A History of Economic Thought

The subject matter of economics has evolved slowly over many years. This volume is designed to show its growth from the beginnings of western civilization to the present. Special attention is given to the economic, political, and social settings in which the doctrines developed. Hence one may observe how practices affected economicthought and, in turn, how theories influenced economic policies and practices. A careful study of the evolutionary growth of economic doctrines may afford some pride in the science of economics but, more importantly, it will strengthen an understanding of the use of prevailing doctrines. This volumebrings together the most significant scholars and schools whose influence has left permanent imprint on the body of economic doctrines. Attention has been given to less well-known authors and their contributions as well as to the better-known names and their contributions. A consistent attempt has been made to show the prevailing influences when dealing with the early as well as with the more recent developments in economic thought. An effort has been made, also, to include all of the pertinent economic concepts and to show both their meaning and the manner in which they were used. This broad coverage begins with early capitalism and ends with modern mathematical analysis. Familiar concepts of micro- and macro-economics, all shades of price, income, and distribution theories, international trade, socioeconomic movements, and many other theories and doctrines are fitted into their proper places. Hopefully, sufficient information has been presented to provide a comprehensive view of the development of economic doctrines.