History of economic thought

history of economicshistorian of economic thoughteconomic thoughtHistorians of economicseconomiceconomicsemergence of modern economic thoughtGeneralhistorianhistorian of economics
The history of economic thought deals with different thinkers and theories in the subject that became political economy and economics, from the ancient world to the present day in the 21st Century.wikipedia
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Schools of economic thought

school of economic thoughteconomic schoolseconomic schools of thought
This field encompasses many disparate schools of economic thought.
In the history of economic thought, a school of economic thought is a group of economic thinkers who share or shared a common perspective on the way economies work.

Thomas Aquinas

St. Thomas AquinasAquinasSaint Thomas Aquinas
In the Middle Ages, scholasticists such as Thomas Aquinas argued that it was a moral obligation of businesses to sell goods at a just price.
Thomas contributed to economic thought as an aspect of ethics and justice.

Philosophy and economics

philosophy of economicseconomic philosophyeconomics and philosophy
In the Western world, economics was not a separate discipline, but part of philosophy until the 18th–19th century Industrial Revolution and the 19th century Great Divergence, which accelerated economic growth.
its origins inextricably interwoven with the emergence of modern economic thought.

Thorstein Veblen

Thorstein Bunde VeblenThorsten VeblenVeblen
Thorstein Veblen in The Preconceptions of Economic Science (1900) contrasted neoclassical marginalists in the tradition of Alfred Marshall with the philosophies of the Austrian School.
Historians of economics regard Veblen as the founding father of the institutional economics school.

Karl Marx

MarxMarx, KarlMarxist
This text remained cited by various economists for centuries, as wide-ranging a list as Karl Marx and Austrian economist Joseph Schumpeter.
Theories of Surplus Value is often referred to as the fourth volume of Das Kapital and constitutes one of the first comprehensive treatises on the history of economic thought.

Steady-state economy

steady-state theoristSteady state economysteady state
The economy, Ricardo concluded, is bound to tend towards a steady state.
Early in the history of economic thought, classical economist Adam Smith of the 18th century developed the concept of a stationary state of an economy: Smith believed that any national economy in the world would sooner or later settle in a final state of stationarity.

Just price

significant imbalancejust wage
In the Middle Ages, scholasticists such as Thomas Aquinas argued that it was a moral obligation of businesses to sell goods at a just price.

Nicholas Georgescu-Roegen

Georgescu-RoegenGeorgescu-Roegen, NicholasNicholas Georgescu-Roegen: Criticising neoclassical economics
Ecological economics was founded in the works of Kenneth E. Boulding, Nicholas Georgescu-Roegen, Herman Daly and others.
In the history of economic thought, Georgescu-Roegen was the first economist of some standing to theorise on the premise that all of earth's mineral resources will eventually be exhausted at some point.

Stockholm School (economics)

Stockholm schoolStockholm School of Economics
In the 1930s the Stockholm School of Economics was founded by Eli Heckscher (1879–1952), Bertil Ohlin (1899–1977), Gunnar Myrdal (1898–1987) et al. based on the works of John Maynard Keynes and Knut Wicksell (1851–1926), advising the founders of the Swedish Socialist welfare state.
The Stockholm School (Stockholmsskolan), is a school of economic thought.

Thomas Mun

English economist Thomas Mun (1571–1641) describes early mercantilist policy in his book England's Treasure by Foreign Trade, which was not published until 1664, although it was widely circulated in manuscript form during his lifetime.

Progressive Era

ProgressiveProgressive movementProgressives
Progress and Poverty sparked a worldwide reform movement and is sometimes marked as the beginning of the Progressive Era.
Historians of economics regard Veblen as the founding father of the institutional economics school.

Tableau économique

Tableau EconomiqueTableaux économiques
He believed that trade and industry were not sources of wealth, and instead in his book Tableau économique (1758, Economic Table) argued that agricultural surpluses, by flowing through the economy in the form of rent, wages, and purchases were the real economic movers.

François Quesnay

QuesnayFrancois Quesnay François Quesnay
François Quesnay (1694–1774) was the court physician to King Louis XV of France.

Circular flow of income

circular flowcircular flow of income and expenditurecircular flows
This concept was mirrored in the physiocrats' economic theory, with the notion of a circular flow of income throughout the economy.

List of economists

economistEconomists
For a history of economics, see the article History of economic thought.

Progress and Poverty

George's first book, Progress and Poverty, was one of the most widely printed books in English, selling between 3 and 6 million copies by the early 1900s.

Principles of Economics (Menger)

Principles of EconomicsGrundsätze
In 1871 Austrian School economist Carl Menger (1840–1921) restated the basic principles of marginal utility in Grundsätze der Volkswirtschaftslehre (Principles of Economics): Consumers act rationally by seeking to maximize satisfaction of all their preferences; people allocate their spending so that the last unit of a commodity bought creates no more satisfaction than a last unit bought of something else.
*History of economic thought

Robert Heilbroner

Robert L. HeilbronerThe Worldly PhilosophersHeilbroner, Robert
Robert L. Heilbroner (March 24, 1919 – January 4, 2005) was an American economist and historian of economic thought.

Simon Kuznets

KuznetsKuznets, SimonSimon S. Kuznets
In 1955 Russian-born American economist Simon Kuznets (1901–1985), who introduced the concept of Gross domestic product (GDP) in 1934 published an article revealing an inverted U-shaped relation between income inequality and economic growth, meaning that economic growth increases income disparity between rich and poor in poor countries, but decreases it in wealthy countries.
In 1918, Kuznets entered the Kharkiv Institute of Commerce where he studied economic sciences, statistics, history and mathematics under the guidance of professors P. Fomin (political economy), A. Antsiferov (statistics), V. Levitsky (economic history and economic thought), S. Bernstein (probability theory), V. Davats (mathematics), and others.

Amartya Sen

Amartya K. SenAmartya Kumar SenSen, Amartya
Indian economist Amartya Sen (1933–) expressed considerable skepticism about the validity of neoclassical assumptions, and was highly critical of rational expectations theory, devoting his work to Development Economics and human rights.
Sen's contribution to the literature was to show under what conditions Arrow's impossibility theorem applied, as well as to extend and enrich the theory of social choice, informed by his interests in history of economic thought and philosophy.

Gardiner Means

Gardiner C. MeansGC Means
In his book with American economist Gardiner C. Means (1896–1988) The Modern Corporation and Private Property (1932) he detailed the evolution in the contemporary economy of big business, and argued that those who controlled big firms should be better held to account.

Knut Wicksell

WicksellWicksellian
In the 1930s the Stockholm School of Economics was founded by Eli Heckscher (1879–1952), Bertil Ohlin (1899–1977), Gunnar Myrdal (1898–1987) et al. based on the works of John Maynard Keynes and Knut Wicksell (1851–1926), advising the founders of the Swedish Socialist welfare state.
Wicksell's contributions to economics have been described by some economists, including historian-of-economics Mark Blaug, as fundamental to modern macroeconomics.

John R. Commons

John CommonsJR CommonsCommons
In 1934 John R. Commons (1862–1945), another economist from midwestern America published Institutional Economics (1934), based on the concept that the economy is a web of relationships between people with diverging interests, including monopolies, large corporations, labor disputes, and fluctuating business cycles.
He also made valuable contributions to the history of economic thought, especially with regard to collective action.

Chicago school of economics

Chicago SchoolChicago school economistsChicago
The government-interventionist monetary and fiscal policies that the postwar Keynesian economists recommended came under attack by a group of theorists working at the University of Chicago, which came in the 1950s to be known as the Chicago School of Economics.
He also carried out extensive research into the history of economic thought.

Adolf A. Berle

Adolf BerleAA BerleAdolf A. Berle, Jr.
One of the most original contributions to understanding what went wrong came from Harvard University lawyer Adolf Berle (1895–1971), who like John Maynard Keynes had resigned from his diplomatic job at the Paris Peace Conference, 1919 and was deeply disillusioned by the Versailles Treaty.