Available:*
Library | Item Barcode | Call Number | Material Type | Item Category 1 | Status |
|---|---|---|---|---|---|
Searching... | 30000010277595 | HB172.5 M87 2009 | Open Access Book | Book | Searching... |
On Order
Summary
Summary
This is a book about the discovery of macroeconomic ideas and concepts long before the term macroeconomics had been coined. The cast of authors varies from doctors and physicians (Sir William Petty and François Quesnay), to philosophers (David Hume and Adam Smith), to bankers (Richard Cantillon and Henry Thornton) to Prime Ministers of France (John Law and Anne Robert Jacques Turgot). These authors had very rich and varied careers and the book invites readers to imagine specific moments in their careers that influenced both their lives and their writings. Building on these events the contributions of each author are outlined and discussed. Examination of their writings show that by the start of the nineteenth century they had left a rich legacy of macroeconomics ranging from the analysis and measurement of national income, the depiction of the circular flow of income, the debate on the role of money in the economy, the way to model the economy, the importance of labour, land and capital, the role of entrepreneurship, the Central Bank as a lender of last resort, and much more.
Author Notes
Antoin E. Murphy is an associate professor of economics and fellow of Trinity College Dublin. His previous works include Richard Cantillon: Entrepreneur and Economist (OUP, 1986) and John Law: Economic Theorist and Policy-maker (OUP, 1997). He is a joint managing editor of The European Journal of the History of Economic Thought. In 2001, the European Society of the History of Economic Thought awarded him the Jerôme Blanqui prize for the best published work on the history of economic thought resulting from his editing of Du Tot Histoire du Systême de John Law (1716-1720) published by I.N.E.D./P.U.F., Paris 2000.
Reviews 1
Choice Review
The term "macroeconomics" was coined by Ragnar Frisch in the 1930s, and its beginnings are associated with The General Theory of Employment, Interest and Money, written in 1936 by John Maynard Keynes. Yet Murphy (Trinity College Dublin, Ireland) argues convincingly that "readers wishing to examine the roots of macroeconomic theory and policy need to move back through time to see the rich tapestry of contributions that were made by Sir William Petty, Richard Cantillon, John Law, David Hume, Francois Quesnay, Anne Robert Jacques Turgot, Adam Smith, and Henry Thornton." Each chapter in this volume invites the reader to imagine traveling back to the time of the featured author, where Murphy provides historical and personal detail that makes each figure come to life. With a focus on policy and clear writing, this book is accessible and thought-provoking. Summing Up: Highly recommended. Lower-division undergraduates through faculty and researchers. H. Barreto DePauw University
Table of Contents
| List of Plates | p. ix |
| List of Figures | p. x |
| 1 Introduction: The Genesis of Macroeconomics | p. 1 |
| 2 Sir William Petty: National Income Accounting | p. 21 |
| 3 John Law. A New Monetary System | p. 43 |
| 4 Richard Cantillon: Macroeconomic Modelling | p. 73 |
| 5 David Hume: The Classical Theory of Money | p. 95 |
| 6 Francois Quesnay: The Circular Flow of Income | p. 119 |
| 7 Anne Robert Jacques Turgot: The Importance of Capital | p. 133 |
| 8 Adam Smith: Land, Labour, Capital, and Social Cement | p. 155 |
| 9 Henry Thornton: The Lender of Last Resort | p. 189 |
| 10 Conclusion: New Ideas from Fascinating People | p. 215 |
| Index | p. 227 |
