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 A History of Economic Theory and MethodFifth Edition
Robert B. Ekelund, Jr. and Robert F. Hebert
Economics, as intellectual discourse, is not a settled body of principles; it is a heterogeneous discipline with numerous traditions, each based on a cluster of theories. Ekelund and Hebert, experienced researchers and educators, balance continuity and consensus in the evolution of economic theory with alternative points of view about the nature, scope, and method of economic inquiry. Their creative approach gives readers a feel for the thought processes of the great minds in economics and underscores key ideas impacting contemporary thought and practice. Building on the solid foundation of previous editions, the fifth edition of A History of Economic Theory and Method presents an updated and expanded examination of the essential theoretical elements of an economy and the numerous institutions that affect market behavior, beginning with the ancient Greeks and ending with the late twentieth century. It features an in-depth interpretation of the transition from classical to neoclassical economic thought, exposes some of the dissident voices raised against classical economic orthodoxy, discusses game theory, takes a close look at the origins of traditional microeconomics, avoids highly technical or graphically complicated material, and examines the advantages and disadvantages of economics achieving a scientific status—applying mathematical and statistical techniques in economic inquiry. Chapters contain boxed material that enrich touchstone ideas or mark procedural disagreements and alternative approaches to economics. New to this edition . . . • The effects of medieval religion on medieval ideas • Protestantism’s impact on capitalism’s emergence • The interpretation of classical economics’ transition to neoclassical economics • Nineteenth-century heterodox ideas • American economics of the neoclassical period • The origins of microeconomics • Game theory • The impact of mathematics and empirical methods on the field of economics • Advantages and disadvantages to economics achieving a scientific status • Issues facing theory and method in the twenty-first century $82.95 list, 637 pages 10-digit ISBN: 1-57766-486-8 13-digit ISBN: 978-1-57766-486-4 © 2007 Instructor's Manual available Ralph Byrns, Adjunct Professor of Economics, University of North Carolina, Chapel Hill, has created resource materials for instructors and readers to use at no charge. These materials, which are separate from the Instructor's Manual published by Waveland Press, can be accessed at the links below:
Test questions:
http://www.unc.edu/depts/econ/byrns_web/EC434/HET/HET_Res.htm
“For my money, this is the best in its group. I’m glad the authors have decided to write a new edition.” — Michael Haines, Colgate University “One would be hard put to find an alternative textbook with equally comprehensive and balanced coverage of the history of economic thought through the Greeks right up to contemporary economics at a level suitable for undergraduates. The reading notes appended to each chapter alone are worth the purchase price.” — Stephan Boehm, University of Graz “This is an excellent history of the development of economics as an autonomous science. The authors exhibit exceptional command of the material.” — Kenneth Townsend, Hampden-Sydney College “Overall, the text is excellent. The descriptions of the Classical School and Marxism are particularly well written. This is especially important since, in my opinion, those two schools drive current economic debate.” — Wesley A. Austin, University of Tampa “It is without debate the best, most comprehensive book in the field.” — Patrick Raines, Belmont University Table of Contents 1. Economics and Its History What Is the Value of Studying the History of Economics? / Aim, Scope, and Method / Suggestions on How to Use This Book / Other Useful Resources and Information Part I. PRECLASSICAL ECONOMICS 2. Ancient and Medieval Economic Thought and Institutions Contributions of the Ancient Greeks / Roman and Early Christian Contributions / Chinese Economics in the First Millennium / Medieval Arab-Islamic Economics / Medieval European Economic Thought / Theory Meets History: Economic Impact of the Medieval Church / Conclusion 3. Mercantilism Mercantilism as Doctrine: The Economics of Nationalism / Mercantilism as an Economic Process / Transition to Liberalism / Conclusion 4. Emergence of Capitalism Sir William Petty / Richard Cantillon / Awakening Liberalism in France: Boisguilbert and the Physiocrats / The Spanish Enlightenment: Economics in Iberia / The Decline of Catholicism and the Rise of Protestantism / Conclusion Part II. THE CLASSICAL PERIOD 5. Adam Smith: System Builder The Nature of Smith's Economic System / Microeconomic Foundations of The Wealth of Nations / Smith's Macroeconomics: Blueprint for Economic Growth / Conclusion 6. Classical Economics (I): Utility, Population, and Money Jeremy Bentham and Utilitarianism / Thomas Robert Malthus and Population / Early Monetary Issues / Conclusion 7. Classical Economics (II): The Ricardian System and Its Critics The Classical Doctrine of Land Rent / The Ricardian System / The Ricardo-Malthus Correspondence / Nassau Senior and the Emergence of "Scientific" Economics / The Supremacy of Ricardian Economics / The Elegant Dynamics of the Classical System 8. Classical Economics (III): John Stuart Mill Mill's Intellectual Transition / The Structure of Mill's Economic Inquiry / Mill's Theoretical Advances / Mill's Normative Economics / Mill and the Decline of Classical Economics / Did Classical Economics Ever Die? 9. Economic Policy in the Classical Period Laissez-Faire in Theory and Practice / Nassau Senior on Child Labor and the Factory Acts / The Social and Economic Policies of J. S. Mill / The Political Economy of Sir Edwin Chadwick / Conclusion Part III. CHALLENGES TO ECONOMIC ORTHODOXY 10. Heterodox Economic Thought European Evolutionary Thought: Saint-Simon, Sismondi, and List / Friedrich List and National Political Economy / The Utopian Socialists: Owen, Fourier, and Proudhon / Historicism / Conclusion 11. Karl Marx: Revolt against Classical Economics Overview of the Marxian System / Marx's Early Writings on Capitalist Production / The Nature of Capitalism / The Legacy of Marx Part IV. THE NEOCLASSICAL ERA 12. Early "Neoclassical" Economists: Cournot and Dupuit A. A. Cournot (1801–1877) / Jules Dupuit (1804–1866) / Engineers and Cross-Fertilization of Economic Ideas 13. Microeconomics in Germany and Austria: Menger, Wieser, and Böhm-Bawerk Pioneers / Carl Menger (1840–1921) / Friedrich von Wieser (1851–1926) / Eugen Böhm-Bawerk (1851–1914) / Postscript 14. Microeconomics in England and America: W. S. Jevons and J. B. Clark W. S. Jevons / Jevons's Theory of Value / John Bates Clark and Marginalism in America / Epilogue: The Eve of the Neoclassical Paradigm 15. Alfred Marshall and the Neoclassical Synthesis Marshall and His Method / Industry Supply and the Economics of Production / Demand and Consumer Surplus / Marshall on Optimum Pricing and Monopoly / Marshall on Elasticity, Input Demand, and Optimum Resource Allocation / Marshall in Retrospect 16. The Mantle of Léon Walras Contrasts between Marshall's and Walras's Approaches / Léon Walras: Sketch of His Life and Work / Walras and Marshall on the Market Adjustment Mechanism / Pareto, General Equilibrium, and Welfare Economics / Walras's Correspondence and Its Impact on Economics / Walras in Retrospect 17. Hegemony of Neoclassical Economics The Proto-Neoclassicals before 1870 / Lessons to Be Learned / What Did Marshall Know and Where Did He Learn It? / Conclusion Part V. TWENTIETH-CENTURY PARADIGMS 18. Thorstein Veblen and American Institutional Economics Nineteenth-Century British Historicism / Thorstein Veblen and American Institutionalism / Second- and Third-Generation Veblenians / John Kenneth Galbraith: The Institutionalists' Popularizer / Conclusion: The Institutionalist Paradigm 19. Competition Revised: Chamberlin and Robinson Duopoly Analysis / Chamberlin's Quest for a New Theory / Joan Robinson and Imperfect Competition / Imperfect Competition in Perspective 20. John Maynard Keynes and the Development of Modern Macroeconomics Overview of Keynes in This Chapter / J. M. Keynes, Dilettante and Economic Theorist / Theoretical Outline of the General Theory / Keynes and the History of Economic Thought 21. Contemporary Macroeconomics: Monetarism and Rational Expectations The Neoclassical Origins of Monetarism / Modern Monetarism: Theory and Policy / Conclusion 22. Austrian Economics The Gestalt of Austrian Economics / Ludwig von Mises: The Theory of Money and Credit / F. A. Hayek and the Theory of Business Cycles / Joseph Schumpeter on Competition, Dynamics, and Growth / Competition and the Market Process / Advertising and Demand Discovery / The Socialist Calculation Debate / Conclusion 23. The New Political Economy: Public Choice and Regulation Public Choice / The New Political Economy of Regulation / Conclusion Part VI. BACK TO THE FUTURE: THE NEW MILLENNIUM 24. Mathematical and Empirical Economics: A Method Revolution History and Development of Mathematical Economics / Common Mathematical Tools Used in Economics / Cournot's Heirs: Applications of Mathematics to Economic Ideas / Empiricism in Economics: Testing Economic Theory / Conclusion: Directions and Dangers 25. Expanding the Boundaries of Contemporary Microeconomics Modern Consumption Technology / New Theories of the Firm / Economics and Sociology / Conclusion 26. Quo Vadis?: Economics in the Twenty-First Century Nobel Laureates and Economics in the New Millennium / Ideas, Ideology, and History / Does Method Matter? / Is Schism in the Cards for Economics in the Twenty-First Century?
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