The Seventh Edition of THE EVOLUTION OF ECONOMIC THOUGHT presents the history of economics and the philosophies that drive the economic way of thinking. It stresses the importance of understanding contemporary economics, by grasping new ideas, evidence, problems and values that call for reconsideration of basic disputes and major contributions of the past. The textbook explains the ideas of the great economic thinkers and their logical connections to the world of today and tomorrow. Updated pedagogical features provide clear insight into issues like antitrust perspectives and game theory. Introducing ideas like Robert Solows pioneering model to discuss recent renewed emphasis on growth theory and technological change, the author sheds historical light on modern debates and thoughts. Stanley Brue and Randy Grant carry on the legacy of Jacob Oser, the books creator, by offering a scholarly and timely presentation of the history of economic thought.
1. Introduction and Overview. 2. The Mercantilist School. 3. The Physiocratic School. 4. The Classical School- Forerunners. 5. The Classical School- Adam Smith. 6. The Classical School- Thomas Robert Malthus. 7. The Classical School- David Ricardo. 8. The Classical School- Bentham Say, Senior, and Mill. 9. The Rise of Socialist Thought. 10. Marxian Socialism. 11. The German Historical School. 12. The Marginalist School- Forerunners. 13. The Marginalist School- Jevons, Menger, von Wieser, and von Bohm-Bawerk. 14. The Marginalist School- Edgeworth and Clark. 15. The Neoclassical School- Alfred Marshall. 16. The Neoclassical School- Monetary Economics. 17. The Neoclassical School- The Departure from Pure Competition. 18. Mathematical Economics. 19. The Institutionalist School. 20. Welfare Economics. 21. The Keynesian School- John Maynard Keynes. 22. The Keynesian School- Developments Since Keynes. 23. Theories of Economic Growth and Development. 24. The Chicago School ? The New Classicism. 25. Concluding Thoughts.