TAILIEUCHUNG - History of Economic Analysis part 88

History of Economic Analysis part 88. 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 832 panaceas. Barring his panacea the Single Tax and the phraseology connected with it he was a very orthodox economist and extremely conservative as to methods. They were those of the English classics being his particular favorite. Marshall and Bohm-Bawerk he failed to understand. But up to and including Mill s treatise he was thoroughly at home in scientific economics and he shared none of the current misunderstandings or prejudices concerning it. Even the panacea nationalization not of land but of the rent of land by a confiscatory tax benefited by his competence as an economist for he was careful to frame his remedy in such a manner as to cause the minimum injury to the efficiency of the private-enterprise economy. Professional economists who focused attention on the single-tax proposal and condemned Henry George s teaching root and branch were hardly just to him. The proposal itself one of the many descendants of Quesnay s impôt unique though vitiated by association with the untenable theory that the phenomenon of poverty is entirely due to the absorption of all surpluses1 2 by the rent of land is not economically unsound except in that it involves an unwarranted optimism concerning the yield of such a tax. In any case it should not be put down as nonsense. If Ricardo s vision of economic evolution had been correct it would even have been obvious wisdom. And obvious wisdom is in fact what George said in Progress and Poverty ch. 1 Book IX about the economic effects to be expected from a removal of fiscal burdens if such a removal were feasible. a The Men Who Prepared the Ground. The work and services of the men in the first of our groups will be illustrated by the names of Dunbar Hadley Newcomb Sumner Walker and Wells. Charles 1830-1900 was no product of the academic hothouse. His very American career American in a sense that is now but a reminiscence led through business farming law journalism and newspaper .

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