History of economic thought History of economic thought An Austrian Perspective on the History of Economic Thought is a work of economic history written by Murray N. Rothbard. Rothbard notes in the introduction that the book was originally conceived as a "standard Adam Smith-to-the-present moderately sized book"; however, in the process of writing it, Rothbard expanded the project into a multi-volume series, and expanded the scope of the project to include economists who preceded Smith. Only the first two volumes, Economic Thought Before Adam Smith and Classical Economics, were completed before Rothbard's death in 1995. ...more on Wikipedia about "An Austrian Perspective on the History of Economic Thought"
The economic calculation problem is a criticism of socialist economics. It was first proposed by Ludwig von Mises in 1920. Those who agree with this criticism claim it is a refutation of socialism and that it shows why a socialist command economy could never work. ...more on Wikipedia about "Economic calculation problem"
The Historical school of economics was a mainly German school of economic thought which held that a study of history was the key source of knowledge about human actions and economic matters, since economics would be culture-specific and not generalizable over space and time. This was a rejection of the idea that economic theorems could be held as universally valid. They saw economics as being the work of rigorous analysis and not of logical philosophy. Characteristic of the historical school is a concern with reality rather than with self-referential mathematical modelling; most protagonists of the school were also Kathedersozialisten, i.e. concerned with social reform and the improvement of the masses during the times of heavy industrialization. ...more on Wikipedia about "Historical school of economics"
Early Western precursors of economics engaged in scholastic theological debates during the Middle Ages. An important topic of discussion was the determination of the just price of a good. In the religious wars following the Reformation in the 16th century, ideas about free trade appeared, later formulated in legal terms by Hugo de Groot or Grotius (Mare liberum). ...more on Wikipedia about "History of economic thought"
Description: The book is usually considered to be the beginning of modern economics. It begins with a discussion of the Industrial Revolution. Later it critiques the mercantilism and a synthesis of the emerging economic thinking of his time. It is mostly known due to the idea of The Invisible Hand which is an often quoted phrase from the book. Its meaning is that people will unintentionally improve their community through pursuit of their own wants and needs. The Butcher, the Baker, and the Brewer provide goods and services to each other out of self-interest; the unplanned result of this division of labor is a better standard of living for all three. ...more on Wikipedia about "List of publications in economics"
Mercantilism is the economic theory holding that the prosperity of a nation depends upon its supply of capital, and that the global volume of trade is "unchangeable." The amount of capital, represented by bullion (amount of precious metal) held by the state, is best increased through a balance of trade with other nations, with large exports and low imports. Mercantilism suggests that the government should advance these goals by playing an active, protectionist role in the economy, by encouraging exports and discouraging imports, especially through the use of tariffs. The economic policy based upon these ideas is often called the mercantile system. ...more on Wikipedia about "Mercantilism"
The Methodenstreit was a controversy over the method and epistemological character of economics carried on in the late 1880s and early 1890s between the supporters of the Austrian School of Economics, led by Carl Menger, and the proponents of the (German) Historical School, led by Gustav von Schmoller. The German word Methodenstreit means a dispute over methods. As there are more such disputes in scientific history, it is also known as Methodenstreit der Nationalökonomie (Methodenstreit of economics), but outside of German speaking countries, the Germanism Methodenstreit mostly refers to this one. ...more on Wikipedia about "Methodenstreit"
The Physiocrats were a group of economists who believed that the wealth of nations was derived solely from agriculture. Their theories originated in France and were most popular during the second half of the 18th century. Physiocracy was perhaps the first well developed theory of economics. ...more on Wikipedia about "Physiocrats"
The School of Salamanca is the renaissance of thought in diverse intellectual areas by Spanish theologians, rooted in the intellectual and pedagogical work of Francisco de Vitoria. From the beginning of the 16th century the traditional Roman Catholic conception of man and of his relation to God and to the world had been assaulted by the rise of humanism, by the Protestant Reformation and by the new geographical discoveries and their consequences. These new problems were addressed by the School of Salamanca. The name refers to the University of Salamanca, where de Vitoria and others of the school were based. ...more on Wikipedia about "School of Salamanca"
Unto This Last is an essay on economy by John Ruskin, first published in December 1860 in the monthly journal Cornhill Magazine in four articles. Ruskin says himself that these articles were "very violently criticized", forcing the publisher to stop the publication after four months. Subscribers sent protest letters. But Ruskin countered the attack and published the four articles in a book in May 1862. ...more on Wikipedia about "Unto This Last"
Utilitarianism (from the Latin utilis, useful) is a theory of ethics that prescribes the quantitative maximization of good consequences for a population. It is a single value system and a form of consequentialism and absolutism. This good is often happiness or pleasure, though some utilitarian theories might seek to maximize other consequences. ...more on Wikipedia about "Utilitarianism"
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