TAILIEUCHUNG - History of Economic Analysis part 76

History of Economic Analysis part 76. At the time of his death in 1950, Joseph Schumpeter-one of the major figures in economics during the first half of the 20th century-was working on his monumental History of Economic Analysis. A complete history of humankind's theoretical efforts to understand economic phenomena from ancient Greece to the present, this book is an important contribution to the history of ideas as well as to economics. | History of economic analysis 712 economics of the epoch. Its authors stood to the professed economists on a footing of cool and reciprocated indifference. Yet one should think that each group might have derived help from the But Tooke and Overstone did influence opinion within the fold and were in turn influenced by it and their work succeeded in setting on foot what may be described as a new analysis of the business Also they influenced one another more than they realized or at any rate were prepared to admit and the affinity between their methods and results is more important than are the differences. The prevailing impression to the contrary is due in the first place to their antagonism in matters of central-bank policy especially to their controversy over Peel s Act. In the second place they were very different types and would express the same fact or result so differently that it would look like two different facts or results. In the third place they did differ in several points of theory and factual diagnosis which both of them stressed unduly but which so far as business-cycle analysis is concerned amount to less than they seem to. In the state of research in the 1830 s the mere fact that they saw and 13 I mention first John Wade who was a complete outsider and whose politeness toward political economy barely veils feelings akin to contempt. In his History of the Middle and Working Classes. 1833 he developed a pretty comprehensive theory of the commercial cycle of depression and prosperity to which he attributed an average length of between five and seven years in terms chiefly of prices and employment. Faulty and inconclusive though his reasoning is it is of some interest as a primitive instance of an endogenous dynamic model that reproduces alternation of depression and prosperity by virtue of a lagged relation between prices and consumption. The second work to be mentioned Hyde Clarke s Physical Economy . Railway Register 1847 I know .

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