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An Austrian Perspective on the History of Economic Thought #2
Classical Economics
As the first comprehensive treatment of Classical economics from a modern Austrian perspective, this important history of nineteenth century economic thought discusses the key members of each school and reassesses their work.
Professor Rothbard's approach offers new perspectives on both Ricardo and Say and their followers. The author suggests that Ricardianism declined after 1820 and was only revived with the work of John Stuart Mill. The book also resurrects the important Anglo-Irish school of thought at Trinity College, Dublin under Archbishop Richard Whately. Later chapters focus on the roots of Karl Marx and the nature of his doctrines, and laissez-faire thought in France including the work of Frederic Bastiat. Also included is a comprehensive treatment of the bullionist versus anti-bullionist and the Currency versus banking School controversies in the first half of the nineteenth century, and their influence outside Great Britain.
Tracing economic thought from Smith to Marx, this book is notable for its inclusion of all the important figures in each school of thought and for assessing their theories in religious, political, philosophical and historical context. Economic Thought before Adam Smith , the first volume of Professor Rothbard's history of economic thought from an Austrian perspective, is also available.
Professor Rothbard's approach offers new perspectives on both Ricardo and Say and their followers. The author suggests that Ricardianism declined after 1820 and was only revived with the work of John Stuart Mill. The book also resurrects the important Anglo-Irish school of thought at Trinity College, Dublin under Archbishop Richard Whately. Later chapters focus on the roots of Karl Marx and the nature of his doctrines, and laissez-faire thought in France including the work of Frederic Bastiat. Also included is a comprehensive treatment of the bullionist versus anti-bullionist and the Currency versus banking School controversies in the first half of the nineteenth century, and their influence outside Great Britain.
Tracing economic thought from Smith to Marx, this book is notable for its inclusion of all the important figures in each school of thought and for assessing their theories in religious, political, philosophical and historical context. Economic Thought before Adam Smith , the first volume of Professor Rothbard's history of economic thought from an Austrian perspective, is also available.
505 pages, Hardcover
First published January 1, 2006
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About the author
Murray N. Rothbard
282 books1,114 followersMurray Newton Rothbard was an influential American historian, natural law theorist and economist of the Austrian School who helped define modern libertarianism. Rothbard took the Austrian School's emphasis on spontaneous order and condemnation of central planning to an individualist anarchist conclusion, which he termed "anarcho-capitalism".
In the 1970s, he assisted Charles Koch and Ed Crane to found the Cato Institute as libertarian think tank.
In the 1970s, he assisted Charles Koch and Ed Crane to found the Cato Institute as libertarian think tank.
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August 1, 2024
THE SECOND VOLUME OF ROTHBARD'S "AUSTRIAN" HISTORY OF ECONOMICS
Murray Newton Rothbard (1926-1995) was an American economist of the Austrian School of economics, and a prominent figure in the Libertarian movement; the previous volume is An Austrian Perspective on the History of Economic Thought (2 Vol. Set). He also wrote books such as 'Man, Economy and State,' 'Power and Market: Government and the Economy,' 'America's Great Depression,' etc.
He wrote in the Introduction to this 1995 book, "this work is an overall history of economic thought from a frankly 'Austrian' standpoint... This is the only such work by a modern Austrian... Not only that: this perspective is grounded in what is currently the least fashionable though not the least numerous variant of the Austrian School: the 'Misesian' or 'praxeological.'" (Pg. vii) He adds, "leaving out religious outlook, as well as social and political philosophy, would disastrously skew any picture of the history of economic thought... The entire work is longer than most since it insists on bringing in all the 'lesser' figures... I hope that, for the reader, the unwonted length will be offset by the inclusion of far more human drama than is usually offered in histories of economic thought." (Pg. xiii)
He observes that J.B. Say, "arrived at the unique method of economic theory [of] what Ludwig von Mises was... to call 'praxaeology.' Economics, Say realized, was based... on very general facts... so deeply rooted in the nature of man and his world that everyone... would give his assent." (Pg. 12-13) He adds, "[Say] offered us a theory of total government spending as well as a theory of overall taxation. And that theory... [amounted] to: that government is best (or 'least bad') that spends and taxes least." (Pg. 43) He asserts, "regardless of how much devotion is professed to laissez-faire or the gold standard, at the heart of every banking school man, including those professing a free banking position, lies an unreconstructed inflationist." (Pg. 262)
He contends, "for Marx and other schools of communists, mankind, led by a vanguard of secular saints, would establish a secularized kingdom of heaven on earth." (Pg. 317) He adds, "Marx cannot and does not attempt to explain how a system of total greed becomes transformed into total greedlessness" (pg. 323), and "There is no place in his system where Marx is fuzzier that at its base: the concept of historical materialism." (Pg. 372) He goes on, "Here is surely the most glaring single hole in the Marxian model. Marx acknowledged that... profit rates clearly tend toward equality... and that real prices ... therefore do not exchange at their Marxian quantity-of-labour values. Marx admitted this crucial problem, and promised that he could solve the problem successfully in a later volume of 'Capital.' He struggled with this problem for the rest of his life, and never solved it." (Pg. 413)
He adds, "there is a glaring inner contradiction at the heart of Marxian economics that is never resolved. If the capitalists suffer over time from a falling rate of profit, and workers suffer from increasing impoverishment, who is BENEFITING in the distribution of the economic pie?... in the Marxian system, the landlords have disappeared, increasingly and rapidly assimilated into the capitalist class. So how can BOTH mighty classes lose out under developing capitalism?" (Pg. 428) He concludes, "[Marx] created a veritable tissue of fallacies. Every single nodal point of the theory is wrong and fallacious... The Marxian system lies in absolute tatters and ruin... [and is] an atheized variant of a venerable Christian heresy." (Pg. 433)
Much more "to the point" than Volume 1, this book will be essential reading for any students of Austrian economics, or of economic history in general.
Murray Newton Rothbard (1926-1995) was an American economist of the Austrian School of economics, and a prominent figure in the Libertarian movement; the previous volume is An Austrian Perspective on the History of Economic Thought (2 Vol. Set). He also wrote books such as 'Man, Economy and State,' 'Power and Market: Government and the Economy,' 'America's Great Depression,' etc.
He wrote in the Introduction to this 1995 book, "this work is an overall history of economic thought from a frankly 'Austrian' standpoint... This is the only such work by a modern Austrian... Not only that: this perspective is grounded in what is currently the least fashionable though not the least numerous variant of the Austrian School: the 'Misesian' or 'praxeological.'" (Pg. vii) He adds, "leaving out religious outlook, as well as social and political philosophy, would disastrously skew any picture of the history of economic thought... The entire work is longer than most since it insists on bringing in all the 'lesser' figures... I hope that, for the reader, the unwonted length will be offset by the inclusion of far more human drama than is usually offered in histories of economic thought." (Pg. xiii)
He observes that J.B. Say, "arrived at the unique method of economic theory [of] what Ludwig von Mises was... to call 'praxaeology.' Economics, Say realized, was based... on very general facts... so deeply rooted in the nature of man and his world that everyone... would give his assent." (Pg. 12-13) He adds, "[Say] offered us a theory of total government spending as well as a theory of overall taxation. And that theory... [amounted] to: that government is best (or 'least bad') that spends and taxes least." (Pg. 43) He asserts, "regardless of how much devotion is professed to laissez-faire or the gold standard, at the heart of every banking school man, including those professing a free banking position, lies an unreconstructed inflationist." (Pg. 262)
He contends, "for Marx and other schools of communists, mankind, led by a vanguard of secular saints, would establish a secularized kingdom of heaven on earth." (Pg. 317) He adds, "Marx cannot and does not attempt to explain how a system of total greed becomes transformed into total greedlessness" (pg. 323), and "There is no place in his system where Marx is fuzzier that at its base: the concept of historical materialism." (Pg. 372) He goes on, "Here is surely the most glaring single hole in the Marxian model. Marx acknowledged that... profit rates clearly tend toward equality... and that real prices ... therefore do not exchange at their Marxian quantity-of-labour values. Marx admitted this crucial problem, and promised that he could solve the problem successfully in a later volume of 'Capital.' He struggled with this problem for the rest of his life, and never solved it." (Pg. 413)
He adds, "there is a glaring inner contradiction at the heart of Marxian economics that is never resolved. If the capitalists suffer over time from a falling rate of profit, and workers suffer from increasing impoverishment, who is BENEFITING in the distribution of the economic pie?... in the Marxian system, the landlords have disappeared, increasingly and rapidly assimilated into the capitalist class. So how can BOTH mighty classes lose out under developing capitalism?" (Pg. 428) He concludes, "[Marx] created a veritable tissue of fallacies. Every single nodal point of the theory is wrong and fallacious... The Marxian system lies in absolute tatters and ruin... [and is] an atheized variant of a venerable Christian heresy." (Pg. 433)
Much more "to the point" than Volume 1, this book will be essential reading for any students of Austrian economics, or of economic history in general.
February 10, 2017
Continua a 'saga' do primeiro volume. Pontos altos são o retrato extremamente engraçado de John Stuart Mill: "John Mill's enormous popularity and stature in the British intellectual world was partially due to his very mush-headedness." E as origens do comunismo em duas heresias: a da criação como uma separação metafísica da Unidade Deus-Homem (great cosmic blob); e da reunião apocalípitica do Homem a Deus no Reino de Deus na terra. Marx, é claro, 'ateizou' -- materializou, por assim dizer -- essas ideias legadas de Hegel, Plotino, Anabatistas e outros.
Temos aqui também grandes seções dedicadas a Ricardo, Jeremy Bentham (o Big Brother), James Mill, JB Say, e toda a tradição laissez-faire francesa.
Temos aqui também grandes seções dedicadas a Ricardo, Jeremy Bentham (o Big Brother), James Mill, JB Say, e toda a tradição laissez-faire francesa.
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