The Trend of Economic Thinking: Essays on Political Economists and Economic HistoryThe Iron Curtain has been cast aside. The Berlin Wall has fallen. Germany has been reunited. And F. A. Hayek's forceful predictions of the inevitable failure of socialism and central economic planning are now rendered irrefutable. Yet Hayek still rightfully cautions us to heed his arguments, warning that "in economics you can never establish a truth once and for all but have always to convince every generation anew." The Trend of Economic Thinking captures Hayek's views on political economists and economic history—on Mandeville, Hume, Cantillon, Adam Smith, and Henry Thornton. Framed by insightful editorial notes, fifteen newly collected essays—including five previously unpublished pieces and two others never before available in English—provide a fascinating introduction to the historical context of political economy and the evolution of monetary practices. In a highlight of the collection, "On Being an Economist," Hayek reflects on the influence of economists, the time required for new ideas to take hold, the best way to educate economic theorists, and the need to follow one's own interests, often in opposition to fashionable beliefs. As always, the words of this outspoken scholar are sure to provoke debate. |
Contents
Introduction | 5 |
PART I THE ECONOMIST AND HIS DISMAL TASK | 15 |
PART II THE ORIGINS OF POLITICAL ECONOMY IN BRITAIN | 73 |
PART III ENGLISH MONETARY POLICY AND THE BULLION DEBATE | 125 |
PART IV CURRENTS OF THOUGHT IN THE 19th CENTURY | 345 |
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Adam Smith already appeared argument assignats bank notes Bank of England Bank's banker Bernard Mandeville Cambridge Cantillon's Essai capital Carl Menger cash payments century chapter circulation Clapham Sect commerce Committee commodities David Hume David Ricardo discussion doctrine E. M. Forster earlier economic economist edition effect English exchange rates F. A. Hayek fact France French gold Gossen guinea Hayek Henry Thornton Higgs Hume's ideas important increase influence interest Jevons John labour later Léon Walras letter London Macmillan Mandeville Menger mentioned metallic currency Mirabeau modern monetary theory nature original paper money Paris particular physiocrats Political Economy pounds precious metals principle Printed probably problems Professor published quantity question recognised reprinted Ricardo Richard Cantillon rise School silver coins social society theoretical tion trade translation University Press value of money views volume Walras Wilberforce William