A Concise History of Economists' Assumptions about Markets: From Adam Smith to Joseph Schumpeter, 1st Edition

  • Robert Edward Mitchell
  • Published By:
  • ISBN-10: 1440833109
  • ISBN-13: 9781440833106
  • DDC: 330.15
  • Grade Level Range: 9th Grade - 12th Grade
  • 192 Pages | eBook
  • Original Copyright 2014 | Published/Released April 2015
  • This publication's content originally published in print form: 2014

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Nine narrative chapters and a conclusion provide an accessible history of key premises and assumptions in the mental models proposed by several major economists since the 1776 publication of Adam Smith's The Wealth of Nations and show how-and why-those models and their underlying assumptions have changed over time. The book addresses the legacies of major economists, describes their historical and analytical influence, documents the interaction among various schools of thought as well as how they differ, and the implications that this history has for economics and the policy sciences in the decades ahead. The author focuses on the mental maps economists have created in an attempt to understand the forces that destroyed "order," explaining how these maps incorporate a non-mathematical presentation of evolving dictionaries, novel analytical perspectives, new evidence, and a reliance on value assumptions. He traces the underlying assumptions, continuities, and differences among major economists including Adam Smith, Thomas Malthus, David Ricardo, Alfred Marshall, John Maynard Keynes, Karl Marx, Thorstein Veblen, and Joseph Schumpeter. Readers will grasp how the classic theories still influence economists' mental models today and come away with a basic economic literacy that puts this important social science in historical context. This is essential reading for all the social and policy sciences.

Table of Contents

Front Cover.
Half Title Page.
Title Page.
Copyright Page.
1: Mainstream Economics from Adam Smith Through Macroeconomics.
2: Adam Smith at the Dawn of Modern Economics.
3: Thomas Malthus and David Ricardo: New Questions and Analytical Advances.
4: Alfred Marshall: Master Synthesizer, Innovator, and a Founding Father of Scientific Economics.
5: John Maynard Keynes and the Rise of Macroeconomics.
6: Where Money Fits In: Money, Credit, and Finance.
7: Breaking Out of the Mainstream.
8: Karl Marx's Grand Theory of Political Economy.
9: Thorstein Veblen and Killing the Goose That Laid the Golden Egg.
10: Joseph Schumpeter and the Drivers of Markets and Economies.
11: The End of the Beginning.
12: Retrospect and Prospect.
About the Author.