A Companion to the History of Economic Thought

Warren J. Samuels is Professor Emeritus, and former Director of Graduate Programs for the Economics Department at Michigan State University. He is former President of the History of Economics Society and former President of the Association for Social Economics. In 1997 he was made Distinguished Fellow, History of Economics Society. Professor Samuels was Editor of the Journal of Economic Issues and is presently Co-editor of the Journal of Income Distribution. He has been on the Editorial Boards of 16 journals, has written or edited over 40 books, and is widely published in top journals. Jeff E. Biddle is Professor of Economics at Michigan State University. He is widely published in the field of history of economic thought in such journals as The History of Political Economy, Journal of Labor Economics, and American Economic Review. John B. Davis is Professor of Economics at Marquette University, and is former President of the History of Economics Society. Professor Davis specializes in history of economic thought and is renowned for his work on John Maynard Keynes. Recently he was a visiting fellow at Clare Hall, Cambridge, UK where he conducted research on Keynes' unpublished manuscripts. Davis is Editor of the Review of Social Economy and his research has been published in The Economic Journal, Cambridge Journal of Economics, Journal of Post-Keynesian Economics, and The History of Political Economics.

List of Figures ix

List of Tables x

List of Contributors xi

Preface xv

1 Research Styles in the History of Economic Thought 1
Jeff E. Biddle

PART I HISTORICAL SURVEYS

2 Ancient and Medieval Economics 11
S. Todd Lowry

3 Contributions of Medieval Muslim Scholars to the History of Economics and their Impact: A Refutation of the Schumpeterian Great Gap 28
Hamid S. Hosseini

4 Mercantilism 46
Lars G. Magnusson

5 Physiocracy and French Pre-Classical Political Economy 61
Philippe Steiner

6 Pre-Classical Economics in Britain 78
Anthony Brewer

7 Adam Smith (1723–1790): Theories of Political Economy 94
Andrew S. Skinner

8 Classical Economics 112
Denis P. O’Brien

9 Post-Ricardian British Economics, 1830–1870 130
Sandra J. Peart and David M. Levy

10 Karl Marx: His Work and the Major Changes in its Interpretation 148
Geert Reuten

11 The Surplus Interpretation of the Classical Economists 167
Heinz D. Kurz

12 Non-Marxian Socialism 184
J. E. King

13 Utopian Economics 201
Warren J. Samuels

14 Historical Schools of Economics: German and English 215
Keith Tribe

15 American Economics to 1900 231
William J. Barber

16 English Marginalism: Jevons, Marshall, and Pigou 246
Peter Groenewegen

17 The Austrian Marginalists: Menger, Böhm-Bawerk, and Wieser 262
Steven Horwitz

18 Early General Equilibrium Economics: Walras, Pareto, and Cassel 278
Donald A. Walker

19 The “First” Imperfect Competition Revolution 294
Maria Cristina Marcuzzo

20 The Stabilization of Price Theory, 1920–1955 308
Roger E. Backhouse

21 Interwar Monetary and Business Cycle Theory: Macroeconomics before Keynes 325
Robert W. Dimand

22 Keynes and the Cambridge School 343
G. C. Harcourt and Prue Kerr

23 American Institutional Economics in the Interwar Period 360
Malcolm Rutherford

24 Postwar Neoclassical Microeconomics 377
S. Abu Turab Rizvi

25 The Formalist Revolution of the 1950s 395
Mark Blaug

26 A History of Postwar Monetary Economics and Macroeconomics 411
Kevin D. Hoover

27 The Economic Role of Government in the History of Economic Thought 428
Steven G. Medema

28 Postwar Heterodox Economics 445

A The Austrian School of Economics: 1950–2000 445
Peter J. Boettke and Peter T. Leeson

B Feminist Economics 454
Janet A. Seiz

C Institutional Economics 462
Geoffrey M. Hodgson

D Post Keynesian Economics 471
Sheila C. Dow

E Radical Political Economy 479
Bruce Pietrykowski

PART II HISTORIOGRAPHY

29 Historiography 491
Matthias Klaes

30 The Sociology of Economics and Scientific Knowledge, and the History of Economic Thought 507
A. W. Bob Coats

31 Exegesis, Hermeneutics, and Interpretation 523
Ross B. Emmett

32 Textuality and the History of Economics: Intention and Meaning 538
Vivienne Brown

33 Mathematical Modeling as an Exegetical Tool: Rational Reconstruction 553
A. M. C. Waterman

34 Economic Methodology since Kuhn 571
John B. Davis

35 Biography and the History of Economics 588
D. E. Moggridge

36 Economics and Economists in the Policy Process 606
Craufurd D. W. Goodwin

37 The International Diffusion of Economic Thought 622
José Luís Cardoso

38 The History of Ideas and Economics 634
Mark Perlman

39 Research in the History of Economic Thought as a Vehicle for the Defense and Criticism of Orthodox Economics 655
John Lodewijks

Name Index 669

Subject Index 688