Elemental Economics

ECONOMICS 380.3 (02)

Economic History of Thought after 1870

Course Outline Progressive



Blaug, M.,Economic theory in retrospect, Cambridge University Press, 5th Edition, 1996:

Introduction: Has economic theory progressed?, 1-8;

Chapter 17: Methodological Postscript, 689-704

Champernowne, D.G.: Book Review Epistemics and Economics. A Critique of Economic Doctrines by G. L. S. Shackle, Cambridge; Cambridge University Press, 1973. pp. 482, Economic Journal, Sept. 1973, 83 (331), 908-910.

Fuller, S., Being There with Thomas Kuhn: A Parable for Postmodern Times, History and Theory, Volume 31, Issue 3, Oct. 1992, 241-275.

Gordon, S., The history and philosophy of social science - Chapter 18: The foundations of science, Routledge, London, 1991.

Merton, R.K., The Fallacy of the Latest Word: The Case of “Pietism and Science”, American Journal of Sociology, 89, (5), March 1984, 1091-1121.

Parker, R., Can Economists Save Economics?, The American Prospect, 4 (13), March 21, 1993.

Screpanti E. & Zamagni S., An outline of the history of economic thought, Oxford University Press, 2nd Edition, 2005


Schumpeter, J.A., History of Economic Analysis [1954], Oxford University Press (7th printing) 1968:

Chapter 1: Introduction and Plan

Chapter 2: Interlude I: The Techniques of Economic Analysis

Marginalist Revolution & the Standard Model

Austrian School

Carl Menger, 1841-1921

Eugen von Böhm-Bawerk, 1851-1914

Ludwig Edler von Mises, 1881-1973

Cambridge School

William Stanley Jevons, 1835-1882

Alfred Marshall, 1842-1924

      Principles of Economics, [1st Ed. 1890], 8th Ed. 1920, Library of Economics & Liberty.org

Appendices.  (scroll down)

Appendix A The Growth of Free Industry and Enterprise

Appendix B The Growth of Economic Science

Appendix C The Scope and Method of Economics

Appendix D Uses of Abstract Reasoning in Economics

Appendix E Definitions of Capital. 

Appendix F Barter. 

Appendix G The Incidence of Local Rates, With Some Suggestions As To Policy. 

Appendix H Limitations of the Use of Statical Assumptions in Regard To Increasing Return. 

Appendix I Ricardo's Theory of Value.  

Appendix J The Doctrine of the Wages-Fund. 

Appendix K Certain Kinds of Surplus. 

Appendix L Ricardo's Doctrine As To Taxes and Improvements in Agriculture. 

Mathematical Appendix (PDF file; requires free Acrobat Reader plugin) Also available: download of raw TeX ASCII file. 

Barber, W.J., History of Economic Thought, Penguin Books, Harmondsworth, England, 1967.

Alfred Marshall and the Framework on Neo-Classical Themes, pp. 168 – 197

Raffaelli, T., Marshall's Analysis of the Human Mind, in Warren J. Samuels (ed.) Research in the History of Economic Thought and Methodology, Archival Supplement 4, JAI Press, Greenwich, Connecticut, 1994, 57-93.

Young, A.A., Increasing Returns and Economic Progress, The Economic Journal, Vol. 38, No. 152 , Dec. 1928, 527-542.

Lausanne School

Vilfredo Pareto, 1848-1923

Marie-Ésprit Léon Walras, 1834-1910


John Bates Clark, 1847-1938

The New Philosophy of Wealth”, 1877, New Englander and Yale Review

Unrecognized Forces in Political Economy“, 1877, New Englander and Yale Review

How to Deal with Communism”, 1878, New Englander and Yale Review

Business Ethics, Past and Present”, 1879, New Englander and Yale Review

The Nature and Progress of True Socialism” 1879, New Englander and Yale Review

Spiritual Economics”, 1880,  New Englander and Yale Review

The Philosophy of Value”,1881, New Englander and Yale Review

Non-competitive Economics”, 1882,  New Englander and Yale Review

Recent Theories of Wages”, 1883,  New Englander and Yale Review

The Moral Outcome of Labor Troubles”, 1886,  New Englander and Yale Review

Christianity and Modern Economics”, 1887, New Englander and Yale Review

The “Trust”: A New Agent for doing an Old Work: or Freedom doing the Work of Monopoly“, 1890, New Englander and Yale Review

Distribution as Determined by a Law of Rent“, 1891, QJE

The Origin of Interest, 1895, QJE

Real Issues Concerning Interest”, 1895, QJE

The Modern Appeal to Legal Forces in Economic Life”, 1894, AER

The Distribution of Wealth: A theory of wages, interest and profits, 1899.

Disarming the Trusts”, 1900, Atlantic Monthly

Review of Schumpeter's Theory of Economic Development”, 1912, AER

The Economic Costs of War”, 1915, AER

Lionel Robbins, 1898-1984

Frank Knight, 1885-1972

Risk, Uncertainty and Profit, 1921.

"Cassel's Theoretische Sozialökonomie", 1921, JPE.

"Ethics and the Economic Interpretation", 1922, QJE.

"The Ethics of Competition", 1923, QJE.

Knut Wicksell, 1851-1926


American Institutionalists

John Rogers Commons, 1862-1945

Commercial Revolution - Lecture before Mr. Penman’s Class, July 16, 1920, in Warren J. Samuels (ed.) Research in the History of Economic Thought and Methodology, Archival Supplement 4, JAI Press, Greenwich, Connecticut, 1994, 227-233.

The Legal Foundations of Capitalism  - Chapter VII: The Price Bargain [1924], MacMillan, NYC, 1939.

Institutional Economics, American Economic Review, 21 (3), December 1931, 648-657.

Institutional Economics, American Economic Review, 26 (1), March 1936, 237-249.

The Economics of Collective Action: Chapter viii. Futurity, University of Wisconsin Press [1950], Madison, 1970, 104-109.

W.C. Mitchell, 1874-1948

The Backward Art of Spending Money", 1912, AER.

Business Cycles, 1913.

"Review of Aftalion's Les crises  périodiques de surproduction", 1914, AER

"Review of Davenport's Economics of Enterprise", 1914, AER

"Wieser's Theory of Social Economics", 1915, PSQ.

"The Role of Money in Economic Theory", 1916, AER.

"Review of Robertson's Study in Industrial Fluctuation", 1916, AER

"Review of the Review of Economic Statistics", 1919, AER

"Prices and Reconstruction", 1920, AER

Thorstein Veblen, 1857-1929

Why is Economics Not an Evolutionary Science

The Limitations of Marginal Utility

The Socialist Economics of Karl Marx - Part 1

The Socialist Economics of Karl Marx - Part 2

The Preconceptions of Economic Science - Part 1

The Preconceptions of Economic Science - Part 2

The Preconceptions of Economic Science - Part 3

Böhm-Bawerk's Definition of Capital

Fisher's Capital and Income

Fisher's Rate of Interest

Theory of Business Enterprise

The Theory of the Leisure Class

The Vested Interests and the Common Man

The Barbarian Status of Women

The Beginnings of Ownership

Higher Education in America

Imperial Germany and the Industrial Revolution (1915)

The Irksomeness of Labor

The Engineers and the Price System


Karl Polanyi, 1886-1964

Block, F., “Introduction” to The Great Transformation by Karl Polanvi, Beacon Press, 2001.

Joseph Schumpeter, 1883-1950

Capitalism, Socialism and Democracy, 3rd ed., [1950], Harper Torchbooks, New York, 1962:

Chapter VII - The Process of Creative Destruction

Chapter VIII - Monopolistic Practices.

Rosenberg, N., Exploring the Black Box: Technology, economics and history, Cambridge University Press, Cambridge, U.K. 1994:

3 Joseph Schumpeter: radical economist, 47-61.

Keynesian Revolution

John Maynard Keynes, 1883-1946

The General Theory of Employment, Interest and Money [1936], Macmillan, London, 1967:

Chapter 12 The State of Long-Term Expectations, 147-164.

Chapter 21: The Theory of Prices, 292-309.

Barber, W.J., History of Economic Thought, Penguin Books, Harmondsworth, England, 1967.

Economics of Keynes's General Theory, 223 – 252.

Shackle, G.L.S., The Years of High Theory: Invention and Tradition in Economic Thought 1926-1939, Cambridge at the University Press, 1967:

Chapter 11 - To the 'QJE' from Chapter 12 of the "General Theory': Keynes's Ultimate Meaning,.129-134.


Frederick von Hayek, 1889-1992

Economics and Knowledge, Economica, New Series, 4 (13), February 1937, 33-54.

Scientism and the Study of Society: PART I, Economica, New Series, 9 (35), August, 1942, 267-291.

Scientism and the Study of Society: PART II, Economica, New Series, 10 (37), February 1943, 34-63.

Scientism and the Study of Society PART III, Economica, New Series, 11 (41), February 1944, 27-39.

The Use of Knowledge in Society, American Economic Review, 35 (4), September 1945, 519-530.

The Pretence of Knowledge, American Economic Review, 79 (6), December 1989, 3-7.

Harold Innis

Dudley, L.M., Space, Time, Number: Harold A. Innis As Evolutionary Theorist, Canadian Journal of Economics, 28 (4a) , Nov. 1995, 754-769.

Monetarists & Positivists

Friedman, M., Essays in Positive Economics: Part I - The Methodology of Positive Economics, University of Chicago Press (1953), 1970, pp. 3-43.

Rational Expectationalists

Post-Revolutionary Economics

The 'New' Economics plus Behavioural, Cultural (AEA Z000), Evolutionary, Experimental, Game Theory, Managerial Economics, et al

Altman, M., Chapter 6:  A Behavioral Model of Endogenous Economic Growth, Worker Satisfaction and Economic Performance, M.E. Sharpe, Armonk, 2001, 119-136.  Also see SABE & Camerer, C., "Behavioral Economics: Past, Present, Future", Draft 2002

Bradie, M, and Harms, W., Evolutionary Epistemology, Stanford Encyclopedia of Philosophy, 2001.

Loasby, B.J., Market institutions and economic evolution, Journal of Evolutionary Economics, 2000, 10: 297-309.