History of economic thought

International audienceThe chapter provides an overview of the main areas of research in history of economic thought, that correspond to a classic division of phases of development of the economics discipline from its origins to its present state. Following the Journal of Economic Literature classification, the evolution of economics is subdivided into two phases—namely, history of economic thought through 1925 and since 1925; a shorter third part on recent developments is added to this basic scheme. Focus is on what each period contributed to the study of three foundational issues in economics, namely, the theory of individual economic behavior, the market mechanism as a coordinating device, and the respective roles of markets and governments in the regulation of economic systems. Reflection on these issues has progressively formed economists’ understanding of society and has then been extended to a broad range of social phenomena, from monetary and financial matters to health and the environment. These very issues have been the object of major controversies that have divided economists into different schools and have ultimately shaped the history of the discipline. In outlining these developments, similarities and differences between past and present theories are emphasized

Thirty years of research in the history of Islamic economic thought:Assessment and future directions

The present paper examines and evaluates research experiences in the area of the history of Islamic economic thought during the last 30 years with the objective to see the pace of research and its coverage, both author-wise and idea-wise, and to determine the future research agenda in the light of the past progress and trends of the literature. The paper begins with a brief survey of the early literature on the history of Islamic economic thought, prior to 30-years, to provide a background. Then it studies and evaluates the research during the last thirty years, 1976-2006. It finds that hitherto the research in the history of Islamic economic thought has been language, region and period specific – Arabic, the Middle East and up to 9th/15th century respectively. More attention has been paid to write on economic thought of few personalities than others. The situation is still worse in case of idea-wise research. However, this literature has exerted some effects on scholars of the main stream economic thought and a few of them are trying to rehabilitate it in the main body of economic thought. At the end, the paper emphasizes on need for intensive and extensive research to include more personalities, ideas, periods, languages and regions and to write a systematic history of the subject.Economic Thought, History of islamic Economic Thought

Why Teach History of Economic Thought Today?

Shorter undergraduate studies, increasing specialization and the priority of applied research in Economics represent threats for the History of Economic Thought (HET) as an integral part of the training of young economists. There are mostly sociological arguments to reduce or eliminate HET courses and contents to which we try to respond in this text. We advance that HET allows developing valuable skills that might help overcome the criticisms against Economics due to its alleged incapacity to offer solutions in times of crisis and to its fascination with quantification and technique. In this context, HET appears as a space for thought, self-criticism and introspection in which new economists may understand that Economics is a process and not a product giving them the abilities necessary to participate in the extended present of their discipline.history of economic thought, teaching in economics, economic theory

An Investigation into the Economic Thought of Medieval Arab-Islamic Scholars and Enlightenment Philosophers

This student-faculty collaborative research project focused on the contributions to economic thought of two distinct groups: medieval Arab-Islamic scholars and Enlightenment philosophers. The primary goal of the project was to generate two new chapters to supplement the Evolution of Economic Thought text. It looked to answer the research question, “How did the intellectual activity of medieval Arab-Islamic scholars and Enlightenment philosophers reflect and/or contribute to the development of modern economic thought?” The medieval Arab-Islamic chapter produced findings including a centrality of religion to economic life, the importance of specialization for increased efficiency, and an understanding of just price. Ibn Khaldūn, a prominent scholar of the medieval Arab-Islamic era, recognized a need for the division of labor, as individuals lack the capability of providing sufficient goods on their own to subsist. A holistic approach to thinking and an emphasis on rational methodology and objectivity were major contributions from the research on Enlightenment philosophers. Thomas Hobbes’s social contract theory is a philosophical idea that underlies modern economic theory, discussed at length in the Enlightenment chapter. Both chapters will be accessible online and available for instructors to use separately or in conjunction with existing online chapters as precursors to the main, physical text

Pareto on the History of Economic Thought as an Aspect of Experimental Economics

The reasons for studying the history of economic thought are diverse. The extreme range of reasons include suggestions that research in this field is: a way of passing time on an intellectual curiosity; an investment in human capital which contributes to a more profound understanding of modern economic theory; an activity of historical interest only, totally devoid of concern with the purely scientific merits of theories; or a subject for sociologists intent on understanding the culture of science and how this has influenced the evolution of scientific knowledge. Interestingly, Pareto had a well developed idea of the scientific reasons for undertaking histories of economic thought, which he saw as an aspect of “experimental economics”. This paper investigates how, and why, Pareto incorporated the history of economic thought as a central element of experimental economics. His approach to the history of economics is shown to be historical, albeit in a limited sense, and non-historical, in the sense that it provided data for the development of experimental hypotheses and theory pertaining to the sociological part of the economic phenomenon.Exegesis, experimental economics, history of economic thought, Pareto

[Review of] Patricia Hill Collins. Fighting Words: Black Women & The Search For Justice

Collins\u27 Fighting Words builds on her previous work, Black Feminist Thought, as she explores standpoint theory and the outsider within position and their usefulness for Black feminist thought. She structures her analysis by critiquing its effectiveness as critical social theory. For Collins, Critical social theory constitutes theorizing about the social in defense of economic and social justice. Because African American women and other oppressed groups seek economic and social justice, she posits that their social theories may generate new perspectives on injustice

THEORETICAL GROUNDS FOR SOME MAIN ISSUES OF THE INTEGRATED EUROPE AND OF THE KNOWLEDGE BASED ECONOMY IN THE ROMANIAN ECONOMIC THOUGHT

Paper underlines some essential elements of the economic thought of some most important Romanian economists of the 20th century, reconsidering them in the actual European knowledge society.Methodologically, the paper resorts to the roots of the genuinemarket liberalism, productivity, ecological economy, Romanian economic thought