Table of Contents

Note: Each chapter includes a Summary, Key Terms, Questions for Review and Discussion, and Suggested Readings. 1. Introduction The Central Focus of Modern Economic Thought Our Approach to the History of Economic Thought The Role of Heterodox Economists The Problems of Presenting Diversity Methodological Issues Benefits to Be Gained from the Study of the History of Economic Thought Appendix for Chapter 1 The Profession of Economics and Its Methodology The Spread of Economic Ideas The Evolution of Methodological Thought I. Preclassical Economics 2. Early Preclassical Economic Thought Important Writers Some Broad Generalizations Non-Western Economic Thought Greek Thought Arab-Islamic Thought Scholasticism 3. Mercantilism, Physiocracy, and Other Precursors of Classical Economic Thought Important Writers Mercantilism Influential Precursors of Classical Thought Physiocracy Spanish Economic Thought II. Classical Economic Thought, and Its Critics Important Writers 4. Adam Smith The Breadth of Adam Smith Smith's Analysis of Markets and Policy Conclusions The Nature and Causes of the Wealth of Nations International Trade Value Theory Distribution Theory Welfare and the General Level of Prices 5. Ricardo and Malthus David Ricardo--A Theorist's Theorist The Malthusian Population Doctrine Ricardo: Method, Policy, Scope Ricardo's Model Ricardo's Theory of Land Rent Ricardo's Value Theory Ricardian Distribution Theory Comparative Advantage Stability and Growth in a Capitalistic Economy 6. J.S. Mill and the Decline of Classical Economics Post-Ricardian Developments J.S. Mill: The Background of His Thought Millian Economics 7. Karl Marx and His Critique of Classical Economics An Overview of Marx Marx's Economic Theories Marx's Analysis of Capitalism III. Neoclassical Economic Thought and Its Critics 8. Jevons, Menger, and The Foundations of Marginal Analysis Important Writers Historical Links Jevons, Menger, and Walras Second-Generation Austrians 9. The Transition to Neoclassical Economics: Marginal Analysis Extended Important Writers Marginal Analysis Extended: The Second Generation Marginal Productivity Theory Profits and Interest 10. Alfred Marshall and Neoclassical Economics Marshall's Claim to Being the Father of Neoclassicism 11. Walras and General Equilibrium Theory Walras's General Equilibrium System Vilfredo Pareto 12. Institutional and Historical Critics of Neoclassical Economics Important Writers Methodological Controversy Thorstein Veblen Wesley Clair Mitchell John R. Commons John A. Hobson 13. Austrian Critique of Neoclassical Economics and the Debate about Socialism and Capitalism Important Writers Defining Capitalism and Socialism The Emergence of Capitalistic Thought The Evolution of Austrian Thought The Development of Socialist Economic Thought The Debate Concerning Economic Systems IV. Modern Economics and Its Critics The State of Modern Economics The Structure of Part Four 14. The Development of Modern Microeconomic Theory Important Writers The Movement Away from Marshallian Economics The Formalist Revolution in Microeconomics Milton Firedman and the Chicago Approach to Microeconomics Problems with Modern Applied Economics A Comparison of Neoclassical and Modern Microeconomics 15. The Development of Modern Macroeconomic Thought Important Writers Historical Forerunners of Modern Macroeconomics Keynesian Macroeconomics Modern Macroeconomics 16. The Development of Econometrics and Empirical Methods in Economics Important Writers Empirical Economics Neoclassical Economics and Empirical Analysis Macroeconomics and Empirical Analysis The Rise of Econometrics The Fall from Scientific Grace of Macroeconomics Bayesian Econometrics Experimental Economists 17. The Development of Modern Heterodox Economic Thought Important Writers Radicals Modern Institutionalists, Quasi-Institutionalists, and Neoinstitutionalists Quasi-Institutionalists Neoinstitutionalists Post-Keynesians Public Choice Advocates Austrian Economics Other Heterodox Economic Groups