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History of Economic Thought FOURTH EDITION -------------------- History of Economic Thought FOURTH EDITION -------------------- History of Economic Thought Harry Landreth Centre College David C. Colander Middlebury College Houghton Mifflin Company Boston Toronto Contents 1 Introduction 1 The Central Focus of Modern Economic Thought 1 Divisions of Modern Economic Theory 3 Terminology and Classification 3 Our Approach to the History of Economic Thought 4 Relativist and Absolutist Approaches 4 Orthodox and Heterodox Economists 5 The Role of Heterodox Economists 6 Defining Heterodoxy 7 How dissenting Economists Influence Economic Thought 7 and the Profession Problems of Heterodox Economists 8 The problem of Presenting Diversity 8 Methodological Issues 10 Economics as an Art and as a Science 11 The Importance of Empirical Verification 11 Benefits to Be Gained from the Study of the History 12 of Economic Thought Key Terms 14 Questions for Review and Discussion 14 Suggested Readings 15 Appendix for Chapter 1 16 The Profession of Economics and Its Methodology 16 The Spread of Economic Ideas 17 The Evolution of Methodological Thought 18 iv Contents The Rise of Logical Positivism 18 The Logical Positivism to Falsificationism 18 From Falsificationism to Paradigms 19 From Paradigms to Research Programs 20 From Research Programs to Sociological and Rhetorical 20 Approaches to Method 21 Postrhetorical Methodology 22 PART ONE PRECLASSICAL ECONOMICS 22 2 Early Preclassical Economic Thought 27 Important Writers 27 Some Broad Generalizations 28 Non-Western Economic Thought 29 Greek Thought 31 Hesiod and Xemophone 31 Aristotle 32 Arab-Islamic Thought 33 Abu Hamid al-Ghazali 34 Ibn Khaldun 35 Scholasticism 35 The Feudal Foundation of Scholastic Thought 35 St. Thomas Aquinas 37 Summary 40 Key terms 42 Questions for Review and Discussion 42 Suggested Readings 43 3 Mercantilism, Physiocracy, and Other 45 Precursors of Classical Economic Thought Important Writers 45 Mercantilism 46 Every Person His Own Economist 46 Power and Wealth 46 Balance of Trade 47 Contents v Money and Mercantilism 48 Modern Analysis of Mercantilism 49 Theoretical Contributions 50 Of the Mercantilists 51 Influential Precursors of Classical Thought 51 Thomas Mun 51 William Petty 52 Bernard Mandeville 53 David Hume 56 Richard Cantillon 57 Physiocracy 59 Natural law 59 The Interrelatedness of an Economy 60 Physiocratic Economic Policy 64 Spanish Economic Thought 65 Summary 68 Key terms 70 Questions for Review and Discussion 70 Suggested Readings 71 PART TWO CLASSICAL ECONOMIC THOUGHT, AND ITS CRITICS 73 Important Writers 74 Classical Political Economy 76 Marx’s Political Economy 78 4 Adam Smith 80 The breadth of Adam Smith 80 Smith’s Analysis of Markets and Policy Conclusions 83 Contextual Economic Policy 83 Natural Order, Harmony, and Laissez Faire 85 The Working of Competitive Markets 86 Capital and the Capitalists 89 The Impact of Smith on Policy 90 The Nature and Causes of the Wealth of Nations 90 Causes of the Wealth of Nations 91 Summary of the Causes of the Wealth of Nations 93 vi Contents International Trade 95 Value Theory 98 Relative Prices 98 The Meaning of Value 99 Smith on Relative Prices 100 Distribution Theory 103 Wages 103 Wages Fund Doctrine 104 Profits 104 Rent 105 The Rate of Profit over Time 105 Welfare and the General Level of Prices 106 Chapter 5, Book 1 106 Summary 108 Key terms 110 Questions for Review and Discussion 110 Suggested Readings 111 5 Ricardo and Malthus 113 David Ricardo – A Theorist’s Theorist 113 The Period Between Smith’s Wealth of Nations 114 and Ricardo’s Principles The Malthusian Population Doctrine 114 Population Theory as an Intellectual Response 114 to Problems of the Times The Population Thesis 115 Controversy about the Population Thesis 116 Ricardo: Method, Policy, Scope 118 Ricardo’s Method 118 Ricardo and Economic Policy 119 The Scope of Economics According to Ricardo 120 Ricardo’s Model 121 The Problem of the Times: The Corn Laws 122 Analytical Tools and Assumptions 124 Ricardo’s Theory of Land Rent 125 Diminishing Returns 125 Rent Viewed from the Product Side 125 Rent Viewed from the Cost Side 125 Contents vii A More General View of the Concept of Rent 131 Ricardo’s Value Theory 132 Ricardo’s Labor Cost Theory of Value 133 Competitively Produced Goods 134 Difficulties of a Labor Cost Theory of Value 135 Did Ricardo Hold a Labor Theory of Value 137 Summary of Ricardian Value Theory 138 Ricardian Distribution Theory 140 Distribution Theory 140 Distribution of Income over Time 141 Back to the Corn Laws 143 Comparative Advantage 143 Absolute Advantage 144 Comparative Advantage 145 Ricardo, Smith and the Foundations of Trade 148 Stability and Growth in a Capitalistic Economy 150 Mercantilist Views of Aggregate Demand 150 Smith’s Views of Aggregate Demand 152 Malthusian Underconsumptionism 152 Say’s Law 154 The Bullion Debates, Henry Thornton, and Ricardo’s Monetary Theory 155 Technological Unemployment 156 Keynes and Malthus and Ricardo 156 Summary 159 Key terms 160 Questions for Review and Discussion 161 Suggested Readings 162 6 J.S. Mill and the Decline of Classical Economics 163 Post-Ricardian Developments 165 Early Critics of Classical Economic 165 The Scope and Method of Economics 166 Malthusian Population Theory 168 Wages Fund Doctrine 169 Historically Diminishing Returns 170 The Road Not Taken: Charles Babbage and Increasing Returns 171 Falling Rate of Profits 171 Theory of Profits (Interest) 172 viii Contents J.S. Mill: The Background of His Thought 173 Mill’s Approach to Economics 173 Mill’s Eclecticism 175 Jeremy Bentham’s Influence 176 Laissez Faire, Intervention, or Socialism? 177 A Different Stationary State 179 Mill’s Social Philosophy 180 Millian Economics 181 The Role of Theory 181 Mill on Contextual Analysis 183 Value Theory 184 International Trade Theory 186 Mill’s Monetary Theory and Excess Supply: Say’s Law Reconsidered 187 The Currency and Banking Schools 188 The Wages Fund: Mill’s Recantation 189 Summary 190 Key terms 192 Questions for Review and Discussion 193 Suggested Readings 194 7 Karl Marx and His Critique of Classical Economics 195 An overview of Marx 195 Intellectual Sources of Marx’s Ideas 197 Marx’s Theory of History 197 A Closer Look at the Dialectic 200 Socialism and Communism 201 Marx’s Economic Theories 204 Marx’s Methodology 204 Commodities and Classes 206 Marx’s Labor Theory of Value 206 Surplus and Exploitation 208 Marx’s labor Theory of Value: A Summary Judgment 209 Marx’s Analysis of Capitalism 210 The Reverse Army of the Umemployed 211 Falling Rate of Profit 213 The Origin of Business Crises 216 Cyclically Recurring Fluctuations 217 Disproportionally Crises 218 Contents ix The Falling Rate of Profit and Business Crises 219 Business Crises: A summary 219 The Concentration and Centralization of Capital 220 Increasing Misery of the Proletariat 221 Summary 223 Key terms 224 Questions for Review and Discussion 224 Suggested Readings 225 PART THREE NEOCLASSICAL ECONOMIC THOUGHT AND ITS CRITICS 227 8 Jevons, Menger, and the Foundations of Marginal Analysis 231 Important Writers 231 Historical Links 232 Forerunners of Marginal Analysis 233 Jevons, Menger, and Walras 234 A Revolution in Theory? 235 Inadequacies of the Classical Theory of Value 236 What is Utility? 238 Comparisons of Utility 239 Utility Functions 241 Utility, Demand, and Exchange 241 The Value of Factors of Production 242 Evaluation of Jevons and Menger 243 Classical Versus the Emerging Neoclassical Theory of Value 245 Second-Generation Austrians 246 Friedrich von Wieser 246 Eugon von Bohm-Bawerk 248 Which Way to Go? The Changing Scope and Method of Economics 248 The Influence of Jevons, Menger, and Walras on Subsequent Writers 249 Summary 250 Key terms 251 Questions for Review and Discussion 251 Suggested Readings 252 x Contents 9 The Transition to Neoclassical Eocnomics: 254 Marginal Analysis Extended Important Writers 254 Marginal Analysis Extended: The Second Generation 255 Marginal Productivity Theory 257 Principle of Diminishing Returns 257 The New and the Old 260 Product Exhaustion 262 Wicksell on Product Exhaustion 265 Ethical Implications of Marginal Productivity Theory 266 Marginal Productivity as a Theory of Employment 268 Marginal Productivity Theory Criticized 269 Profits and Interest 270 Profit Theory 271 Capital and Interest Theory 272 The Problem of Interest 274 Bohm-Bawerk’s Theory of Interest 276 Fisher on Interest 277 The Problem of Interest: A Summary 279 Summary 280 Key terms 281 Questions for Review and Discussion 281 Suggested Readings 282 10 Alfred Marshall and Neoclassical Economics 284 Marshall’s Claim to Being the Father of Neoclassicism 284 Scope of Economics 286 Marshall on Method 289 Understanding the Complex: The Marshallian Method in Action 291 The Problem with Time 292 The Marshallian Cross 293 Marshall on Demand 295 Consumers’ Surplus 298 Taxes and Welfare 300 Marshall on Supply 301 Marshall on Distribution 303 Contents xi Quasi-Rent 304 Stable and Unstable Equilibrium 307 Economic Fluctuations, Money, and Prices 310 Summary 311 Key terms 313 Questions for Review and Discussion 314 Suggested Readings 315 317 11 Walras and General Equilibrium Theory Walras’s General Equilibrium System 317 What is General Equilibrium Theory? 318 Early Precursors of General Equilibrium Theory 318 Partial and General Equilibrium Analysis 319 Walras in Words 321 Walras in Retrospect 325 Walras, Marginal Productivity, and the Interdependence of the Economy 326 Walras and Marshall on Method 329 Walras on Policy 329 Vilfredo Pareto 330 Summary 332 Key terms 332 Questions for Review and Discussion 332 Suggested Readings 333 12 Institutional and Historical Critics 334 of Neoclassical Economics Important Writers 334 Methodological Controversy 335 The Older Historical School 336 The Younger Historical School 337 The Historical Method in England 338 Thorstein Veblen 339 Veblen’s Criticism of Neoclassical Theory 340 Veblen’s Analysis of Capitalism 344 The Dichotomy 345 xii Contents The Leisure Class 346 The Stability and Long-Run Tendencies of Capitalism 349 Veblen’s Contribution 351 Wesley Clair Mitchell 352 John R.
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