List of Illustrations
Chapter 1: An Overview of the History of Economic Ideas
Why Study the History of Economic Ideas?
A Very Brief Summary of 2,000 Years of Economic Ideas
References
Suggestions for Further Reading and Online Resources
Chapter 2: The Ethical Foundations of Economics
Chapter Overview
The Idea of Justice in Ancient Economic Thought
Ethics and Economics in the Scholastic Tradition
Adam Smith's Moral Philosophy
Utilitarianism in Modern Economics
Modern Welfare Economics: Pareto Efficiency and Social Welfare
The Ethical Perspectives of Rawls and Sen
Insights from Behavioral and Experimental Economics
Chapter Conclusion
Questions for Review and Discussion
References
Chapter 3: Property Rights from Plato to the 21st Century
Chapter Overview
Theories of Property Rights in the Ancient World
The Idea of Property in the Middle Ages 86
Property Rights in the Age of Enlightenment and Classical Economics
Karl Marxs Challenge to the Private Property System
Modern Perspectives on Property Rights
Chapter Conclusion
Questions for Review and Discussion
References
Chapter 4: The Emergence of Modern Price Theory
Chapter Overview
Aristotle's Legacy: Justice in Exchange
Just Price In the Roman Law Tradition
The Just Price Concept in Scholastic Economic Thought
Pre-Classical Theories of Value: Petty, Cantillon, and the Physiocrats
The Labor Theory of Value in Classical Economics
The Marginalist Revolution 147
Toward Modern Price Theory: Alfred Marshall's Synthesis
Chapter Conclusion
Questions for Review and Discussion
References
Chapter 5: Money, Lending, and Interest
Chapter Overview
Money and Usury in the Ancient Scholarship
Money and Interest in Early Islamic and Christian Scholarship
The Changing Perspectives of the 16th Century
Usury in Classical Economic Thought
Chapter Conclusion
Questions for Review and Discussion
References
Chapter 6: Public Finance in Historical Perspective
Chapter Overview
Taxation and Justice in the Ancient World
Seventeenth-Century Perspectives
The Physiocrats and "LImpôt Unique"
Perspectives on Debt and Taxation in Classical Economics
Late 19th-Century Perspectives: Knut Wicksell and Henry George
The Keynesian Revolution: New Perspectives on Government Borrowing and Taxation
The Theory of Optimal Taxation: From Ramsey to Mirrlees
The Flat Tax, the Negative Income Tax, and the National Sales Tax
Chapter Conclusion
Questions for Review and Discussion References
Chapter 7: Depressing Thoughts'Theories of Recessions and Depressions
Chapter Overview
Pre-Classical Theories of Business Cycles
The Classical Theory of Recessions
The Economics of Business Cycles Before Keynes: Wicksell and Fisher
The Keynesian Revolution
The IS-LM Model
Countering Keynes: The Austrians and the Monetarists
New Keynesians and New Classicals
Chapter Conclusion
Questions for Review and Discussion
References
Chapter 8: Economic Growth Theory in Historical Perspective
Chapter Overview
Classical Economic Growth Theory
Economic Growth as an Evolutionary Process
Modern Growth Theory: From Harrod-Domar to Endogenous Growth
Chapter Conclusion
Questions for Review and Discussion
References
Chapter 9: The History of International Trade Theory
Chapter Overview
Trade Theory in Pre-Classical Economics
Mercantilist Trade Doctrine
Classical Theories of International Trade
Extensions of the Classical Model: Heckscher-Ohlin, Stolper-Samuelson, and the New Trade Theory
Empirical Evidence: International Trade and Economic Development
Chapter Conclusion
Questions for Review and Discussion
References
Chapter 10: Population, Environmental, and Resource Issues in Historical Perspective
Chapter Overview
Malthusian Population Theory
Modern Versions of the Malthusian Theory
The Stationary State and the Value of Environmental Amenities
William Stanley Jevons and the Coal Question
Marshall, Pigou, and the Economics of Externalities
The Coase Theorem
The Economics of Common Pool Resources
Chapter Conclusion
Questions for Review and Discussion
References
Index
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