TAILIEUCHUNG - History of Economic Analysis part 89

History of Economic Analysis part 89. 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 842 1861-1931 . If we want to appraise the historical position and services of these men and others like them we must not apply modern standards of rigor because at that time there was as yet valid excuse for those who had no conception of things that seem elementary now such as continuity incremental quantities determinacy stability and so on. In consequence they on the one hand struggled with difficulties that seem imaginary now and on the other hand failed to see problems that bother . Davenport was an excellent theorist and a great teacher in his day and the profession is under considerable obligation to him for the infinite pains he took to straighten out the fundamental problems of the theory of his There is another interesting point about him. He was an enthusiastic Veb lenite and a strong radical of the Middle Western type who saw the evil spirits of reaction stalk both the professional and the national scene without making any effort obviously unnecessary to verify their existence. Davenport thus affords one of the examples that show that preoccupation with the theory of that epoch was perfectly compatible with institutionalist sympathies. The work of these and other men shades off without violent break into that part of the work of our own period that may be identified with such men as and . This pointer must We must be content to glance at one of the brightest patches 21 This illustrates well the sense in which even in economics it is possible to speak of progress and to evaluate a given state of development meaningfully as one that is lower than our own. This cannot be done with economic thought in general. The economists of that time had opinions on social and economic policy that differ from those that prevail now. But this difference is due to social conditions and to Zeitgeist and there would in fact be no sense at all in our feeling superior .

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