HENRY WILLIAM SPIEGEL THE GROWTH OF ECONOMIC THOUGHT THIRD EDITION DUKE UNIVERSITY PRESS, DURHAM & LONDON 1991 CONTENTS INTRODUCTION xiii CHAPTER 1 From the Bible to Plato: Founts of Western Civilization 1 . Economic Thought of the Bible . Economic Thought in Classical Greece . The Greek Philosophers CHAPTER 2 From Aristotle to the Fathers of the Church 23 . Aristotle . Cynicism, Stoicism, and Epicureanism . Epicurus . The Fall of Rome and the Rise of Christianity . Christian Teaching . The Fathers of the Church CHAPTER 3 Medieval Economic Thought: The Practice of Charity and the Avoidance of Sin 47 . Feudalism . Changes in Agricultural Techniques . The Guild System . Technological Change . National Economic Policies . Social Struggles . Credit Operations . Social Organization . The Church . Saint Thomas . The Partnership . Annuities . Deposit and Exchange Banking . The Usury Doctrine in Modern Times . Thoughts on Money . Oresme's Treatise viii CHAPTER 4 The Transition of the Sixteenth Century: from Unity to Diversity 75 . The Rise of the Nation-State . Martin Luther . John Cal- vin . Sixteenth-Century Economic Literature . Thomas Wil- son . Dumoulin . John Hales . The Emergence of the Quantity Theory of Money . Copernicus • Navarrus . Jean Bodin CHAPTER 5 Mercantilism: Economic Warfare for National Gain 93 • New Standards of Propriety . Economic Thought of the Period . National Characteristics • Mercantilism . Milles . Malynes . Misselden . Mun CHAPTER 6 Beyond Mercantilism: The Rise of Quantitative Methods 119 • The Quest for Measurement . Descartes, Hobbes, and Bacon . Petty . Graunt . Siissmilch • Fleetwood • Davenant • King . Bernoulli CHAPTER 7 Beyond Mercantilism: The Emergence of Liberal Ideas 145 . Child . John Locke . Sir Dudley North CHAPTER 8 The Rise of Physiocratic Thought: Nature's Circular Flow 170 • Laffemas • Colbert . Boisguilbert . Law • Cantillon • The Physiocrats . Quesnay . Turgot . Influence of the Physiocrats CHAPTER 9 Discordant Currents of Thought: Galiani, Hume, Steuart 201 . Galiani . Hume . Steuart CONTENTS CHAPTER 10 Adam Smith's Economics of Self-Reliance: IX The Philosophical Background 221 . Smith's Life . Private Interests and the General Good . Mandeville . Hutcheson . Smith's Ethics • Pufendorf and Locke . Paradoxes of the Commercial Society . The In- fluence of Rousseau . Economic Evolution . Smith and the Physiocrats • Smith and the English Tradition . Classical Economics CHAPTER 11 The Details of Smith's System and Its Reorganization by Say 242 . The Division of Labor . The Labor Theory of Value • The Natural Price . Wage Theory . Profit and Interest . Rent • Capital . Domestic and Foreign Trade . The Tasks of Government . Canons of Taxation . Influence of Smith's Thought . Say . Say's Law CHAPTER 12 Malthus's Population Doctrine of Self-Denial 265 . Godwin and Condorcet • Pleas for Equality . The First Essay . Forerunners of Malthus . Interpretations of Malthus . Francis Place • Malthus and Darwin . Reactions to Mal- thus's Ideas CHAPTER 13 Further Transformations of Smith's Economics: The Concern with Demand 285 . The Intellectual Environment Malthus's Contributions to Economic Theory . Lauderdale • Sismondi CHAPTER 14 Ricardian Economics: Liberalism Enthroned 307 • Ricardo's Life . Ricardo's Approach to Economics • The Bullion Debate . Thornton . Ricardo's Monetary Theory . The Theory of Value . The Theory of Rent . The Theory of Wages . The Theory of Profit . The Principle of Com- parative Advantage . Ricardo on Taxation . Say's Law . Ricardo's System CONTENTS x CHAPTER 15 From Ricardo to Mill: Consolidation and Ferment 338 . Overall View of the Period . Bentham . James Mill . McCulloch . West . Torrens . The Currency Versus the Banking School • Tooke . Senior . Whately and Lloyd . Longfield . Wakefield and the Colonization Debate . The Repeal of the Corn Laws . The Economists and La'issez Faire . Bastiat . American Economic Thought . Carey . Cardozo, Tucker, and Everett • Rae CHAPTER 16 John Stuart Mill: Liberalism Redeemed 367 . Mill's Life • Mill's Utilitarianism • Mill and Contemporary Currents of Thought . Mill and Harriet Taylor . Con- tributions to International Economics . Mill and Say's Law . Mill's Approach to Economics . Mill and Comte . Mill's Principles . Mill's Influence CHAPTER 17 Interludes of Historical Economics: Baconian and Related Variants 395 . Whewell and Jones • Variants of Historical Economics . Influence of Mill, Comte, and Spencer . Historical Versus Analytical Jurisprudence . The Irish Contingent: Ingram . Cliffe Leslie . Bagehot . Rogers and Toynbee . Theorists and Historians CHAPTER 18 The Hegelian Variant of Historical Economics 410 • Germany and the Enlightenment . German's Rise to Nation- hood . German Historicism . Hegelian Philosophy • The Influence of Burke . Adam Miiller . Fichte . List . The Older Historial Economists . The Results of Their Work . Schmoller . Spiethoff and Sombart . Max Weber • In- fluence of the Historical Economists CHAPTER 19 Socialism before Marx: A Diversity of Views 434 • The Proletariat and the Bourgeoisie • Variants of Socialism . Sources of Socialist Thought . Socialist Aims and Methods . Socialism and National Patterns of Thought . English So- cialism . Owen . The Ricardian Socialists . Christian So- cialism • French Socialism . Anarchism • German Socialism: Lassalle CONTENTS CHAPTER 20 Marx: Salvation Through Revolution 455 xi . The Substance of Marx's Thought . Life of Marx . Engels • The Communist Manifesto . Das Kapital . Marx and Hegel . The Economic Interpretation of History . The Classes . Marx's Economics . Criticism of Marx's Economics CHAPTER 21 Socialism after Marx: Reform Versus Revolution 478 i Revisionism . French Reformism . Syndicalism . Soviet Marxism . Soviet Economic Thought . Planometrics . Eco- nomic Thought in Eastern Europe . Socialism in Underdevel- oped Countries • Chinese Communism . British Socialism . The Fabian Society . Socialism in the Affluent Society CHAPTER 22 Economics Restructured: Marginalism and Optimiza- tion (1) Forerunners and Jevons 504 . The Marginal Revolution . Forerunners • Jevons • Je- vons's Influence . Edgeworth and Wicksteed CHAPTER 23 (2) The Austrian School: Accent on Utility 529 • Menger . The Intellectual Environment . Economic Goods and Their Value . The Theory of Imputation . Monetary Theory • Menger on the Methods of Social Science • Wieser and Bohm-Bawerk • The Later Austrians CHAPTER 24 (3) The Lausanne School: A General Equilibrium 547 . Walras, Father and Son . Walras and Cournot . General Equilibrium . Walras's Influence • Leontief • Pareto CHAPTER 25 (4) The Cambridge School: Transcending Supply and Demand 562 . Marshall . Pigou and Welfare Economics . Pigou and Keynes . New Welfare Economics . Imperfect Competition: Sraffa . Chamberlin and Robinson . Monetary Theory: Mar- shall . Hawtrey . Robertson . Oxford Economists: Harrod and Hicks . The London School of Economics CONTENTS xii CHAPTER 26 From Wicksell to Keynes: The Upsurge of Monetary and Income Analysis 588 . Neutral Money . Wicksell . Wicksell's Contemporaries . Ohlin . Myrdal . Keynes . Further Development of Key- nesian Economics . Economics Before and After Keynes CHAPTER 27 Economic Thought in the United States: Orthodoxy and Dissent 614 . Newcomb . Walker . J. B. Clark . Fisher . Fisher's Contemporaries . Institutional Economics . Veblen: Critic of Business Civilization . Mitchell and the Study of Business Cycles . Commons and Labor Economics . American Schools of Thought . Samuelson CHAPTER 28 From Economics to Econometrics 644 . American Pioneers of Econometrics . Von Neumann and Game Theory . Decision Theory . Mathematical Programming . Wald and Equilibrium Theory . Econometrics in Europe . France CHAPTER 29 An Expanded Profession in Search of New Frontiers 659 . The Economics Profession . The Nobel Awards . A Digres- sion on Revolutions in Economic Thought . Criticism of Conventional Economic Thought . Current Alignments in Economic Thought . Notable Individual Contributions Collateral Readings 677 Bibliographical Notes 683 The Literature of the 1980s and early 1990s 821 Index 847 CONTENTS.