This is a history of economic thought from Adam Smith to John Maynard Keynes--but it is a history with a difference. Firstly, it is history of economic theory, not of economic doctrines. Secondly, it includes detailed Reader's Guides to nine of the major texts of economics in the effort to encourage students to become acquainted at first hand with the writings of all the great economists. This fifth edition adds new Reader's Guides to Walras' Elements of Pure Economics and Keynes' General Theory of Employment, Interest and Money as well as major additions to the chapters on marginal productivity theory, general equilibrium theory and welfare economics.
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"It is said there is only one Mark Blaug, the doyen of the history of economic thought. There are, in fact, five, each more remarkable than his predecessor. This last edition of his magnum opus-witty, serious; iconoclastic, devout; in its core unchanged, full of new insights-is the best yet. I cannot imagine a scholar's library-or for that matter a student's-without it." Robert Heilbroner
Book Description
This is a history of economic thought from Adam Smith to John Maynard Keynes - but it is a history with a difference. Firstly, it is history of economic theory, not of economic doctrines, that is, it is consistently focused on theoretical analysis, undiluted by entertaining historical digressions or biological colouring. Secondly, it includes detailed Reader's Guides to nine of the major texts of economics in the effort to encourage students to become acquainted at first hand with the writings of all the great economists.
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Most Helpful Customer Reviews
21 of 23 people found the following review helpful:
3.0 out of 5 stars
Good synopsis but poor analysis,
By
This review is from: Economic Theory in Retrospect (Paperback)
I have always felt uneasy with this book since I was an under graduated student, 30 years ago. This is undoubtedly a quiet useful book for anyone who needs a bird's-eye view of the classics in economics. If you don't have time to read Smith's Wealth of Nations or Marshall's Principles, here you have the book you need. However, it is not here that you can look for a good analysis of the meaning and implications of the main schools of economic thought, as well as the relevance of the work of its most distinguished authors and their social and intellectual environment. That is reason why I always preferred Schumpeter's History of Economic Analysis. Today, that I am lecturing this course my dissatisfaction has increased, among other reasons because you have more and better textbooks, such as Lionel Robbins' History of Economic Thought, Mark Skoussen's Making of Modern Economics, or Jürg Niehams' History of Economic Theory, which I really enjoyed reading because they try to make a portrayal of the intellectual and human stature of the most important economists of all times and their background.
16 of 17 people found the following review helpful:
5.0 out of 5 stars
Still the best of its type,
By A Customer
This review is from: Economic Theory in Retrospect (Paperback)
The standard text for anyone who wishes to analyse economic theory. Blaug takes the approach that an economic theory can be criticised on two levels. It may have a mismatch with the environment and or it may be internally flawed as a theory. By concentrating on theory Blaug helps the reader acquire their own critical faculties for assessing economic theories without getting bogged down on endless details associated with, "but things were different then," or with defendants of marxist economic theory, "but things would be different."
9 of 10 people found the following review helpful:
3.0 out of 5 stars
Good synopsis but poor analysis,
By
This review is from: Economic Theory in Retrospect (Paperback)
I have always felt uneasy with this book since I was an under graduated student, 30 years ago. This is undoubtedly a quiet useful book for anyone who needs a bird's-eye view of the classics in economics. If you don't have time to read Smith's Wealth of Nations or Marshall's Principles, here you have the book you need. However, it is not here that you can look for a good analysis of the meaning and implications of the main schools of economic thought, as well as the relevance of the work of its most distinguished authors and their social and intellectual environment. That is reason why I always preferred Schumpeter's History of Economic Analysis. Today, that I am lecturing this course my dissatisfaction has increased, among other reasons because you have more and better textbooks, such as Lionel Robbins' History of Economic Thought, Mark Skoussen's Making of Modern Economics, or Jürg Niehams' History of Economic Theory, which I really enjoyed reading because they try to make a portrayal of the intellectual and human stature of the most important economists of all times and their background.
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Inside This Book
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First Sentence:
The term 'mercantilism' first acquired significance at the hands of Adam Smith. Read the first page Key Phrases - Statistically Improbable Phrases (SIPs): (learn more)
laboursaving improvements, alternative cost theory, laboursaving technical change, generalised utility function, intramarginal surplus, equimarginal rule, income utility curve, laboursaving innovation, machine goods industry, classical wages fund doctrine, abstinence theory, inclined demand curve, subsistence wage rate, classical location theory, scarcer factor, proportionality theorem, wheat rents, marginal productivity theory, equimarginal principle, average product curve, willingness line, tangency solution, nominal money holdings, subsistence theory, equal absolute amounts Key Phrases - Capitalized Phrases (CAPs): (learn more)
Adam Smith, Say's Identity, John Stuart Mill, Ricardo Effect, United States, Wicksell Effect, Keynesian Revolution, Marshall's Principles, Mill's Principles, Say's Equality, Corn Laws, World War, Bank of England, James Mill, Critical Assessments, Alfred Marshall, Pigou Effect, Banking School, Currency School, Great Britain, Quantity Figure, Karl Marx, Law of Comparative Cost, Austrian School, David Ricardo New!
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Front Cover | Table of Contents | First Pages | Index | Back Cover | Surprise Me!
The term 'mercantilism' first acquired significance at the hands of Adam Smith. Read the first page Key Phrases - Statistically Improbable Phrases (SIPs): (learn more)
laboursaving improvements, alternative cost theory, laboursaving technical change, generalised utility function, intramarginal surplus, equimarginal rule, income utility curve, laboursaving innovation, machine goods industry, classical wages fund doctrine, abstinence theory, inclined demand curve, subsistence wage rate, classical location theory, scarcer factor, proportionality theorem, wheat rents, marginal productivity theory, equimarginal principle, average product curve, willingness line, tangency solution, nominal money holdings, subsistence theory, equal absolute amounts Key Phrases - Capitalized Phrases (CAPs): (learn more)
Adam Smith, Say's Identity, John Stuart Mill, Ricardo Effect, United States, Wicksell Effect, Keynesian Revolution, Marshall's Principles, Mill's Principles, Say's Equality, Corn Laws, World War, Bank of England, James Mill, Critical Assessments, Alfred Marshall, Pigou Effect, Banking School, Currency School, Great Britain, Quantity Figure, Karl Marx, Law of Comparative Cost, Austrian School, David Ricardo New!
Books on Related Topics | Concordance | Text Stats Browse Sample Pages:
Front Cover | Table of Contents | First Pages | Index | Back Cover | Surprise Me!
Citations (learn more)
This book cites 41
books:
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100
books
cite this book:
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- The Wealth of Nations: Representative Selections by Adam Smith on 26 pages
- Principles of Economics (Great Minds Series) by Alfred Marshall on page 353, and page 405
- Theory of Wages by Paul Howard Douglas on page 447, and page 477
- Studies in the Theory of International Trade by Jacob Viner in Front Matter, and page 31
- Progress and Poverty (Everyman's Library) by Henry George on page 82
See all 41 books this book cites
- Critics of Henry George - Volume 2 (Studies in Economic Reform and Social Justice) by Robert V. Andelson on 6 pages
- Economics as Moral Science (Ethical Economy) by Bernard Hodgson on 5 pages
- Die unsichtbare Hand: Ökonomisches Denken gestern und heute (German Edition) by Ulrich van Suntum on 4 pages
- The Canon in the History of Economics: Critical Essays (Routledge Studies in the History of Economics) by Michalis Psalidopoulos on page 108, page 114, and page 126
- Ricardo - The New View: Collected Essays I by Samuel Hollander in Front Matter (1), Front Matter (2), and Front Matter (3)
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