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Questions tagged [history-economic-thought]

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what is the most comprehensive History of Economic Thought book for an undergrad?

Which Book or books would you recommend for an undergrad to learn about the history and evolution of economic thought and theory, and why? There Just so many of them out there and I just don't know ...
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Walras's Law V.S Say's Law- Is there a difference?

I've been going over the concept of Walras's Law and often references to Say's Law. I've heard and have seen online that they are really the same thing however by looking at the definitions I notice a ...
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What are some great economic reforms from the Middle Ages / the Ancient History?

Is there any great economic structural reforms, which date back to the Middle Ages or to the Ancient times?
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Dow Jones All Time Chart

Over this chart I wrote four trend lines that could (!?) resume the historical stages of Dow Jones: An initial stage of flat movements around 100 (yes, Great Depression is simplified to a simple "...
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How much of previous economics (historically) is still relevant today?

How much of previous economics (historically) is still relevant today? How is it determined? Is e.g. 18th century economics still relevant today? Is it accurate/useful to cite Adam Smith for example?...
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Which is the origin of the “economic” approach to production?

Economic theory states that under competitive markets, economic profits are zero (even though accounting profits are not zero). What is the origin of this analysis? Who was the first author to write ...
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What have been the main developments in macroeconomics and financial economics since the 2008 financial crisis?

In the aftermath of 2008 economists were, fairly or not, blamed for a failure to foresee the coming crisis. Ideas such as "The Great Moderation" and market efficiency were openly ridiculed as ...
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Was there resistance, historically, to the idea that human behavior deviates from rational decision making theory?

I have edited this question considerably to narrow the focus. A recent New York Times article was published on the Nobel Prize for Economics. The article discusses that Nobel laureate Richard Thaler ...
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How empirical was Adam Smith's The Wealth of Nations?

How empirical was Adam Smith's The Wealth of Nations? That is, how much empirical research does it contain? Motive: I want to understand whether books that are regarded as "standards" in political ...
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Where did Hayek say knowledge is the ability to learn?

If I'm not mistaken, in some work Hayek mentions that knowledge as he means it consists not so much in the awareness of facts as in the ability to learn. It may have been in a passage concerning ...
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Who said that growth would stop because of satiation?

I have a vague recollection I am unsuccessfully trying to find an exact reference for. I recall watching an interview of Jacques Attali about a new book of his (maybe 6 or 7 years ago) where he ...
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Who originated the term “deadweight loss” and when?

I am looking for the first use of the term "deadweight loss." Any suggestions either as to who it was who first used it or how to search for it?
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Economic schools of thought VS Econometrics

From Wikipedia: In the history of economic thought, a school of economic thought is a group of economic thinkers who share or shared a common perspective on the way economies work Why is it that ...
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How to make sense of so many conflicting theories and ideas in the field with an open mind? Is every school of economic thought as valid as the rest?

'm a junior economics major and lately I've been in a sort of crisis because I feel like I'm not sure what economic ideas I believe in anymore. Don't get me wrong, I love reading anything that has to ...
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Who was the first economist to write about central banking?

I am interested in the origin of a central banking theory. I've heard that Karl Marx was the first author who wrote about central banking system. Was he really the first one? Or was there any other ...
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1answer
51 views

Whatever happened to Henry George's ideas?

I have heard that Henry George wrote one of the biggest selling economics books in history (Progress and Poverty) and was so famous that 100,000 people attended his funeral, and yet his ideas about ...
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History of Macroeconomic Measurements before GDP

What is the earliest mention of any type of macroeconomic measure? I know proto-economist William Petty coined the Term GDP but was there any other measurement used before then to determine the ...
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How does the professional class fit into Marx and Engel's class struggle theory?

I know that in the first part of The Communist Manifesto, Marx and Engles discuss at length the relationship between the Bourgeois and the Proletarians. The former being the owners of the means of ...
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The evolution of economic thought in the XX century

While I was studying, I stuck into a great debate between what is called "modern macro" and Keynesian macro with a lot of interesting and actual insights. I have already read about "classical ...
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What evidence is there that Adam Smith made mistakes in criticizing Mercantilism and upholding capitalism?

This commentator writes: On March 9, 1776, "An Inquiry into the Nature and Causes of the Wealth of Nations" (commonly referred to as simply "The Wealth of Nations") was published. Smith, a Scottish ...
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Isoquant creator

I was wondering if anyone had an idea about the first author to have mathematically computed an isoquant or at least the first occurrence of a drawn isoquant ? My best guess would be F. Edgeworth in ...
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How does Ricardo justify this math?

In Ch 5, Of Wages, Ricardo tosses this gem: if the labour of ten men will, on land of a certain quality, obtain 180 quarters of wheat, and its value be £4 per quarter, or £720; and if the labour of ...
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What is the “natural rate of interest” vs. “money interest rate”?

What exactly is the distinction that Knut Wicksell made in his Interest & Prices between "natural rate of interest" or "natural interest" ("der natürliche Kapital zins") and the "money rate of ...
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Is money capital?

The Oxford English Dictionary defines "capital" as n. economic goods (e.g. railways, ships, machinery, buildings) destined for use in production (as opposed to consumers' goods). Historically, the ...
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What did Adam Smith mean by “putting [the pins] into the paper”?

In his famous description of the division of labour: One man draws out the wire, another straights it, a third cuts it, a fourth points it, a fifth grinds it at the top for receiving the head; to ...
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Why has this type of research fallen out of grace?

I am reading Dasgupta's Very Short Introduction to Economics. He talks about culture. Specifically the work of Max Weber trying to explain the influence of protestant ethic on the rise of capitalism. ...
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What is Islamic Banking?

What is "Islamic banking," and how is it similar to and different from banking as it occurs in the U.S.? I have heard Shariah Law prohibits usury, the taking of interest on loans. How do Muslim ...
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Book for Bretton Woods conferences and gold standard

I am looking for a good book to explain to me why the gold standard existed and why in the Bretton Woods conferences, some countries choose to abandon it. An explanation of the general scenario in a ...
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A timeline on the the key achievements of Economics and its evolution

Something I've never seen in Economics but have in Maths and Chemistry and really enjoyed is that when I took it we got to the see the evolution of the science (and yes Economics is a [social] science ...
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Is Marx considered an important classical economist?

In a post on the politics stack exchange, I came across the following description of how Marxism fits into the history of economic thought: Most professional economists consider Marx' work on ...
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Reading list: history of economic thought / political economy

Can you all please suggest books that I can read to get started in the fields of political economy and the history of economic thought? While my major in Mathematical Economics has given me a good ...
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What are some reasons for decline of georgism?

I understand that Georgism was a major economic idea in the late 19th century. The idea of a simple land-value tax and basic income derived from an equitable distribution of natural resource ...
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Why are labor, capital, and land traditionally denoted by the letters L, K, and T?

AFAIK, at least in the English-speaking world, labor, capital, and land are (in economics) usually denoted by the letters L, K, and T. Who first popularized the use of these letters and why? My ...
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What causes the “imperialism of economics” and how did it start?

Wikipedia defines "economics imperialism" as follows: Economics imperialism (often economic imperialism) in contemporary economics refers to economic analysis of seemingly non-economic aspects of ...
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Is there a “personality test” for societies? [closed]

You may have heard of the Myers Briggs personality profile test. Is there a similar test for societies? The MB has four dimensions Introversion/Extraversion iNtuition/Sensing Feeling/Thinking ...
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Contest: earliest written instance of economic thought

Following part 5 of @Lateral fractal answer to "Handy Hints for Committing to the Beta" on the meta "Have fun! No fun = No play. No play = No beta. I'm sure I'm not the only one to feel that a ...