Economic Thought Conclusion

Where does this leave the opposition of rational versus historical reconstruction and thus of absolutism and relativism in the history of economics Even if one accepts Lakatosian rational reconstruction as a convincing conceptualization of the broader usage of rational reconstruction, the two contrasting interpretations of historical reconstruction that we have identified, in terms of a sociology of scientific error on the one hand, and a sociology of scientific knowledge on the other, strongly...

Cambridge

For Keynes 1936 , classical economics did not end with John Stuart Mill. In Keynes's usage, the classical economists were all those to whom he attributed acceptance of Say's Law impossibility of insufficient aggregate demand , including Marshall and Pigou, professors of economics at Cambridge from 1885 to1908 and 1908 to 1943, respectively. Keynes 1936, appendix to ch. 19 took Pigou 1933 as his target, summarizing it in two classical postulates. Keynes 1936, ch. 2 accepted the first classical...

The History of the Concept

In common scholarly and popular vocabulary, the concept of mercantilism designates either a system of economic policy or an epoch in the development of economic doctrine during the seventeenth and eighteenth centuries, or both of them, before the publication of Adam Smith's path-breaking Wealth of Nations 1776 . The bulk of what is commonly known as mercantilist literature appeared in Britain from the 1620s up until the middle of the eighteenth century. However, the concept also appeared as a...