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This e-book offers a short heritage of financial inspiration from the seventeenth century to the current day. every one bankruptcy examines the main contributions of an immense economist or crew of economists and comprises feedback for extra examining. Economists coated comprise Keynes, Marshall, Petty and Jevons, and no more time-honored theorists reminiscent of Galiani and Turgot.
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Extra info for A Concise History of Economic Thought: From Mercantilism to Monetarism
Notes on further readings Reading of the mercantilist writings can be a pleasure. Its literature is made up mainly of little books, full of spirited language and sharp phrases. Major texts are now accessible thanks to reprints. These include Thomas Mun, England’s Treasure by Forraign Trade, circa 1623 (Thomas Clark, London, 1664; Augustus M. Kelley reprints, New York, 1968). In 1971 Kelley reprinted four other important texts, facilitating the study of the debate between Malynes and Misselden. Mun’s A Discourse of Trade (1621), Edward Misselden The Circle of Commerce or the Ballance of Trade (1623), his Free Trade or the Meanes to Make Trade Flourish (1622) and Gérard De Malynes, The Maintenance of Free Trade (1622).
The notion of surplus and the idea of division of labour are in Petty’s work. In many respects, these concepts provide a theory of wealth quite different from that of the mercantilists. Nevertheless, Petty never speciﬁcally rejected mercantilist policies. Petty’s method In Theories of Surplus Value, Karl Marx was the ﬁrst major author to recognise Petty’s fundamental contributions to the formation of economic analysis. A modern commentator (Routh, 1975, p. 35) regards Petty as the father of several notions and branches of economic science; from the labour theory of value to econometrics, from division of labour to national 29 30 Seventeenth-century Pioneers accounting.
112) The importance of these words should not be overstated and it would be an exaggeration to regard Misselden as a forerunner of laissez-faire. 22 Seventeenth-century Pioneers However, it is interesting to note that discordant voices did arise about the appropriate commercial policies and the role of trade. England had to wait for Hume and Smith to have an alternative view on the formation of national wealth, but it would be wrong to regard classical political economy simply as the theory which defeated Mercantilism.