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Evolution of Economic Thought

Evolution of Economic Thought - 7th edition

ISBN13: 978-0324321456

Cover of Evolution of Economic Thought 7TH 07 (ISBN 978-0324321456)
ISBN13: 978-0324321456
ISBN10: 0324321457

Cover type: Paperback
Edition: 7TH 07
Copyright: 2007
Publisher: South-Western Publishing Co.
Published: 2007
International: No

List price: $325.00

Evolution of Economic Thought - 7TH 07 edition

ISBN13: 978-0324321456

Stanley Brue and Randy Grant

ISBN13: 978-0324321456
ISBN10: 0324321457

Cover type: Paperback
Edition: 7TH 07
Copyright: 2007
Publisher: South-Western Publishing Co.
Published: 2007
International: No

The Seventh Edition of THE EVOLUTION OF ECONOMIC THOUGHT presents the history of economics and the philosophies that drive the economic way of thinking. It stresses the importance of understanding contemporary economics, by grasping new ideas, evidence, problems and values that call for reconsideration of basic disputes and major contributions of the past. The textbook explains the ideas of the great economic thinkers and their logical connections to the world of today and tomorrow. Updated pedagogical features provide clear insight into issues like antitrust perspectives and game theory. Introducing ideas like Robert Solow's pioneering model to discuss recent renewed emphasis on growth theory and technological change, the author sheds historical light on modern debates and thoughts. Stanley Brue and Randy Grant carry on the legacy of Jacob Oser, the book's creator, by offering a scholarly and timely presentation of the history of economic thought.


  • NEW! New Featured Economist: Chapter 20 now includes a section on Amartya Sen and his contributions to social choice theory and the economics of inequality.
  • NEW! New Past as Prologues: These sections have been updated to reflect developments and/or recognition in the field since the last edition. They include: Franklin and Bastiat on Opportunity Cost (Chapter 13), Rational Economic Behavior and Prospect Theory (Ch. 15), Advances in Econometrics (Ch. 18), The Mundell-Fleming Contribution to IS-LM (Ch. 22), and Human Capital Formation? Or Signaling and Screening? (Ch. 24).
  • NEW! Product Web Site: A dedicated web site has been created for the 7th edition. Instructors will find bonus chapters on economic thought before 1500, new economic contributors, and links to other history of economic thought web sites.
  • Five Major Questions: Each important school of economic thought is introduced with Five Major Questions that when answered provide a concise summary of each school. This presentation of economic thought helps students retain the information.
  • The book maintains a strong treatment of economic theory while offering a liberal arts approach to expanding students' historical understanding.
  • Past as Prologue: Pedagogical elements like "Past as Prologue" boxes involve original ideas and their impact on subsequent economics theory, issues or events and offer students thought-provoking interpretations of their own knowledge.
  • Study Questions: Found at the end of each chapter, these questions review the chapter content, entice students to "stretch" their understanding, and interconnect past, present, and upcoming material.

Table of Contents

1. Introduction and Overview.
2. The Mercantilist School.
3. The Physiocratic School.
4. The Classical School- Forerunners.
5. The Classical School- Adam Smith.
6. The Classical School- Thomas Robert Malthus.
7. The Classical School- David Ricardo.
8. The Classical School- Bentham Say, Senior, and Mill.
9. The Rise of Socialist Thought.
10. Marxian Socialism.
11. The German Historical School.
12. The Marginalist School- Forerunners.
13. The Marginalist School- Jevons, Menger, von Wieser, and von Böhm-Bawerk.
14. The Marginalist School- Edgeworth and Clark.
15. The Neoclassical School- Alfred Marshall.
16. The Neoclassical School- Monetary Economics.
17. The Neoclassical School- The Departure from Pure Competition.
18. Mathematical Economics.
19. The Institutionalist School.
20. Welfare Economics.
21. The Keynesian School- John Maynard Keynes.
22. The Keynesian School- Developments Since Keynes.
23. Theories of Economic Growth and Development.
24. The Chicago School - The New Classicism.
25. Concluding Thoughts.