On Classical Economics

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