By Gianni Vaggi
This booklet offers a quick background of financial notion from the seventeenth century to the current day. every one bankruptcy examines the major contributions of an important economist or staff of economists and contains feedback for additional analyzing. Economists coated contain Keynes, Marshall, Petty and Jevons, and not more customary theorists comparable to Galiani and Turgot.
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Extra info for A Concise History of Economic Thought: From Mercantilism to Monetarism
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.
He himself ended up with a remarkably large estate, whose care and management engaged him for the rest of his life. In 1660–62 Petty was among the founding members of the Royal Society. Some of Petty’s main economic works were published after his death and after the Glorious Revolution of 1688. The Verbum Sapienti and The Political Arithmetick, written between 1671 and 1676, were published posthumously in 1690, The Political Anatomy of Ireland in 1691. In any short outline of the history of economic thought, Sir William Petty deserves a special place, because his contribution developed crucial notions and concepts which a century later helped to create classical political economy as a separate science.
Both attempts at tax reform were unsuccessful, the French ﬁscal system of the ancien régime was to prove immune to peaceful change. An alternative way at ﬁnding a solution to the already chronic problem of high public indebtedness was attempted by the Scotsman John Law(1671–1729). Law had emigrated to France, where in the second decade of the eighteenth century, he tried to ﬁnd a solution to the ﬁscal problem and growing debt of France, not through tax reform but through a novel and, indeed, quite modern ﬁnancial management of the debt itself.
A Concise History of Economic Thought: From Mercantilism to Monetarism by Gianni Vaggi