Kurz begins with classical economics in ancient Greece and concludes with the visionary work of Kenneth J. Arrow and Amartya Sen. Among many other topics, he explains what Adam Smith meant by an “invisible hand"; how Karl Marx’s “law of motion” works in capitalist economies; the roots of Austrian economists' emphasis on the problems of information, incomplete knowledge, and uncertainty; and John Maynard Keynes’s principle of effective demand and economic stabilization. A final chapter sums up the major concerns of economists today and their relation to world events.
Known for its clarity,
comprehensiveness, and balance, the latest edition of A History of
Economic Theory and Method continues that tradition of excellence.
Ekelund and Hébert’s survey provides historical and international
contexts for how economic models have served social needs throughout the
centuries—beginning with the ancient Greeks through the present time.
The authors not only trace ideas that have persisted but skillfully
demonstrate that past, discredited ideas also have a way of spawning
critical thinking and encouraging new directions in economic analysis.
Coverage that distinguishes the Sixth Edition from its predecessors
includes a detailed analysis of economic solutions by John Stuart Mill
and Edwin Chadwick to problems raised by the Industrial Revolution; the
role of psychology and “experiments” in understanding demand and
consumer behavior; discussions of modern economic theory as it
interrelates with other social sciences; and a close look at the
historical development of the critical role of entrepreneurship, both in
its productive and unproductive variants. The authors’ creative
approach gives readers a feel for the thought processes of the great
minds in economics and underscores key ideas impacting contemporary
thought and practice. Well-crafted discussions are further enriched by
absorbing examples and figures. Thorough suggested reading lists give
options for more in-depth explorations by interested readers.
In Toward a General Theory of Exchange: Strategic Decisions and Complexity, author Dr. Javaid R. Khwaja traces the slow melting of the market, the most ubiquitous contraption and the summum bonum of economic science, as an organized manifestation of complexity, with its wide-ranging impact on the flow of funds. Using the historical background of economic theories, this study blends the interdisciplinary range and fills the vacuum that has existed among current conventional economic theory, the theory of strategic decision making, actor-network theory, the domain of law and economics, and the science of complexity.
An observer of economic development for several decades, Khwaja shows the relationship between technology and economics and how it affects social exchanges and trends.