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Thus trade influenced the rate of interest by increasing the available monetary capital in the country and not the other way round. If trade was prosperous, the system created the necessary quantity of money. Hence the rate of interest was the result of the opposing action of two groups of dealers: those who need to borrow money in order to carry on production and investments, and the lenders. The circulation of money depended on the activities of these two groups of people and on the overall level of economic activity.

Hollander, Classical Economics (Blackwell, Oxford, 1987). W. Hutchison, Before Adam Smith (Basil Blackwell, Oxford, 1988) provides a detailed discussion of the different streams of thought and contributions from the early sixteenth century to the Wealth of Nations. A less well-known, but very stimulating interpretation of the classical system of prices is J. Cartelier, Surproduit et Reproduction (Maspero, Paris, 1976), unfortunately not translated into English. N. Rothbard, Economic Thought Before Adam Smith – an Austrian Perspective on the History of Introduction 11 Economic Thought, Vol.

By crossing the Channel at the turn of seventeenth century, a completely different world is encountered. The French kingdom was vastly dissimilar to Great Britain (and to Holland), where big merchant companies by now were the major economic actors. The France of Louis XIV was an important political and military power, but by the end of the Sun King’s long reign could appropriately be described as a stagnant economy. Its social and economic organisation remained predominantly feudal. England had paid a high price for the Cromwell led rebellion and the ensuing Civil War.

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