History of Economic Thought 3rd Edition by E K Hunt, Mark lautzenheiser 1317468585 9781317468585

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ISBN-10 :  1317468585 

ISBN-13 :  9781317468585

Author: E.K. Hunt, Mark lautzenheiser 

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. Economic ideas are framed in terms of the spheres of production and circulation, with a critical analysis of how past theorists presented their ideas.

History of Economic Thought 3rd table of contents:

1 Introduction
A Definition of Capitalism
Precapitalist European Economy
The Increase in Long-Distance Trade
The Putting-Out System and the Birth of Capitalist Industry
Decline of the Manorial System
Creation of the Working Class
Other Forces in the Transition to Capitalism
Mercantilism
2 Economic Ideas Before Adam Smith
Early Mercantilist Writing on Value and Profits
Later Mercantilist Writings and the Philosophy of Individualism
Protestantism and the Individualist Ethic
Economic Policies of Individualism
Beginnings of the Classical Theory of Prices and Profits
The Physiocrats as Social Reformers
Quesnay’s Economic Ideas
Conclusion
3 Adam Smith
Smith’s Theories of History and Sociology
Smith’s Value Theory
Smith’s Theory of Economic Welfare
Class Conflict and Social Harmony
4 Thomas Robert Malthus
Class Conflicts of Malthus’s Times
The Theory of Population
Economics of Exchange and Class Conflict
The Theory of Gluts
5 David Ricardo
The Theory of Rent and First Approach to Profits
Economic Basis of Conflict Between Capitalists and Landlords
The Labor Theory of Value
Price Determination with Differing Compositions of Capital
A Numerical Example of Price Determination
Distribution of Income and the Labor Theory of Value
The Impossibility of Gluts
Machinery as a Cause of Involuntary Unemployment
The Theory of Comparative Advantage and International Trade
Social Harmony and Class Conflict
6 Rationalistic Subjectivism: The Economics of Bentham, Say, and Senior
Social Origins of the Premises of Utility Theory
Jeremy Bentham on Utility
Bentham as a Social Reformer
Jean-Baptiste Say on Utility, Production, and Income Distribution
Say’s Law of Markets
Nassau Senior’s Social Orientation
Senior’s Theoretical Methodology
Senior’s Four Propositions
Senior on Utility Maximization, Prices, and Gluts
Senior’s Views on Population and Workers’ Welfare
Senior on Capital Accumulation and Abstinence
Senior on Rent and Class Distribution of Income
Social Harmony Versus the Political Economy of the Poor
7 Political Economy of the Poor: The Ideas of William Thompson and Thomas Hodgskin
Workers’ Resistance to Industrialization
Thompson’s Utilitarianism and Labor Theory of Value
Thompson’s Argument for Egalitarian, Market Socialism
Thompson’s Critique of Market Socialism
A Critique of Thompson’s Utilitarianism
Thomas Hodgskin’s View of the Source of Profit
Hodgskin’s Conception of Capital
Hodgskin’s Utilitarianism
8 Pure Versus Eclectic Utilitarianism: The Writings of Bastiat and Mill
The Spread of Socialist Ideas
Foundation and Scope of Bastiat’s Utilitarian Economics
Utility and Exchange
Bastiat’s Defense of Private Property, Capital, Profits, and Rent
Bastiat’s View of Exchange, Social Harmony, and the Role of Government
Mill’s Utilitarianism
Mill’s Theory of Value
Mill on Wages
Tendency for the Rate of Profit to Fall
Mill on Socialism
Mill’s Interventionist Reformism
A Critique of Mill’s Reformism
9 Karl Marx
Marx’s Critique of Classical Economics
Commodities, Value, Use Value, and Exchange Value
Useful Labor and Abstract Labor
Social Nature of Commodity Production
Simple Commodity Circulation and Capitalist Circulation
Surplus Value, Exchange, and the Sphere of Circulation
Circulation of Capital and the Importance of Production
Labor, Labor Power, and the Definition of Capitalism
The Value of Labor Power
Necessary Labor, Surplus Labor, and the Creation and Realization of Surplus Value
Constant Capital, Variable Capital, and the Rate of Surplus Value
Length of the Working Day
The Labor Theory of Value and the Transformation Problem
Private Property, Capital, and Capitalism
Primitive Accumulation
Capitalist Accumulation
Economic Concentration
Tendency for the Rate of Profit to Fall
Sectoral Imbalances and Economic Crises
Alienation and the Increasing Misery of the Proletariat
10 The Triumph of Utilitarianism: The Economics of Jevons, Menger, and Walras
Jevons’s Theory of Marginal Utility and Exchange
Menger’s Theory of Marginal Utility, Prices, and Income Distribution
Menger’s Arguments on Methodology
Walras’s Theory of General Economic Equilibrium
Stability of General Equilibrium
Walras’s Ideological Defense of Capitalism
Intellectual Perspective of Neoclassical Marginalism
Appendix
11 Neoclassical Theories of the Firm and Income Distribution: The Writings of Marshall, Clark, and Böhm-Bawerk
Marshall’s Contribution to Utility Theory and Demand Theory
Symmetry Between Neoclassical Theories of the Household and the Firm
Marshall’s Theory of the Firm
The Firm’s Production and Cost Curves in the Short Period
Equilibrium in the Short Period
The Long Period and the Problem of Competition
Marshall’s Ideological Defense of Capitalism
Clark and the Marginal Productivity Theory of Distribution
Economics as Exchange and the Role of the Entrepreneur
Clark’s Defense of Private Property
Clark’s Conception of Capital
Böhm-Bawerk’s Measure of Capital
Capitalist Class Relations in Neoclassical Distribution Theory
12 Thorstein Veblen
Veblen’s General Evolutionary Social Philosophy
Veblen’s Critique of Neoclassical Economics
The Antagonistic Dichotomy of Capitalism
Private Property, Class-Divided Society, and the Subjugation of Women
Class Structure of Capitalism and the Domination of Business over Industry
Government and the Class Struggle
Capitalist Imperialism
Social Mores of Pecuniary Culture
Assessment of Veblen’s Ideas
13 Theories of Imperialism: The Writings of Hobson, Luxemburg, and Lenin
Hobson’s Theory of Capitalist Imperialism
Luxemburg’s Theory of Capitalist Imperialism
Lenin’s Theory of Capitalist Imperialism
Comparison of the Theories of Hobson, Luxemburg, and Lenin
14 Consummation, Consecration, and Destruction of the Invisible Hand: Neoclassical Welfare Economics
Utility Maximization and Profit Maximization
The Beatific Vision and Eternal Felicity
Microeconomic Theory, Neoclassical Economics, and Welfare Economics
Hedonistic Foundations of Welfare Economics
Essential Nature of the Norm of Pareto Optimality
Social Values Underlying Welfare Economics
Empirical and Analytical Assumptions of Welfare Economics
Neoclassical Welfare Economics as a Guide to Policy Making
Welfare Economics and Externalities
The Normative Critique of Pareto Analysis
15 Neoclassical Ideology and the Myth of the Self-Adjusting Market: The Writings of John Maynard Keynes
Theoretical Setting of Keynes’s Analysis
Keynes’s Defense of the Marginal Productivity Theory of Distribution
Keynes’s Analysis of Capitalist Depressions
Efficacy of Keynesian Policies
The Military Economy
The Debt Economy
Ideological Foundations of Keynes’s Ideas
Appendix
16 Annulment of the Myth of the Measurable Productivity of Capital: The Writings of Piero Sraffa
Current State of Neoclassical Distribution Theory
Sraffa’s Critique of Neoclassical Theory
Appendix
17 Contemporary Economics I: The Bifurcation of Orthodoxy
The Bolshevik Revolution and Soviet Industrialization
The Great Depression
W. Arthur Lewis and the Origins of Development Economics
Liberal and Conservative Neoclassical Economics
Paul A. Samuelson Versus Milton Friedman and the Conservative Neoclassicists
Samuelson’s Defense of Utilitarianism
The Austrian and Chicago Schools
The Battle Continues
18 Contemporary Economics II: Institutionalism and Post-Keynesianism
The Institutionalist Economics of Clarence E. Ayres
Post-Keynesian Economics
Sraffian Price Theory
19 Contemporary Economics III: The Revival of Critical Political Economy
Revival and Development of the Labor Theory of Value
Changes in the Labor Process Under Capitalism
Performance of Capitalism at the Aggregate Level
Continuing the Heterodox Tradition
Comments on the Social Perspective Underlying the Present Book
Suggestions for Further Reading

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