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The Making of the Classical Theory of Economic Growth
This book collects together for the first time Anthony Brewer’s work on the origins and development of the theory of economic growth from the late eighteenth century and looking at how it came to dominate economic thinking in the nineteenth century. Brewer argues that many of the earliest proponents of economics growth theory had no concept of it as a continuing theory.
This book looks at many of the key players such as Smith, Hume, Ferguson, Steuart, Turgot, West and Rae and is tied together with a rigorous introduction and a new chapter on capital accumulation.
Professor Anthony Brewer taught economics at the University of Bristol from 1967 onwards, with spells as an academic visitor at Duke University, Chuo University, and elsewhere. He is now retired, but still active in the subject, with the title of Emeritus Professor of the History of Economics. He has been Secretary and Vice-President of the European Society for the History of Economic Thought.
Part 1: The Invention of Economic Growth 1. Introduction 2. The Concept of Growth in Eighteenth Century Economics Part 2: The Scottish Tradition from Hume to Smith 3. An Eighteenth Century View of Economic Development: Hume and Steuart 4. Luxury and Economic Development: David Hume and Adam Smith 5. Adam Ferguson, Adam Smith, and the Concept of Economic Growth Part 3: Accumulation and Growth: Turgot and Smith 6. Turgot, Founder of Classical Economics 7. Turgot, Smith, and Capital Accumulation Part 4: Growth, Saving and Distribution 8. Adam Smith on Classes and Saving 9. Rent and Profit in the Wealth of Nations 10. Edward West and the Classical Theory of Distribution and Growth Part 5: Epilogue: John Rae and Technical Change 11. Economic Growth and Technical Change: John Rae's Critique of Adam Smith 12. Invention
eBook
After Adam Smith : a century of transformation in politics and political economy
'After Adam Smith' looks at how politics & political economy were articulated & altered in the century following the publication of Smith's 'Wealth of Nations'.
Book
The political economics of austerity
The 2007/08 financial crisis has reignited the debate about economic austerity. With the aim of understanding why a government would pursue such a policy in the current context of persistent economic recession, this article traces the social, political and economic developments that have together shaped the evolution of ideas about austerity, from the earliest theorising by the classical political economists some 300 years ago. Throughout the historical narrative, important analytical themes revolve around the arguments used to justify austerity–notably appeals to ethics and morality (reinforced by misleading analogies drawn between government budgets and the accounts of firms and households). These include concerns about inflation and the observed relationship between inflation and unemployment; 'Ricardian equivalence' and 'non-Keynesian' effects of austerity; and the correlation between public debt levels and economic growth. The class analytics of austerity–who bears the burden of austerity and who benefits–and the process by which alternative ideas penetrate the mainstream and reconstitute the conventional wisdom are also important analytical themes.
Journal Article
The classical economists revisited
\"Conveys the extent, diversity, and richness of the literature of economics produced in the period extending from David Hume's Essays of 1752 to the final contributions of Fawcett and Cairnes in the 1870s. [Here] O'Brien thoroughly updates, rewrites, and expands the ... work he first published in 1975, The Classical Economists. In particular, he sets out to make clear the shaping of a comprehensive vision of the working of an open economy, building on the great work of Adam Smith in Wealth of Nations\"--Amazon.com.
Book
The \Vanity of the Philosopher\
The \"Vanity of the Philosopher\"continues the themes introduced in Levy's acclaimed bookHow the Dismal Science Got Its Name.Here, Peart and Levy tackle the issues of racism, eugenics, hierarchy, and egalitarianism in classical economics and take a broad view of classical economics' doctrine of human equality. Responding to perennial accusations from the left and the right that the market economy has created either inequality or too much equality, the authors trace the role of the eugenics movement in pulling economics away from the classical economist's respect for the individual toward a more racist view at the turn of the century.The \"Vanity of the Philosopher\"reveals the consequences of hierarchy in social science. It shows how the \"vanity of the philosopher\" has led to recommendations that range from the more benign but still objectionable \"looking after\" paternalism, to overriding preferences, and, in the extreme, to eliminating purportedly bad preferences. The authors suggest that an approach that abstracts from difference and presumes equal competence is morally compelling.\"People in the know on intellectual history and economics await the next book from Peart and Levy with much the same enthusiasm that greets a new Harry Potter book in the wider world. This book delivers the anticipated delights big time!\"-William Easterly, Professor of Economics and Africana Studies, NYU, and non-resident Senior Fellow, Center for Global Development\"In their customary idiosyncratic manner, Sandra Peart and David Levy reexamine the way in which the views of classical economists on equality and hierarchy were shifted by contact with scholars in other disciplines, and the impact this had on attitudes towards race, immigration, and eugenics. This is an imaginative and solid work of scholarship, with an important historical message and useful lessons for scholars today.\"-Stanley Engerman, John Munro Professor of Economics and Professor of History, University of RochesterSandra J. Peart, Professor of Economics at Baldwin-Wallace College, has published articles on utilitarianism, the methodology of J. S. Mill, and the transition to neoclassicism. This is her fourth book.David M. Levyis Professor of Economics at George Mason University and Director of the Center for Study of Public Choice. This is his third book.
eBook
What Economists Should Do
There is controversy among economists over just what it is that economists should do. The controversy is centered on the question whether what is called \"neoclassical\" or \"mainstream\" economics provides the appropriate template for performing economic analysis. Neoclassical economics is based on the principle that economic behavior is guided by \"rational choice, \" i.e., choice based on reason rather than sentiment.
Challenges to this principle come from several fields of study: behavioral economics, neuroeconomics, Austrian economics, Keynesian economics, and others. A common thread running through these fields is that the rational choice assumption is unrealistic and therefore not useful for analyzing economic policy choices.
It is important, however, to distinguish between economic policy choices, which are frequently irrational, and how individuals are observed to react to these choices. Examples of irrational policy choices are minimum wage laws, buy-American rules, and corporate tax increases. The job of the economist is to play a role akin to that of preachers, in exposing such choices for their irrationality. Mainstream economics shows that people react to these choices in a manner that impairs the performance of the economy.
eBook
Piero Sraffa and the future of economics
How did Piero Sraffa look at the future of economic theory: first, when he arrived in England in the mid-1920s, and then, after the publication of his extraordinarily compact little book (Production of Commodities by Means of Commodities, 1960)? The Author sifts through Sraffa's published works, and abundant unpublished papers, his acquaintances and personal contacts and vicissitudes. The conclusions he arrives at remain problematical; but do not refrain him from clearly expressing his specific, quite definite views.
Journal Article