A Brief History of Economics: Artful Approaches to the Dismal Science (2nd Edition) / Edition 2

A Brief History of Economics: Artful Approaches to the Dismal Science (2nd Edition) / Edition 2

by E Ray Canterbery

ISBN-10: 9814304808

ISBN-13: 9789814304801

Pub. Date: 11/10/2010

Publisher: World Scientific Publishing Company, Incorporated

Blending past present, this brief history of economics is the perfect book for introducing students to the field.

A Brief History of Economics illustrates how the ideas of the great economists not only influenced societies but were themselves shaped by their cultural milieu. Understanding the economists' visions - lucidly and vividly unveiled by Canterbery -

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Blending past present, this brief history of economics is the perfect book for introducing students to the field.

A Brief History of Economics illustrates how the ideas of the great economists not only influenced societies but were themselves shaped by their cultural milieu. Understanding the economists' visions - lucidly and vividly unveiled by Canterbery - allows readers to place economics within a broader community of ideas. Magically, the author links Adam Smith to Isaac Newton's idea of an orderly universe, F Scott Fitzgerald's The Great Gatsby to Thorstein Veblen, John Steinbeck's Grapes of Wrath to the Great Depression, and Tom Wolfe's The Bonfire of the Vanities to Reaganomics. The second edition is right up-to-date with a lively discussion of the economic crises of 2007-2010.

Often humorous, Canterbery's easy style will make the student's first foray into economics lively and relevant. Readers will dismiss "dismal" from the science.

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Table of Contents

Preface xv

Introduction 1

1 Feudalism and the Evolution of Economic Society 15

Thomas Aquinas and the World View 16

Up from Antiquity 17

A Brief History of the Development of Feudalism 18

The Rebirth of Markets 26

The Winds of Change Along the Road to Harmony 29

Mercantilism and Big Government 33

2 Adam Smith's Great Vision 39

Newton, Smith, and Natural Law 40

The Physiocrats 42

Adam Smith's Approach 44

Industry and the Wealth of Nations 45

Smith's Theory of Economic Development and Growth 48

Natural Law and Private Property 50

Smith's Theory of Value 52

Smith, Reality, and the Visions to Come 56

3 Bentham and Malthus: The Hedonist and the "Pastor" 61

A Sketch of the Classical Economists 62

Classical Moments and Industrial Revolution 65

The Evaporation of Smithian Harmony 68

The Philosophical Radicals, Especially Jeremy Bentham 69

Thomas Malthus and the Population Bomb: A Flash for the Unenlightened 73

4 The Distribution of Income: Ricardo versus Malthus 79

David Ricardo, the Stockbroker-Economist 80

The Social Scene; Liberty, Fraternity, and Unequal Economic Classes 81

Ricardo Takes on the Mercantalists 84

Ricardo's Contributions 90

The Classical Legacy 92

5 The Cold Water of Poverty and the Heat of John Stuart Mill's Passions 93

Workers in the Real Industrial World 93

Charles Dickens Takes on Poverty, Factory Conditions, and the Classical Economists 95

John Stuart Mill: Somewhere Between Capitalism and Socialism 98

6 Karl Marx 105

Marx and His Soulmate, Engels 106

The Influence of Hegel 109

The Sting of Economic Alienation 110

The Marxian Economics System 111

Flaws in Marx's Vision 117

7 Alfred Marshall: The Great Victorian 121

Pleasure and Pain at the Margin 122

The Marginalists' Bridge 124

Marginalism and the Theory of Distribution 127

Marshall and the Neoclassical Niceties of Victorian England 128

Marshall's Contributions 132

Up Against Walrasian Equilibrium 135

The Great Influence of Alfred Marshall 138

8 Thorstein Veblen Takes on the American Captains of Industry 145

Horatio Alger and the Benign Universe 146

The Second Industrial Revolution 147

British Industry: The Sun Also Sets 150

The Rise of the Robber Barons 151

The Social Darwinists 154

Darwinism Revised: Veblen and the Institutionalists 159

The Neoclassical Ascendency and Public Policy 166

A Notable Absence of Harmony 168

Veblen Passes into Legend 169

9 The Jazz Age: Aftermath of War and Prelude to Depression 175

The Edwardian Age and the Early Bloomsbury Years of John Maynard Keynes 175

Imperialism and the Russian Revolution of 1917 178

John Maynard Keynes at Versailles 185

The View From America 187

The Roaring Twenties 192

The First Mrs. Robinson, Mr. Chamberlin, and Nonprice Competition 196

10 John Maynard Keynes and the Great Depression 201

The Prelude to Disaster 202

The Speculative Bubble 203

The Great Crash 206

The Aftermath 207

The Depression of the 1930s 208

The Neoclassicals Address the Issues 210

Keynes's Academic Precursors 212

Keynes's Policy Suggestions 214

Primal Keynesianism and the Early New Deal 216

The Famous Keynesian Multiplier 219

Illusions and the National Income 221

Money and Uncertainty 223

Keynes, Harvard, and the Later New Deal Years 228

The Keynesian Revolution: Why? 229

Postscript and Prelude 230

Conclusions 232

11 The Many Modern Keynesians 235

World War II Transforms the Economy 236

The Fiscal Keynesians 238

The Neoclassical Keynesians 243

Saving Keynes's Theory 248

The Post Keynesians 250

The Income Distribution 251

The Price Markup and Inflation 256

Incomes Policy 259

Money and the Financing of Investment 261

Whither Economic Growth? 267

Conclusions 267

12 The Monetarists and the New Classicals Deepen the Counterrevolution 273

The Inflation-Unemployment Crisis of the 1970s 273

The Problems Inflation Raises 275

The Sources of Inflation 276

The Modern Quantity Theory of Money 277

The Friedmanian Phillips Curve 284

Friedmanian Prediction for Inflation 285

Monetarism and the Great Depression 286

The New Classicals 287

The Rational Expectations Game 289

The Natural Rate of Unemployment and Output 290

New Classical Economic Policy 295

Rational Expectations and the Real World 297

The New Classicals and Depressions 299

The Real Business Cycle 301

Conclusions 303

13 Economic Growth and Technology: Schumpeter and Capitalism's Motion 307

Post Keynesian Economic Growth Theory 308

The Neoclassical Growth Theory 309

The Problem With Historical Economic Growth 311

Joseph Alois Schumpeter 313

Schumpeter's Theory of Capitalist Motion 316

The Product Cycle: Schumpeter Extended 320

Innovations and the Product Cycle 323

Stagnation and Stagflation: The Long View 325

14 The Many Faces of Capitalism: Galbraith, Heilbroner, and the Institutionalises 331

The Institutionalist Vista 332

Robert Heilbroner and the Worldly Philosophy 334

Capitalism: Heilbroner's Vision 335

John Kenneth Galbraith: An Introduction 337

Galbraith's General Theory of Advanced Development 339

Conclusions 345

15 The Rise of the Casino Economy 349

The Federal Reserve's Experiment with Friedman's Monetarism, 1979-1982 350

Supply-side Economics 352

The Sequel 356

Casino Capitalism 359

The Growing Inequality During the 1980s 369

A Net Worth Perspective: Where the Money Went 371

Clintonomics: Continuity With the Federal Reserve 372

The Clinton Legacy: Ending the Progressive Agenda 377

Conclusions 378

16 The Global Economy 383

Globalization and the Growth of Multinational Corporations 384

The International Product S-Curve 385

Trade Deficits and Full-time Jobs in the USA 390

Downsizing American Labor 393

The Globalization of Debt and Financial Fragility 396

Downsizing the Middle Class at the Millennium 397

Conclusions 399

17 Climbing the Economist's Mountain to High Theory 401

The Evolution of Economics 401

High Theory and Its Version of General Equilibrium 402

Input-Output and Price Mark-ups: An Alternative View of Interdependent Industries 407

Choosing Between Equilibria Avenues: A Critical Path 411

18 The Housing and Credit Crises of 2008 417

A Review 417

The Black-Sholes Model and The Origin of Derivatives 420

The Legacy of President Bill Clinton and Alan Greenspan's Alliance 422

The Spring 2008 Economic and Financial Crisis 423

Innovations in Housing 429

The Subprime Mortgage Mess 431

Complications from Derivatives 433

Problems Go Global 436

The Economic Crisis of Summer 2008 439

The Crisis Deepens 442

19 The Great Recession of 2007-10 449

The Unconventional Use of Monetary Policy 449

The Fiscal Stimulus 451

The Crisis in the Automotive Industry and Obama's Response 453

The Housing and Banking Crises Continue 458

The Conduct of Monetary Policy Under Bernanke 463

A Cassandra Who Became a Prophet 467

20 The Future of Economics 469

The Quest for "Radical" Alternatives 469

The Keynesian Challenge 470

From the Old to the New Economy: It's a Long Wave 473

Lessons from the Great Recession of 2007-10 476

Political Economy, Again 478

The Voice of the Masters 479

Glossary of Endurable Terms 483

Annotated Suggestions for Further Readings 497

Index 517

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