Thomas Sowell's many writings on the history of economic thought have appeared in a number of scholarly journals and books, and these writings have been praised, reprinted, and translated in various countries around the world.The classical era in the history of economics is an important part of the history of ideas in general, and its implications reach beyond the bounds of the economics profession. On Classical Economics is a book from which students can learn both history and economics. It is not simply a Cook's tour of colorful personalities of the past but a study of how certain economic concepts and tools of analysis arose, and how their implications were revealed during the controversies that followed. In addition to a general understanding of classical macroeconomics and microeconomics, this book offers special insight into the neglected pioneering work of Sismondi and why it was neglected and a detailed look at John Stuart Mill's enigmatic role in the development of economics and the mysteries of Marxian economics.Clear and engaging, without being either cute or condescending, On Classical Economics can enable a course on the history of economic thought to make a contribution to students' understanding of economics in general-whether in price theory, monetary theory, or international trade. In short, it is a book about analysis as well as history. PREFACE ACKNOWLEDGEMENTS SOCIAL PHILOSOPHY OF CLASSICAL ECONOMISTS The Meaning of Classical Economics The "Conservatism" of the Classical Economists Transfer versus Production of Wealth Political Classes The Market Wars The Practical Behavior of the Classical Economists Summary and Implications CLASSICAL MACROECONOMICS Say's Law Origins Statics versus Dynamics Monetary Theory Fiscal Policy Summary and Implications CLASSICAL MICROECONOMICS Diminishing Returns Rent Profits Population Value Measures of Value Theory of Value Utility and Schedule Concepts Summary and Implications CLASSICAL METHODOLOGY Science Causation Changes versus States of Being Tendencies Interactions Definitions Summary and Implications SISMONDI: A NEGLECTED PIONEER Life and Times The Sismondian Growth Model Equilibrium Income and "General Gluts" Population Methodology Summary and Implications THE ENIGMA OF JOHN STUART MILL Mill and His Times Mill's Role in Economics Say's Law On Liberty Summary and Implications Laws of Production and Distribution Originality Mill and History THE MYSTERIES OF MARXIAN ECONOMICS The Marxian Framework Hegelian Concepts Ricardian Concepts The Marxian "Law of Value" Marxian Economic "Crises" Precipitating Factors Destabilizing Responses Summary and Implications THOUGHTS ON THE HISTORY OF ECONOMICS The Dynamics of Controversy Ideas and Events The Development of Economics
