History of Economic Analysis

At the time of his death in , Joseph Schumpeter--one of the great economists of the first half of the 20th century--was working on his monumental History of.
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Write a customer review. There was a problem filtering reviews right now. Please try again later. The objective of Schumpeter, one of the greatest economists of all times, is to portray in a very comprehensive detail, all the philosophical thinking that conduced to contemporary Economic Analisys, since the beginning of the ancient greek thought.

To me, that had a very great misconception about the works of Joseph Alois Schumpeter, this book was a revelation, be it for the immensity of his erudiction both as an historian, philosopher and economist, be it for the ingenuity in which he presents many new ideas and perspectives regarding economic analisys. He is sometimes difficult to follow, not helped by the many and extensive footnotes he appends the book with, and by the many quotations he does in foreign languages, which he usually do not translate, be it in ancient Greek, Latin , French or German.


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Also , the book was unfinished in his lifetime and had to be edited by his wife, who was also deceased before the full completion of the giantic task. Even so, the book has some 1. A warning sign of caution must be addressed to the non-professional readers not not fully interested in the magnitude of such a scope, that is, of addressing the formative ideas of each and every important concept in economic analisys in a so complete way.

This can be an overkill for you. But if you are interested in Medieval thought, the concepts exposed by , for instance, Saint Thomas and many others, this is a very good reading. A trully masterfull book from the master of economic analysis!!! The depth of the analysis is unimaginable and for the selected ones who will purchase this book the road of enlightment will be wider. One person found this helpful. Book a little bit damaged in the edges. Joseph Alois Schumpeter was an Austrian American economist and political scientist. This book was edited by his wife, and published posthumously. She wrote in her Introduction, "He probably began writing the History in As time went on, he began to emphasize that this was a history of economic analysis and not a history of economic thought.

But the history of economic analysis begins only with the Greeks. An 'automatic' gold currency is part and parcel of a laissez-faire and free-trade economy. It links every nation's money rates and price levels with the money rates and price levels of all the other nations that are 'on gold. THIS is the reason why gold is so unpopular now and also why it was so popular in a bourgeois era. It imposes restrictions on governments or bureaucracies that are much more powerful than is parliamentary criticism. In a history of analysis this is still the point to stress.

In a history of economic thought Keynes's policy recommendationstime-bound as they wereand certain characteristically Keynes's doctrineswhich are losing their hold alreadymay be much more important. Schumpeter ,in general, does an excellent job in this book.

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There is one area where he makes no sense. Following Jacob Viner's erroneous claims made in an article published in the late 's,he claims that Smith made NO original contributions to economics. It is incredible that an economist -philosopher of the caliber of Schumpeter would miss this discussion of the risk versus uncertainty distiction given the heavy emphasis and the distinction made between the two concepts by Schumpeter himself.

It is quite easy to refute Schumpeter's and Viner's claims. First ,Smith is the first to carefully distinguish decision making under uncertainty and ignorance from risk. Second, Smith is the first to suggest a mixed probabilistic strategies approach to bargaining in the face of international disputes involving tariffs.

Third , Smith is the first to emphasize the importance in monetary policy of WHO receives the bank loans, WHAT the loans are to be used for, debt leverage or investment in fixed capital, as opposed to HOW the money is created. This book is one of the greats.

History of Economic Analysis

Written by a master of economic theory, it reflects his learning and insight. But have no mistake, Schumpeter expects you to meet him half-way, so if you like to be spoon-fed and prefer pictures to words, this is not the book for you. The book needs to be read together with the original material: Schumpeter is not a substitute for, but a guide to the material he writes about. To criticise this book for not being light reading is simply to misunderstand this: While Blaug's book is a decent solid survey, the only work which begins to rival Schumpeter's in erudition and incisiveness is Marx's Theories of Surplus-Value, which covers a narrower period.

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Real Analysis and Monetary Analysis 2. Digression on Value 4. The Quantity Theory 5.


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