"A History of European Economic Thought grafts the history of economic thought onto Global History by showing how significant economic ideas have influenced the process of Europe's formation from the very beginning to the present day. This work joins together two classical stories that until today have followed parallel paths. On the one hand, the political history of Europe, which is often limited to a few fleeting references to the ideas of the great economists of the past, and, on the other hand, the history of economic thought, which looks at Europe as a whole, as a distinct supranational community, only with reference to the institutions created after World War II. The volume contributes to shedding light on the constitutive values of Europe, which also stem from a particular economic culture. It provides essential reading for students and scholars of the history of economic thought. Antonio Magliulo is Full Professor of History of Economic Thought at the University of International Studies of Rome, Italy"--

The financial crisis of 2008 has revived interest in economic scholarship from a historical perspective. The most in depth studies of the relationship between economics and history can be found in the work of the so-called German Historical School (GHS). The influence of the GHS in the USA and Britain has been well documented, but far less has been written on the rest of Europe. This volume studies the interconnection between economic thought and economic policy from the mid-nineteenth century to the interwar period. It examines how the School’s ideas spread and was interpreted in different European countries between 1850 and 1930, analysing its legacies in these countries. In doing so, the book is able to trace the interconnection between economic thought and economic policy, adding new voices to the debate on the diffusion of ideas and flow of knowledge. This book identifies issues related to topics such as nationalism and cosmopolitanism in the history of ideas and clarifies themes in policy making that are still currently debated. These include monetary policy and benefits of free trade for all parties involved in international exchanges. This book will be of a great interest to those who study history of economic thought, economic theory and political economy.

In this concise yet comprehensive history, Heinz D. Kurz traces the long arc of economic thought from its emergence in ancient Greece to its systematic presentation among the classical thinkers of the late eighteenth and early nineteenth centuries to the influential work of scholars such as Paul Samuelson and Kenneth J. Arrow. With a keen eye for how economic insights are acquired, lost, and reborn, Kurz focuses on the dynamic individuals who give old ideas new life and the historical events that provoke different approaches and theories. Over the course of this journey, Kurz explains what Adam Smith meant by the "invisible hand"; how Karl Marx's "law of motion" works in capitalist economies; the roots of the Austrian economists' emphasis on the problems of information, incomplete knowledge, and uncertainty; John Maynard Keynes's principle of effective demand and economic stabilization; and the insights and challenges offered by growth theory, welfare economics, game theory, and more. He concludes with a deft summation of world economists' major concerns today and their critical relation to world events.

Situated in the turbulent heart of Europe, the Czech Republic has suffered from significant discontinuity in its historical development, but its economic thinking has not until now been subject to a full analysis. This book offers a history of Czech economic thought from the late Middle Ages to the present day. It traces methodological developments and the relationship between economics and politics, and introduces not just pioneering figures in the field but also those whose lives and careers were thwarted by history, as well as Czech exile thinkers. Identifying key themes in Czech economic thought, the volume considers which branches of economic theory have had the greatest influence on Czech thought, and explores the relationship between Czech economic thinking and wider established schools of thought. This book will benefit students and researchers of history of economic thought, economic history, economic theory, and political economy, as well as those with a specific interest in the Czech Republic.

Slovakia has a rich and complex history, but until now there has not been a comprehensive analysis of the nation’s economic thought. This volume expertly fills this gap and traces the development of Slovak economic thought from the sixteenth century to the present day. Identifying key themes, moments, and thinkers, the chapters in this work consider the evolution of Slovak economic ideas and explores the nation’s place alongside other schools of thought. Significant coverage is given to the economists Gregorius Berzeviczy and Imrich Karvaš, as well as landmark periods such as the creation of Czechoslovakia, the World Wars, the Socialist regime, and post-Communist Slovakia. This book is of interest to advanced students and researchers of the history of economic thought, economic history, and political economy, as well as those with a specific interest in the history of Slovakia.

This reader in the history of economic thought challenges the assumption that today’s prevailing economic theories are always the most appropriate ones. As Leland Yeager has pointed out, unlike the scientists of the natural sciences, economists provide their ideas largely to politicians and political appointees who have rather different incentives that might prevent them from choosing the best economic theory. In this book, the life and work of each of the founders of economics is examined by the best available expert on that founding figure. These contributors present rather novel and certainly not mainstream interpretations of the founders of modern economics. The primary theme concerns the development of economic thought as this emerged in the various continental traditions including the Islamic tradition. These continental traditions differed substantially, both substantively and methodologically, from the Anglo-Saxon orientation that has been dominant in the last century for example in the study of public finance or the very construct of the state itself. This books maps the various channels of continental economics, particularly from the late-18th through the early-20th centuries, explaining and demonstrating the underlying unity amid the surface diversity. In particular, the book emphasizes the writings of John Stuart Mill, his predecessor David Ricardo and his follower Jeremy Bentham; the theory of Marginalism by von Thünen, Cournot, and Gossen; the legacy of Karl Marx; the innovations in developmental economics by Friedrich List; the economic and monetary contributions and “struggle of escape” by John Maynard Keynes; the formidable theory in public finance and economics by Joseph Schumpeter; a reinterpretation of Alfred Marshall; Léon Walras, Heinrich von Stackelberg, Knut Wicksell, Werner Sombart, and Friedrich August von Hayek are each dealt with in their own right.

This book provides the non-Italian scholar with an extensive picture of the development of Italian economics, from the Sixteenth century to the present. The thread of the narrative is the dialectics between economic theory and political action, where the former attempts to enlighten the latter, but at the same time receives from politics the main stimulus to enlarge its field of reflection. This is particularly clear during the Enlightenment. Inside, this book insists on stressing that Galiani, Verri, and Beccaria were economists quite sensitive to practical issues, but who also were willing to attain generally valid conclusions. In this sense, "pure economics" was never performed in Italy. Even Pareto used economics (and sociology) in order to interpret and possibly steer the course of political action. Within this book it illustrates the Restoration period (1815-48). There was a slowdown of the economists' engagement, due to an adverse political situation, that prompted the economists to prefer less dangerous subjects, such as the relationship between economics, morals, and law (the main interpreter of this attitude was Romagnosi). After 1848, however, in parallel with the Risorgimento cultural climate, a new vision of the economists' task was eventually manifested. Between economics and political Liberalism a sort of alliance was established, whose prophet was F. Ferrara. While the Historical school of economics of German origin played a minor role, Pure Economics (1890-1940 approx.) had a considerable success, as regards both economic equilibrium and the theory of public finance. Consequently, the introduction of Keynes's ideas was rather troubled. Instead, Hayek had an immediate success. This book concludes with a chapter devoted to the intense relationships between economic theories, economic programmes and political action after 1945. Here, the Sraffa debate played an important role in stimulating Italian economists to a reflection on the patterns of Italian economy and the possibilities of transforming Italy's economic and social structure.