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In this scholarly and timely presentation of the history of economic thought, you'll see how new ideas, evidence, problems and values can be used to reconsider basic disputes and major contributions of the past. THE EVOLUTION OF ECONOMIC THOUGHT, 8e covers the history of economics, the philosophies that drive the economic way of thinking, the ideas of the great economic thinkers and their logical connections to the world. You'll see how Robert Solow's pioneering model can be used to discuss recent renewed emphasis on growth theory and technological change and will explore antitrust perspectives and game theory. THE EVOLUTION OF ECONOMIC THOUGHT, 8e presents the history of economics and the philosophies that drive the economic way of thinking. It stresses the importance of understanding contemporary economics, by grasping new ideas, evidence, problems and values that call for reconsideration of basic disputes and major contributions of the past. The textbook explains the ideas of the great economic thinkers and their logical connections to the world of today and tomorrow. Updated pedagogical features provide clear insight into issues like antitrust perspectives and game theory. Introducing ideas like Robert Solow's pioneering model to discuss recent renewed emphasis on growth theory and technological change, the author sheds historical light on modern debates and thoughts. Stanley Brue and Randy Grant carry on the legacy of Jacob Oser, the book's creator, by offering a scholarly and timely presentation of the history of economic thought.
- Contributions from the following economists are newly featured in this edition: Eli Heckscher and Bertil Ohlin (Chapter 7), Paul Krugman (Chapter 7), Joseph Bertrand (Chapter 12), Charles Cobb and Paul Douglas (Chapter 12), Heinrich von Stackelberg (Chapter 12), Friedrich A. Hayek (Chapter 22), Hyman Minsky (Chapter 22), Muhammad Yunus (Chapter 23), and Edmund Phelps (Chapter 24).
- New Past as Prologues: These sections have been updated to reflect developments and/or recognition in the field since the last edition. They include: Franklin and Bastiat on Opportunity Cost (Chapter 13), Rational Economic Behavior and Prospect Theory (Ch. 15), Advances in Econometrics (Ch. 18), The Mundell-Fleming Contribution to IS-LM (Ch. 22), and Human Capital Formation? Or Signaling and Screening? (Ch. 24).
- Product Web Site: A dedicated web site has been created for the 8th edition. Instructors will find bonus chapters on economic thought before 1500, new economic contributors, and links to other history of economic thought web sites.
- Five Major Questions: Each important school of economic thought is introduced with Five Major Questions that when answered provide a concise summary of each school. This presentation of economic thought helps students retain the information.
- The book maintains a strong treatment of economic theory while offering a liberal arts approach to expanding students' historical understanding.
- Past as Prologue: Pedagogical elements like "Past as Prologue" boxes involve original ideas and their impact on subsequent economics theory, issues or events and offer students thought-provoking interpretations of their own knowledge.
- Study Questions: Found at the end of each chapter, these questions review the chapter content, entice students to "stretch" their understanding, and interconnect past, present, and upcoming material.
Chapter 1 Introduction and Overview.
Chapter 2 The Mercantilist School.
Chapter 3 The Physiocratic School.
Chapter 4 The Classical School—Forerunners.
Chapter 5 The Classical School—Adam Smith.
Chapter 6 The Classical School—Thomas Robert Malthus.
Chapter 7 The Classical School—David Ricardo.
Chapter 8 The Classical School—Bentham, Say, Senior, and Mill.
Chapter 9 The Rise of Socialist Thought.
Chapter 10 Marxian Socialism.
Chapter 11 The German Historical School.
Chapter 12 The Marginalist School—Forerunners.
Chapter 13 The Marginalist School—Jevons, Menger, von Wieser, and von Böhm-Bawerk.
Chapter 14 The Marginalist School—Edgeworth and Clark.
Chapter 15 The Neoclassical School—Alfred Marshall.
Chapter 16 The Neoclassical School—Monetary Economics.
Chapter 17 The Neoclassical School—The Departure from Pure Competition.
Chapter 18 Mathematical Economics.
Chapter 19 The Institutionalist School.
Chapter 20 Welfare Economics.
Chapter 21 The Keynesian School—John Maynard Keynes.
Chapter 22 The Keynesian School—Developments since Keynes.
Chapter 23 Theories of Economic Growth and Development.
Chapter 24 The Chicago School—The New Classicism.
Chapter 25 Concluding Thoughts.