TAILIEUCHUNG - History of Economic Analysis part 77

History of Economic Analysis part 77. 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 722 sky. But in the last decade or so before the outbreak of the First World War even the superficial observer should have been able to discern signs of decay of new breaks in the offing of revolutions that have not as yet issued into another classical situation. 2. PARAPHERNALIA Through revolution and consolidation that period witnessed substantial advance. I suggest that we are likely to underrate its achievements as much as we are to overrate the achievements of the period from to . In part this is due to a fact that is the main cause of the difficulties some readers will encounter in perusing this Part economists began to develop more complex techniques which increasingly took the place of the simple ones of old that every educated person had been able to master without special training. As a natural and inevitable result economics became both more specialized and less accessible to the reading public and because of this economists earned plenty of entirely unreasonable reproach not only from spokesmen of this public but also from the less technique-minded in their own midst. This process was slow however and leaders who like Marshall harbored the ambition to be read by businessmen and who wrote accordingly still secured full-dress reviews in the daily press. It hardly needs pointing out that any such success was bought at a price and that against such advantage to the science and the public as we may see in it we must set a loss of analytic efficiency. The science grew still more in bulk than in wisdom. This was in part the consequence of its rapid progress in professionalization and professorialization. We have noticed that even in the preceding periods economists recognized each other as people possessed of a special competence and that there had developed something like professional standards of performance. These became much more definite in the period under discussion during which economics or even each of the

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