By Joseph A. Schumpeter
"Economic Doctrine and Method" bargains with the development of economics as a technological know-how and especially with the historic series within which financial theories have constructed. Successive doctrines are seen as revolutionary expansions, clarifications and refinements of each other in an evolution towards a "pure" technological know-how of economics. Schumpeter is healthier identified for his paintings on company Cycles and the idea that of "creative destruction."
'The translation of those essays is a sworn statement to Professor Schumpeter's energy within the research of monetary thinking' The monetary occasions.
This vintage publication is split into 4 sections. the 1st supplies a huge survey of monetary inspiration from the times of Aristotle to the beginnings of contemporary instances, and the second one strains the improvement of the belief of the round move of monetary forces. The 3rd and fourth sections disguise the most theorems of the classical economists and describe the genesis of the varsity of marginal software.
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Extra resources for Economic Doctrine and Method: An Historical Sketch (Routledge Library Editions - Economics)
This is not to say that the fact itselfin its popular meaning-the periodical sowing and harvesting for instance-could ever have been unknown, but here we are concerned with the economic sense and the economic formulation of the phenomenon: the task was to ascertain how each economic period becomes the basis for the subsequent one, not only in a technical sense but also in the sense that it produces exactly such results as induce and enable the members of the economic community to repeat the same process in the same form in the next economic period; how economic production comes about as a social process, how it determines the consumption of every individual and how the latter in its turn determines further production, how every act of production and consumption influences all other acts of production and consumption, and how, as it were, every element of economic energy completes a definite route year in year out under the influence of definite motive forces.
In order to understand the importance of this custom it is necessary to distinguish two points: Firstly, what they themselves meant by it consciously and, secondly, what we, after a century and a half, must see in these laws as regards their concrete content. As far as the first point is concerned we cannot expect the Physiocrats to have taken up a position which we could accept, since this question has remained controversial to this day. In the first place their conception of law was influenced by their finalism.
Economic research for a long time to come pursued quite different paths and statistical research became separated from it. It is impossible to deal with other phenomena of this period more closely. We should merely like to emphasize the fact that it was also in the seventeenth century that comparative descriptions of the economic conditions in various countries made their first appearance-we may mention as an example Sir William Temple's Observations on the Netherlands, I693-which formed a group by themselves, just as they do to a large extent still today.