Description : This history of 19th-century economic thought discusses the key members of each classical school and reassesses their work. The author suggests that Ricardism declined after 1830 and was only revived with the work of John Stuart Mill. The book also resurrects the important Anglo-Irish school of thought at Trinity College, Dublin under Archbishop Richard Whately. Later chapters focus on the roots of Karl Marx and the nature of his doctrines, and laissez-faire thought in France, including the work of Frederic Bastiat. Also included is a treatment of the Bullionist versus anti-Bullionist and the Currency versus Banking School controversies in the first half of the 19th century, and their influence outside Great Britain.
Description : This book analyses the causes and consequences of deflation. In contrast to the widespread belief that deflation would be harmful to the economy as a whole, the author argues that free market deflation is liberating and beneficial. Several myths of deflation are exposed and the reasons for the widespread deflation phobia that serves to justify expansionary monetary policy, i.e., inflation are investigated. Two historical case studies, the growth deflation in the US after the Civil War and the bank credit deflation in Germany during the Great Depression are discussed to illustrate the points made in the theoretical analysis of deflation.
Description : In this groundbreaking book, two economists explain why economic imbalances cause civil collapse—and why America could be next. From the Ming Dynasty to Ottoman Turkey to Imperial Spain, the Great Powers of the world emerged as the greatest economic, political, and military forces of their time—only to collapse into rubble and memory. What is at the root of their demise—and how can America stop this pattern from happening again? A quarter century after Paul Kennedy's Rise and Fall of the Great Powers, Glenn Hubbard and Tim Kane present a bold, sweeping account of why powerful nations and civilizations break down under the heavy burden of economic imbalance. Introducing a profound new measure of economic power, Balance traces the triumphs and mistakes of imperial Britain, the paradox of superstate California, the long collapse of Rome, and the limits of the Japanese model of growth. Most importantly, Hubbard and Kane compare the twenty-first century United States to the empires of old and challenge Americans to address the real problems of our country’s dysfunctional fiscal imbalance. Without a new economics and politics of balance, they show the inevitable demise ahead.
Description : The appearance of the famous (and massive) volumes of Rothbards. History of Economic Thought in a new edition is cause for great celebration. They have been out of print for many years, and were previously only available at a price exceeding $200 for the set. They are at last accessible again, in beautiful hardcover, and at an affordable price. In Economic Thought Before Adam Smith, Murray Rothbard traces economic ideas from ancient sources to show that laissez faire liberalism and economic thought itself began with the scholastic and early Roman, Greek, and canon law. He celebrates Aristotle and Democritus, for example, but loathes Plato and Diogenes. He is kind toward Taoism and Stoicism. He is no fan of Tertullian but very much likes St. Jerome, who defended the merchant class. Now, that takes us only to page 33, just the beginning of a wild ride through the middle ages and renaissance and modern times through 1870. Classical Economics offers new perspectives on both Ricardo and Say and their followers. The author suggests that Ricardianism declined after 1820 and was only revived with the work of John Stuart Mill. The book also resurrects the important Anglo Irish school of thought at Trinity College, Dublin under Archbishop Richard Whatley. Later chapters focus on the roots of Karl Marx and the nature of his doctrines, and laissez faire thought in France including the work of Frederic Bastiat. Also included is a comprehensive treatment of the bullionist versus the anti bullionist and the currency versus banking school controversies in the first half of the nineteenth century, and their influence outside Great Britain. These are indeed the books that Mises himself longed to see "A real history of economic thought," he said in 1955, "would have to point out the development of the doctrines and not merely list every book." When these volumes first appeared, they were celebrated in Barrons and by top scholars around the world. They succeeded in changing the way people think about economic doctrine the beginnings (not Adam Smith, but the Spanish theologians), the dead ends (Marx), the great triumphs (Bastiat, for example), and the truly great minds (Turgot and many others he rescued from near obscurity). Rothbard read deeply in thinkers dating back hundreds and thousands of years, and spotted every promising line of thought & mdash, and every unfortunate one. He knew when an idea would lead to prosperity, and when it would lead to calamity. He could spot a proto Keynesian or proto Marxist idea in the middle ages, just as he could find free market lines of thought in ancient manuscripts. Many scholars believe this was his most important work. The irony is that it is not the work it was supposed to be, and thank goodness. He was asked to do a short overview of the modern era. He ended up writing more than 1,000 pages of original ideas that remade the whole of intellectual history up through the late 19th century. Once Rothbard got into the project, he found that most all historians have made the same error they have believed that the history of thought was a long history of progress. He found that sound ideas ebb and flow in history. So he set out to rescue the great ideas from the past and compare them with the bad ideas of the "new economics." His demolition of Karl Marx is more complete and in depth than any other ever published. His reconstruction of 19th century banking debates has provided enough new ideas for a dozen dissertations, and contemporary real money reform. His surprising evisceration of John Stuart Mill is cause to rethink the whole history of classical liberalism. Most famously, Rothbard demonstrated that Adam Smiths economic theories were, in many ways, a comedown from his predecessors in France and Spain. For example, Smith puzzled over the source of value and finally tagged labor as the source (a mistake Marx built on). But for centuries prior, the earliest economists knew that value came from within the human mind. It was a human estimation, not an objective construct. Rothbard was a pioneer in incorporating the sociology of religion into the history of economic ideas. He saw that the advent of Christianity had a huge impact on the theory of the state. He observed the rise of absolutism and theory of nationalism that came with the reformation. He traced the changes in the Western view toward lending and interest payments over the course of a thousand years. The number of insights in these volumes are countless. Every page, every paragraph, bursts with intellectual energy and the authors fiery passion to tell the reader the remarkable story of economics. Many reviewers have remarked that Rothbards accomplishment seems super human. He seems to have read everything. His originality is overwhelming. His passion for liberty and integrity in science is evident. His disdain toward those who sell out to the state is manifest as well. Rothbard worked on these volumes in the ten years before his death. He also gave a series of lectures on his ongoing research. As a result, we all had very high expectations. But nothing could have prepared us for what eventually appeared. This set is a monument to Rothbards genius, a resource that will be valuable to intellectuals for generations, and a great read too.
Description : This book provides the non-Italian scholar with an extensive picture of the development of Italian economics, from the Sixteenth century to the present. The thread of the narrative is the dialectics between economic theory and political action, where the former attempts to enlighten the latter, but at the same time receives from politics the main stimulus to enlarge its field of reflection. This is particularly clear during the Enlightenment. Inside, this book insists on stressing that Galiani, Verri, and Beccaria were economists quite sensitive to practical issues, but who also were willing to attain generally valid conclusions. In this sense, "pure economics" was never performed in Italy. Even Pareto used economics (and sociology) in order to interpret and possibly steer the course of political action. Within this book it illustrates the Restoration period (1815-48). There was a slowdown of the economists' engagement, due to an adverse political situation, that prompted the economists to prefer less dangerous subjects, such as the relationship between economics, morals, and law (the main interpreter of this attitude was Romagnosi). After 1848, however, in parallel with the Risorgimento cultural climate, a new vision of the economists' task was eventually manifested. Between economics and political Liberalism a sort of alliance was established, whose prophet was F. Ferrara. While the Historical school of economics of German origin played a minor role, Pure Economics (1890-1940 approx.) had a considerable success, as regards both economic equilibrium and the theory of public finance. Consequently, the introduction of Keynes's ideas was rather troubled. Instead, Hayek had an immediate success. This book concludes with a chapter devoted to the intense relationships between economic theories, economic programmes and political action after 1945. Here, the Sraffa debate played an important role in stimulating Italian economists to a reflection on the patterns of Italian economy and the possibilities of transforming Italy's economic and social structure.