2, September 2005 of Economics.Thus, the students were exposed to three accounts of the history of economic thought-not to mention other items on the reading list. That said, occasional overemphasis was not significant enough to mar the main storyline. Cammarosano shows a willingness to criticize his subjects, as just noted with Mill. The new edition of this classroom classic retains the organizing theme of the original text, presenting the development of thought within the context of economic history. Prices & shipping based on shipping country. 5.0 out of 5 stars THE masterpiece in history of economic thought. 1 No. System requirements for Bookshelf for PC, Mac, IOS and Android etc. A look at the concluding substantive section of the book (on Keynes) gives good insight into Cammarosano’s approach. His book reflects a long familiarity with his subject — and great depth and breadth of reading. Once there was a large body of economic theory, existing theory influenced any newer economics (e.g., John Stuart Mill and Marshall modernized existing theory with an eye to the societal realities of their times). The book’s cut-off means these latter developments are not considered. However, it can sometimes be difficult to trace the connections between old ideas and modern day issues. Prior to that, nobody thought of economics, or markets, as an object of study. Why Study the History of Economic Ideas? All in all, despite some additional minor blemishes (e.g., sometimes economists’ birth and death years were included, sometimes not), this book exhibits a great breadth and depth of knowledge of the history of economic thought, generally presented in a way appropriate for its intended readers. So a study of History of Economic Thought is important for the following reasons: 1. Suggestions for Further Reading and Online Resources . Roughly speaking, these thinkers believe that economic generalizations, while useful, are contingent on the particular situations in which they emerge, and should not be universalized. An upper-level text, History of Economic Thought continues to offer a lively, accessible discussion of ideas that have shaped modern economics. 90 Australasian Journal of Economics Education Vol. . For example, Malthus’s vacillating view of “moral restraint” as a curb on population receives more attention, relative to his other ideas, than this reviewer thought necessary. In this Cammarosano shows how Keynes was deeply responsive to his social context: “Keynes was first and foremost a Briton” (p. 189), whose attention was on contemporary economic problems facing his country. Brandon Dupont is Associate Professor of Economics at Western Washington University, USA, where he teaches economic history, political economy, and the history of economic thought. 203-206). The intended audience is students and others with background in social science and philosophy (p. 1). Mercantilism Economics is said to begin with Adam Smith in 1776. In clear, nontechnical language, this introductory textbook describes the history of economic thought, focusing on the development of economic theory from Adam Smith’s Wealth of Nations to the late twentieth century. For Mill, immutable economic laws governed the production side of the economy; but temporal, changeable man-made laws determined the distribution of income (p. 87). For other permission, please contact the EH.Net Administrator (administrator@eh.net). For example, in his day, Thomas Aquinas “attempted to reconcile theological dogma with the existing conditions of economic life” (p. 16). The study of Economic Thought will help us to understand the origin of economics. . We find classical doctrines being addressed, albeit to abandon some and reinterpret others (see p. 197). Chapter Overview . Offline Computer – Download Bookshelf software to your desktop so you can view your eBooks with or without Internet access. Routledge & CRC Press eBooks are available through VitalSource. She specializes in the history of economic thought, classical political economy, and post-Keynesian economics. Finally, in a “Conclusion,” Cammarosano produces an exceptional summary his major themes (pp. By using this site you agree to the use of cookies. The Fourth Edition has been thoroughly revised to reflect new scholarship and research, as well as a more pointed focus on modern economic thought. He specializes in the history of economic thought, with special reference to heterodox schools of thought, Marxian political economy, and post-Keynesian The book’s originality lies in its overall organization, which allows readers to explore the development of ideas on a specific topic in detail. Where the content of the eBook requires a specific layout, or contains maths or other special characters, the eBook will be available in PDF (PBK) format, which cannot be reflowed. The more recent New Classicals’ critique of Keynes for lacking “microfoundations” would suggest that at least they don’t find enough deference to universal laws in Keynes. The pre-Smith material displays a richer understanding of early economics than many “overview” books. In any case, I would be quick to turn to this section if I needed a quick, but coherent, overview of Keynes and his context. He also has had a career in fiscal economics with the U.S. and New York state governments. Still, a chapter is given to Karl Marx and other socialists, and two chapters cover economists not fitting the classical mold (e.g., Joseph Schumpeter and Thorstein Veblen).

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