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History of economic thought : a critical perspective / E.K. Hunt and Mark Lautzenheiser.

By: Contributor(s): Material type: TextTextPublisher: Armonk, N.Y. : M.E. Sharpe, [2011]Edition: 3rd editionDescription: xxiv, 579 pages : illustrations ; 27 cmContent type:
  • text
Media type:
  • unmediated
Carrier type:
  • volume
ISBN:
  • 9780765625991 (pbk. : alk. paper)
  • 0765625997 (pbk. : alk. paper)
Subject(s): DDC classification:
  • 330.09 22 H.E.H
LOC classification:
  • HB75 .H77 2011
Contents:
Summary: The new edition of this classroom classic retains the organizing theme of the original text, presenting the development of thought within the context of economic history. Economic ideas are framed in terms of the spheres of production and circulation, with a critical analysis of how past theorists presented their ideas. This third edition is more accessible to both undergraduate and graduate level courses with the placement of more formal presentations within appendices. The text also develops more fully the ideas of some of the early post-Keynesians, such as Joan Robinson, Nicholas Kaldor, and Roy Harrod, while the last three chapters are brought up-to-date by including the Great Recession of 2007-2009.
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Holdings
Item type Current library Collection Call number Copy number Status Date due Barcode Course reserves
Text Books Text Books Main library Reserve Faculty of Economics & Political (Political) 330.09 H.E.H (Browse shelf(Opens below)) C.1 Not for loan 00010150

History of Economic Thought

Books Books Main library A4 Faculty of Economics & Political (Political) 330.09 H.E.H (Browse shelf(Opens below)) C.2 Available 00016706
Books Books Main library A4 Faculty of Economics & Political (Political) 330.09 H.E.H (Browse shelf(Opens below)) C.3 Available 00016707
Books Books Main library A4 Faculty of Economics & Political (Political) 330.09 H.E.H (Browse shelf(Opens below)) C.4 Available 00016708

Includes bibliographical references (pages 545-548) and index.

1. Introduction -- A definition of capitalism -- Precapitalist European economy -- The increase in long-distance trade -- The putting-out system and the birth of capitalist industry -- Decline of the manorial system -- Creation of the working class -- Other forces in the transition to capitalism -- Mercantilism -- 2. Economic ideas before Adam Smith -- Early mercantilist writings on value and profits -- Later mercantilist writings and the philosophy of individualism -- Protestantism and the individualist ethic -- Economic policies of individualism -- Beginnings of the classical theory of prices and profits -- The physiocrats as social reformers -- Quesnay's economic ideas -- 3. Adam Smith -- Historical context of Smith's ideas -- Smith's theories of history and sociology -- Smith's value theory -- Smith's theory of economic welfare -- Class conflict and social harmony -- 4. Thomas Robert Malthus -- Class conflicts of Malthus's times -- The theory of population -- Economics of exchange and class conflict -- The theory of gluts -- 5. David Ricardo -- The theory of rent and first approach to profits -- Economic basis of conflict between capitalists and landlords -- The labor theory of value -- Price determination with differing compositions of capital -- A numerical example of price determination -- Distribution of income and the labor theory of value -- The impossibility of gluts -- Machinery as a cause of involuntary unemployment -- The theory of comparative advantage and international trade -- Social harmoney and class conflict -- 6. Rationalistic subjectivism : the economics of Bentham, Say, and Senior -- Social origins of the premises of utility theory -- Jeremy Bentham on utility -- Bentham as a social reformer -- Jean-Baptiste say on utility, production, and income distribution -- Say's law of markets -- Nassau Senior's social orientation -- Senior's theoretical methodology -- Senior's four propositions -- Senior on utility maximization, prices, and gluts -- Senior's views of population and worker's welfare -- Senior on capital accumulation and abstinence -- Senior on rent and class distribution of income -- Social harmony versus the political economy of the poor -- 7. Political economy of the poor : the ideas of William Thompson and Thomas Hodgskin -- Workers' resistance to industrialization -- Thompson's utilitarianism and labor theory of value -- Thompson's argument for egalitarian, market socialism -- Thompson's critique of market socialism -- A critique of Thompson's utiliarianism -- Thomas Hodgskin's view of the source of profit -- Hodgskin's conception of capital -- Hodgskin's utilitarianism -- 8. Pure versus eclectic utilitarianism : the writings of Bastiat and Mill -- The spread of socialist ideas -- Foundation and scope of Bastiat's utilitarian economics -- Utility and exchange -- Bastiat's defense of private property, capital, profits, and rent -- Bastiat's view of exchange, social harmony, and the role of government -- Mill's utilitarianism -- Mill's theory of value -- Mill on wages -- Tendency for the rate of profit to fall -- Mill on socialism -- Mill's interventionist reformism -- A critique of Mill's reformism -- 9. Karl Marx -- Marx's critique of classical economics -- Commodities, value, use value, and exchange value -- Useful labor and abstract labor -- Social nature of commodity production -- Simple commodity circulation and capitalist circulation -- Surplus value, exchange, and the sphere of circulation -- Circulation of capital and the importance of production -- Labor, labor power, and the definition of capitalism -- The value of labor power -- Necessary labor, surplus labor, and the creation and realization of surplus value -- Constant capital, variable capital, and the rate of surplus value -- Length of the working day -- The labor theory of value and the transformation problem -- Private property, capital, and capitalism -- Primitive accumulation -- Capitalist accumulation -- Economic concentration -- Tendency for the rate of profit to fall -- Sectoral imbalances and economic crises -- Alienation and the increasing misery of the proletariat --

10. The triumph of utilitarianism : the economics of Jevons, Menger, and Walras -- Jevons's theory of marginal utility and exchange -- Menger's theory of marginal utility, prices, and income distribution -- Menger's arguments on methodology -- Walras's theory on general economic equilibrium -- Stability of general equilibrium -- Walras's ideological defense of capitalism -- Intellectal perspective of neoclassical marginalism -- 11. Neoclassical theories of the firm and income distribution : the writings of Marshall, Clark, and Bohm-Bawerk -- Marshall's contribution to utility theory and demand theory -- Symmetry between neoclassical theories of the household and the firm -- Marshall's theory of the firm -- The firm's production and cost curves in the short period -- Equilibrium in the short period -- The long period and the problem of competition -- Marshall's ideological defense of capitalism -- Clark and the marginal productivity theory of distribution -- Economics as exchange and the role of the entrepreneur -- Clark's defense of private property -- Clark's conception of capital -- Bohm-Bawerk's measure of capital -- Capitalist class relations in neoclassical distribution theory -- 12. Thorstein Veblen -- Veblen's general evolutionary social philosophy -- Veblen's critique of neoclassical economics -- The antagonistic dichotomy of capitalism -- Private property, class-divided society, and the subjugation of women -- Class structure of capitalism and the domination of business over industry -- Government and the class struggle -- Capitalist imperialism -- Social mores of pecuniary culture -- Assessment of Veblen's ideas -- 13. Theories of imperialism : the writings of Hobson, Luxemburg, and Lenin -- Hobson's theory of capitalist imperialism -- Luxemburg's theory of capitalist imperialism -- Lenin's theory of capitalist imperialism -- Comparison of the theories of Hobson, Luxemburg, and Lenin -- 14. Consummation, consecration, and destruction of the invisible hand : neoclassical welfare economics -- Utility maximaization and profit maximization -- The beatific vision and eternal felicity -- Microeconomic theory, neoclassical economics and welfare economics -- Hedonistic foundations of welfare economics -- Essential nature of the norm of pareto optimality -- Social values underlying welfare economics -- Empirical and analytical assumptions of welfare economics -- Neoclassical welfare economics as a guide to policy making -- Welfare economics and externalities -- The normative critique of pareto analysis -- 15. Neoclassical ideology and the myth of the self-adjusting market : the writings of John Maynard Keynes -- Theoretical setting of Keynes's analysis -- Keynes's defense of the marginal productivity theory of distribution -- Keynes's analysis of capitalist depressions -- Efficacy of Keynesian policies -- The military economy -- The debt economy -- Ideological foundations of Keynes's ideas -- 16. Annulment of the myth of the measurable productivity of capital : the writings of Sraffa -- Current state of neoclassical distribution theory -- Sraffa's critique of neoclassical theory -- 17. Contemporary economics I : the bifurcation of orthodoxy -- The Bolshevik revolution and Soviet industrialization -- The great depression -- W. Arthur Lewis and the origins of development economics -- Liberal and conservative neoclassical economics -- Paul A. Samuelson versus Milton Friedman and the conservative neoclassicists -- Sammuelson's defense of utilitarianism -- The Austrian and Chicago schools -- The battle continues -- 18. Contemporary economics II : institutionalism and post-Keynesianism -- The institutionalist economics of Clarence E. Ayres -- Post-Keynesian economics -- Sraffian price theory -- 19. Contemporary economics III : the revival of critical political economy -- Revival and development of the labor theory of value -- Changes in the labor process under capitalism -- Performance of capitalism at the aggregate level -- Continuing the heterodox tradition -- Comments on the social perspective underlying the present book.

The new edition of this classroom classic retains the organizing theme of the original text, presenting the development of thought within the context of economic history. Economic ideas are framed in terms of the spheres of production and circulation, with a critical analysis of how past theorists presented their ideas. This third edition is more accessible to both undergraduate and graduate level courses with the placement of more formal presentations within appendices. The text also develops more fully the ideas of some of the early post-Keynesians, such as Joan Robinson, Nicholas Kaldor, and Roy Harrod, while the last three chapters are brought up-to-date by including the Great Recession of 2007-2009.

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