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Faccarello G., Kurz H.D.(eds.). Handbook on the History of Economic Analysis. Volume II: Schools of Thought in Economics. Cheltenham: Edward Elgar,2016. — 498 p. 2016

This unique troika of Handbooks provide exhaustive and indispensable coverage of the history of economic analysis. Edited by two of the foremost academics in the field, they gather together insightful and original contributions from scholars across the world. The encyclopaedic breadth and scope of the original entries will make these Handbooks an invaluable source of knowledge for all serious students and scholars of the history of economic thought. Each Handbook can be read individually and acts as a self-contained volume in its own right. They can be purchased separately or as part of a three-volume set. Volume II contains entries on the major schools of economic thought and analysis. These schools differ with regard to their 'vision' of the working of the economic system, the major forces and interactions that shape its path, and the policy recommendations proposed. At any moment of time, several such schools typically compete with one another, striving for dominance within the economic and political discourse.

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Contents
Figures and tables
Contributors
General introduction
The past is never dead. It’s not even past. (William Faulkner)
The aim of this Handbook on the History of Economic Analysis is to provide a succinct overview of the development of economics since its systematic inception up until today.
Ancient and Modern Conceptions of the Economy
State and Justice in Plato
Aristotle: Production and Acquisition, Justice in Distribution and Exchange
Economic Realities in Xenophon and among the Romans
References and further reading
Economic thought in scholasticism
Medieval economic views can be reconstructed only indirectly, through the works of theologians, moralists, lawyers, and philosophers for whom such issues did not consti­tute a field that deserved to be considered separately.
Price and Just Price
Thomas Aquinas on the analysis of price
Price and individual behaviour: alternatives to Thomistic issues
Interest and Usury
The value of money: conventionalist versus metalist view
Where does interest come from and why is it judged so badly?
Thomas Aquinas’s classical argument
Interest without usury
Concluding Remarks
References and further reading
During the seventeenth and eighteenth centuries a new discourse of wealth and welfare developed in the German territorial states: the power and wealth of a ruler and his Court was directly related to that of his people.
Court and Counsel
The Transition from Court to University
The Transition to Needs and their Satisfaction
References and further reading
Mercantilism and the science of trade
Introduction
A “science of trade”?
Domestic and Foreign Trade and the State
Wealth: Naturaland Artificial, Certain and Uncertain
Free Trade and Monopoly: The Legacy of Scholasticism and Jusnaturalism
Free access versus monopoly
Trade in General and in Particular
Trade, mores and empire
The Doctrine of the Balance of Trade
Restating the doctrine
The Science of Trade as the “Systeme des conmiercants” or “Mercantile System”: From Quesnay and Smith to McCulloch
Mercantilism as a Coherent System, from Schmoller to Schumpeter’s Criticism
Gustav Schmoller’s account
William Cunningham
Eli Heckscher
Joseph Schumpeter’s criticism
References and further reading
The age of Enlightenment is certainly one of the most exciting periods in the history of sciences and philosophy (see, for example, the classic studies of Hazard 1935, 1946; Gay 1966, 1969).
From the Science of Trade to “Commerce politique”
The islands parable
The “doux commerce” approach
The circle of Vincent de Gournay
“Philosophic economique” and the Foundations of Laissez-Faire
Knowledge and action: the role of sensationist philosophy
A theory of self-interested action and the “liberte du commerce”
Shaping economic policy: the role of the legislator
Conclusion
References and further reading
The Italian Enlightenment is one of the great intellectual achievements of Europe’s siecle des Lumieres.
A Civil Enlightenment
The Neapolitan School
The Milanese School
The Significance of the Italian Enlightenment in the History of Economic Thought
References and further reading
The second half of the eighteenth century saw an astonishing outburst of intellectual creativity in Scotland covering a great range of disciplines, from the physical sciences to economic and social studies and the humanities - this is what is now called the Scottish Enlightenment.
History and the Four Stages
Luxury, Commerce and Economic Development
Money and the Balance of Payments
Adam Smith on Commerce and Luxury
Capital Accumulation and Growth
Markets, Prices and Profits
Natural Liberty
The Scottish Enlightenment and the Modern World
References and further reading
British classical political economy
Introduction
The Origins of Classical Political Economy: William Petty
From Political Arithmetick to Circular Flow: Richard Cantillon
Developing a Comprehensive Conceptual Framework for the Analysis of Capitalist Economic Systems: Adam Smith
Market prices and natural prices
Profits and wages
Surplus, gross and net revenue
Rent and corn
Determining the Laws which Regulate the Distribution of Income: David Ricardo
Net income and natural prices
Income distribution
The inverse wage-profit relationship
Torrens’s Criticisms of Ricardo’s Theory of Value and Distribution
The Decline of British Classical Political Economy
References and further reading
Defining French classical political economy
Analytical underpinnings
Value and Price
Natural prices and demand
Rossi: the value and the cost of production
Prices and utility: from Say to Dupuit
Bastiat, the effort saved and the value of things
The role of prices in coordinating economic activities
Income Distribution
Supply and demand determine the prices of the productive services
Back to Ricardo?
The end of French classical school
Money and Crises
The freedom of issuance and bimetallism: Say’s answers
A critical reappraisal
Credit and crisis
Conclusion
References and further reading
Bullionist and anti-bullionist schools
The bullionist controversy refers to the series of debates about monetary and banking issues that took place in England from 1797 to 1821.
Historical Context and Debates
The first bullionist pamphlet, Boyd (1801)
Baring’s and Thornton’s replies; King’s and Wheatley’s developments (1801-03)
The Bullion Committee and Bullion Report
The resumption of payments
Thornton’s Anti-Bullionism
The Bank of England as lender of last resort
Balance of payments and the price of gold: the gold points mechanism
Ricardo’s Bullionism
The value of gold and the high price of bullion
The high price of bullion and the exchange rate
References and further reading
The Banking School/Currency School controversy is typically viewed as the second major British monetary controversy of the nineteenth century.
The Controversy of 1844
Tooke’s theoretical system
John Fullarton’s law of reflux
The crisis of 1847
Assessing the Intellectual Controversy
References and further reading
Two Approaches of the Economy and Industrial Society in the Early Nineteenth Century Saint-Simon and the Saint-Simonians
Fourier and the Fourierists
Socialist Ideas around 1848
Pierre Leroux
Philippe Buchez
Constantin Pecqueur
Louis Blanc
Auguste Blanqui
Pierre-Joseph Proudhon
The Institutionalization of Socialist Ideas in France: 1880-1914
The attempt to form a coherent doctrine of socialism: the Malonians and Jaures
Two dissidents: Sorel and Andler
Marginalist socialism
Conclusion
References and further reading
Non-Marxian socialist ideas in Britain and the United States
The non-Marxian socialist political economies of Britain and the United States represent rich and multifaceted traditions of economic thinking.
Early-Nineteenth-Century Socialist Political Economy in Britain and the United States
Fin de Siecle Socialism in Britain and the United States
Statist socialism in Britain and the United States
Decentralised socialism and anarcho-communism in Britain and the United States
Socialist Political Economy in Inter-War Britain and the United States
Socialist Political Economy in Britain and the United States since 1945
Recent Developments in the Political Economy of British Social Democracy
References and further reading
Non-Marxist socialist ideas in Germany and Austria
The term “socialist” conveys a variety of meanings that are shaped by national contexts (German, French, and English speaking countries).
Nineteenth Century
Carl Rodbertus von Jagetzow
Ferdinand Lassalle
Socialists of the chair
Austrian economists
“Deutscher Sozialismus”
Twentieth Century
In 1918, when the social-democratic parties of Germany and of the newly founded Austrian state came to power, and for brief periods dominated parliaments and govern­ments of these countries, the idea of “socialization” was the central concept of the eco­nomic policy debate.
Walther Rathenau
Rudolf Goldscheid
Otto Neurath
Karl Polanyi
Market socialism: Eduard Heimann
National planning against the crisis
Epilogue
References and further reading
Marx and Engels
Marx saw himself as the heir and critic of classical political economy, which concen­trated its attention on the production and distribution of the means of subsistence (Dobb 1973).
The Marxism of the Second International,c. 1890-1914
Communists and their Opponents, 1914-45
Marxian Political Economy in the Cold War, 1945-91
After the Fall: Marxian Political Economy since 1991
Marxian Political Economy in 2016: “What is Left?”
References and further reading
Whether there is a “German School” and an “Austrian School” of economics has been disputed not least because of the frequently heated debates amongst members of these alleged “schools”.
The German Use Value School: Its Beginnings
Karl Heinrich Rau
Bruno Hildebrand (1812-1878)
The Austrian School
Carl Menger (1840-1921)
Eugen von Bohm-Bawerk (1851-1914)
Friedrich von Wieser (1851-1926)
Ludwig von Mises (1881-1973)
Friedrich August von Hayek (1899-1992)
Concluding Remarks
References and further reading
The term “English marginalism” generally refers to the work and outlook of a small group of economists working in England in roughly the last quarter of the nineteenth century.
References and further reading
In the current sense of the term and strictly speaking, the name Ecole de Lausanne (Lausanne School), which dates back to the early twentieth century, refers to three econ­omists’ contributions to (pure) economics:
The Chair of Political Economy in Lausanne
The founder: Leon Walras
The reference scientist: Vilfredo Pareto
Twilight: Pasquale Boninsegni
The “Nouvelle Ecole de Lausanne”: Firmin Oules
Well Beyond Lausanne
Heirs
The legacy
The two Vienna schools: the Mathematisches Kolloquium and the Kreis
In the USA
The LSE
Other histories
A Similar Theory, but Two Irreconcilable Philosophies
Regarding the use of mathematics
About the referent of equations of the general economic equilibrium
Which School?
References and further reading
During the second half of the nineteenth century, as “political economy” gave way to a new academically shaped “economics”, the argument was made that the development of economic thought should have a historical basis.
Roscher, Hildebrand and Knies
The “Younger” Historical School
Historical Economics in England
Henry Maine
New Constellations
References and further reading
The term “institutionalism” denotes a movement that was a major part of American economics during the interwar period, and is a tradition of economics that still exists today.
The Sources of Institutional Economics
The Contributions of Interwar Institutionalism
The Decline of Institutional Economics
Institutional Economics after 1945
References and further reading
Russian School of mathematical economics
In the twentieth century Russian scholars who applied mathematical methods in eco­nomics made a major contribution to the development of the discipline.
The Early Twentieth Century
The 1920s
1930-53
From the Mid-1950s to the Mid-1960s
From the Mid-1960s to 1985
After 1985
References and further reading
Even though references to the “Cambridge School” are frequent in history of economic thought literature,
The Marshall Era
The Keynes Era
The Golden Age
The “Fall from Grace”
The Cambridge Tradition is Alive and Well
References and further reading
The label Stockholm School refers to a group of Swedish economists who, between 1927 and 1939, developed dynamic methods for macroeconomic analysis.
On the Shoulders of Wicksell and Cassel
Further Explorations in Sequence Analysis
Impact on Concepts of Economic Policy
References and further reading
The Chicago School was a group of postwar economists, primarily located at the University of Chicago, who shared a common theoretical and methodological approach to economics as an applied policy science.
Pre-War Chicago Economics and the Chicago School
The Analytical Relevance of Price Theory
An Empirically Based Applied Policy Science, Chicago Style
Key Chicago School Analytical Developments
References and further reading
Monetarism in a Nutshell
Monetarism and the Quantity-Theory Tradition
The quantity theory as a theory of money demand
The Monetarist TransmissionMechanism
Monetarist Transitional Dynamics
Concluding Remarks
References and further reading
New Classical Macroeconomics as Monetarism Mark II
Shocks and Missing Responses: The Variety of Macroeconomic Disequilibria
Time Inconsistency: The Temptation to Organise Surprise Inflation
Policy Ineffectiveness, the Lucas Critique and Money Neutrality
Business Cycles in a Robinson Crusoe Economy
Techniques of Model Building and Scientific Progress
References and further reading
The Sources of Public Choice
Political Entrepreneurs
The Economic Theory of Constitutions
Federalism, Competition and Public Choice
Multi-Level Constitutions
Which Form of Democracy?
Parliamentary Democracy and the Political Business Cycle
Conclusion
References and further reading
The term “neo-Ricardian” becameprominent in the aftermath of the publication of The Works and Correspondence of David Ricardo (hereafter Works),
The Analytical Method of the Classical Economists
Tools versus Concepts
Equations of Production
The Wage Curve
Choice of Technique
The Recent Controversy in the Theory of Capital
Recent Work in the Classical Tradition
References and further reading
A.K. Dasgupta published Epochs of Economic Theory in 1985. It quickly became a classic.
References and further reading
Post-Keynesian economics is a body of economic thought that developed since the mid- 1950s, but of course its origins can be traced back to Keynes’s General Theory, and to the group of young economists, called the Circus, who discussed and criticized Keynes’s earlier Treatise on Money.
The Five Strands
Post-Keynesianism versus Orthodox Economics
Post-Keynesianism versus Heterodox Economics
References and further reading
It is well known that John Maynard Keynes meant his General Theory as a piece of work “chiefly addressed to [his] fellow economists” (Keynes 1936: ii),
Labour, Credit and Commodity Markets: The Partial Equilibrium Approach
General Equilibrium: From Fixed Prices to Imperfect Competition
Concluding Remarks
References and further reading
Index

Books and textbooks on the discipline History of economic scientists:

  1. Faccarello G., Silvant C. (eds.). A History of Economic Thought in France: Political Economy in the Age of Enlightenment. Routledge,2023. — 291 p - 2023 ãîä
  2. Faccarello G., Silvant C. (eds.). A History of Economic Thought in France: The Long Nineteenth Century. Routledge,2023. — 438 p - 2023 ãîä
  3. Filip Birsen. The Early History of Economics in the United States. Routledge,2022. — 268 p - 2022 ãîä
  4. Cord Robert A. (ed.). The Palgrave Companion to Oxford Economics. Palgrave Macmillan,2021. — 819 p - 2021 ãîä
  5. Corsi M., Kregel J., D’Ippoliti C. (Eds.). Classical Economics Today: Essays in Honor of Alessandro Roncaglia. Anthem Press,2018. — 275 p - 2018 ãîä
  6. Crotty J.R.. Keynes Against Capitalism: His Economic Case for Liberal Socialism. London: Routledge,2018. — 410 p - 2018 ãîä
  7. Day R.B., Gaido D.F. (eds). Responses to Marx’s Capital. Leiden: Brill,2017. — 856 p - 2017 ãîä
  8. Faccarello G., Kurz H.-D.. Handbook on the history of economic analysis. Volume III, Developments in major fields of economics. Edward Elgar,2016. — 659 p - 2016 ãîä
  9. Faccarello G., Kurz H.D.(eds.). Handbook on the History of Economic Analysis, Volume 1: Great Economists Since Petty and Boisguilbert. Cheltenham: Edward Elgar,2016. — 813 p. - 2016 ãîä
  10. Barnett Vincent (ed.). Routledge Handbook of the History of Global Economic Thought. Routledge,2015. — 359 p - 2015 ãîä
  11. Brown M. Adam Smith's. Economics: Its Place in the Development of Economic Thought. London: Taylor & Francis Group,2010. — 202 p - 2010 ãîä
  12. Folbre N.. Greed, Lust and Gender: A History of Economic Ideas. Oxford University Press,2010. - 304 pages - 2010 ãîä
  13. Allen R.C., Bengtsson T., Dribe M.. Living Standards in the Past: New Perspectives on Well-Being in Asia and Europe. Oxford University Press,2005. - 495 p. - 2005 ãîä
  14. Caporaso J.A., Levine D.P.. Theories of Political Economy. Cambridge: Cambridge University Press,1992. — 253 p. - 1992 ãîä
  15. Barber William J.. A history of economic thought. Penguin,1967. — 153 p - 1967 ãîä
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