Interpretation and Critique

Utopist authors seem, individually and collectively, to have understood and posed certain basic questions the status of the status quo, the distribution of power as a central problem, the quality of life, the quality of human beings as a product of the system, the process of leadership selection (including education for leadership), the dangers of extreme division of labor, the artifact nature of social institutions and their susceptibility to deliberative human modification, and the social...

The Contributions of Interwar Institutionalism

Mark Blaug has stated that institutionalism was never more than a tenuous inclination to dissent from orthodox economics Blaug, 1978, p. 712 , and George Stigler has claimed that institutionalism had no positive agenda of research, no set of problems or new methods, nothing but a stance of hostility to the standard theoretical tradition quoted in Kitch, 1983, p. 170 . This view still finds wide currency for example, Oliver Williamson has recently argued that unable or unwilling to offer a rival...

The Great Gap Thesis as the Problem

In his seminal 1954 work History of Economic Analysis, Joseph Schumpeter proposes a historical gap of some five hundred years in the history of economics after its beginnings in ancient Greece. Nothing was said, written, or practiced which had any relevance to economics Mirakhor, 1988 1983 , p. 301 within this historical gap, which stretched from the demise of Greek civilization to the writings of Thomas Aquinas 1225-74 . For, according to Schumpeter 1954, p. 74 , many centuries within that...

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...