TAILIEUCHUNG - History of Economic Analysis part 85

History of Economic Analysis part 85. 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 802 bound differences we find strong similarity in the visions or general conceptions of the process and in particular with respect to economic evolution. Also we find an approximately equal distribution of weights as between theory and facts although Marshall s superior art succeeded in banishing mere narration from the pages of the Principles so that to readers who neglect Industry and Trade his treatment looks more purely theoretical than it is and much more so than does s. But the similarity extends still further to the aim plan I am not referring to non-essentials such as sequence of topics and nature of the performance. Marshall was aware of this. He is reported to have said It s all in . There is more in this remark than mere recognition of the fact that today s work necessarily grows out of yesterday s there is recognition of kinship. And there is a final similarity both the Wealth and the Principles are what they are partly at least because they are the result of the work of decades and fully matured the products of minds that took infinite care were patient of labor and indifferent to the lapse of years. This is all the more remarkable because both Smith and Marshall were extremely anxious to preach their wisdom and to influence political practice yet neither of them allowed himself to be hurried into print before his manuscripts were as perfect as he felt able to make A reader s guide through the Principles is superfluous I trust. Suffice it then to say that Book V Theory of the Equilibrium of Demand and Supply contains the core of the analytic performance. Book VI on Distribution is an extensive application of the analysis of Book V. Book I presents first an economic history in one lecture so severely scaled down that what remains reads like a series of trivialities and almost entirely fails to convey the breadth and depth of the research that actually went into it and second an almost unbelievably .

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