By Gianni Vaggi

ISBN-10: 0333999363

ISBN-13: 9780333999363

ISBN-10: 1403987394

ISBN-13: 9781403987396

This quantity provides a short background of financial thought from the 17th century to the current day. every one bankruptcy examines the most important contributions of a huge economist, or staff of economists, and concludes with short feedback for additional examining. The economists coated comprise Keynes, Marshall, Petty and Jevons, in addition to much less regular theorists reminiscent of Galiani and Turgot.

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The surplus accrues to the landlord as rent, while profits do not receive much attention as a separate income share. The same is true for the role and functions of the capitalist entrepreneur. This was also done by Cantillon, who inherited a rich theoretical and conceptual legacy from Petty which he considerably developed. Notes on further readings The works of Petty and some unpublished material are included in the collection: The Economic Writings of Sir William Petty, 2 vols, edited in 1899 by Charles Hull (Cambridge University Press, Cambridge, 1899); this is the standard reference to his work.

Mercantilism as a major system of thought disappeared after the harsh treatment it received in Book IV of Smith’s Wealth of Nations in 1776, but its great merit is to have singled out the fundamental object of economics: the analysis of the causes of the wealth of nations. Many of its policy views have prevailed since then in parts of the world, and continue to prevail. Finally, it may be noted that mercantilism endured for almost three centuries. Neither classical political economy, nor neoclassical economics has yet experienced such a long life as systems of political economy.

Not only are 100 men explicitly indicated as supernumerary, but as shown above, the 100 men employed in agriculture and cloth production clearly maintain the whole population, which implies that they produce a surplus of food and clothing above their own needs. The existence of a physical surplus of necessaries, or of basic goods, is a necessary condition for the division of labour. If agriculture is defined in a broad way, as including the production of clothes, then the division of society into different activities depends on the efficiency of production in this enlarged agricultural sector, or on the productivity of the 100 men working there.

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A Concise History of Economic Thought: From Mercantilism to Monetarism by Gianni Vaggi

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