A History of Economic Thought: The LSE Lectures / Edition 1

by Lionel Robbins, Steven G. Medema, Warren J. Samuels, William J. Baumol

Overview

Lionel Robbins's now famous lectures on the history of economic thought comprise one of the greatest accounts since World War II of the evolution of economic ideas. This volume represents the first time those lectures have been published.


Lord Robbins (1898-1984) was a remarkably accomplished thinker, writer, and public figure. He made important contributions to economic theory, methodology, and policy analysis, directed the economic section of Winston Churchill's War Cabinet, and served as chairman of the Financial Times. As a historian of economic ideas, he ranks with Joseph Schumpeter and Jacob Viner as one of the foremost scholars of the century. These lectures, delivered at the London School of Economics between 1979 and 1981 and tape-recorded by Robbins's grandson, display his mastery of the intellectual history of economics, his infectious enthusiasm for the subject, and his eloquence and incisive wit. They cover a broad chronological range, beginning with Plato, Aristotle, and Aquinas, focusing extensively on Adam Smith, Thomas Malthus and the classicals, and finishing with a discussion of moderns and marginalists from Marx to Alfred Marshall. Robbins takes a varied and inclusive approach to intellectual history. As he says in his first lecture: "I shall go my own sweet way—sometimes talk about doctrine, sometimes talk about persons, sometimes talk about periods." The lectures are united by Robbins's conviction that it is impossible to understand adequately contemporary institutions and social sciences without understanding the ideas behind their development.


Authoritative yet accessible, combining the immediacy of the spoken word with Robbins's exceptional talent for clear, well-organized exposition, this volume will be welcomed by anyone interested in the intellectual origins of the modern world.

Product Details

ISBN-13:	9780691070148
Publisher:	Princeton University Press
Publication date:	11/05/2000
Edition description:	New Edition
Pages:	408
Product dimensions:	6.00(w) x 9.10(h) x 1.00(d)

About the Author

Lionel Robbins taught at the London School of Economics from 1929 to 1961, directed the economic section of the British War Cabinet during World War II, and served as Chairman of the Financial Times from 1961 until 1970. His best known work is An Essay on the Nature and Significance of Economic Science. He became a life peer in 1959 and a Companion of Honour in 1968. Steven G. Medema is Professor of Economics at the University of Colorado at Denver. He is the editor of the Journal of the History of Economic Thought, author of Ronald H. Coase, and the coauthor, with Nicholas Mercuro, of Economics and the Law (Princeton). Warren J. Samuels is Professor of Economics at Michigan State University. He is the author of The Classical Theory of Economic Policy and The Economy as a Process of Valuation and coedits Research in the History of Economic Thought and Methodology with Jeff E. Biddle.

Table of Contents

List of Figures
Foreword
Introduction
A	Anticipations	3
Lecture 1	Introduction - Plato	5
Lecture 2	Plato and Aristotle	16
Lecture 3	Aquinas and the Scholastics	26
Lecture 4	Pamphleteers - Money (Oresme, Bodin, "W.S.")	35
Lecture 5	Pamphleteers - Mercantilism (Malynes, Misselden, Mun)	46
Lecture 6	Sir William Petty	55
Lecture 7	Child and Locke (Interest)	66
B	Emergence of Systems	75
Lecture 8	Cantillon	77
Lecture 9	Cantillon (cont.) - Physiocracy	86
Lecture 10	Physiocrats - Turgot	95
Lecture 11	Locke and Hume on Property - Hume on Money	104
Lecture 12	Hume on Interest and Trade - Precursors of Adam Smith	114
Lecture 13	General Survey of Smith's Intentions - The Wealth of Nations: Analytical (I)	125
Lecture 14	The Wealth of Nations: Analytical (II)	133
Lecture 15	The Wealth of Nations: Analytical (III) - Policy (I)	143
Lecture 16	The Wealth of Nations: Policy (II)	153
C	Nineteenth-Century Classicism	165
Lecture 17	General Review - Malthus on Population	167
Lecture 18	Value and Distribution: Historical Origin - Analytical (I)	176
Lecture 19	Value and Distribution: Analytical (II)	185
Lecture 20	Value and Distribution: Analytical (III)	192
Lecture 21	Overall Equilibrium	201
Lecture 22	International Trade	210
Lecture 23	John Stuart Mill	219
D	Other Mid-Nineteenth-Century Thought	229
Lecture 24	Mill (cont.) - Saint-Simon and Marx	231
Lecture 25	Marx (cont.) - List and the Historical School	238
E	Beginnings of Modern Analysis	247
Lecture 26	The Historical School (cont.) - Precursors of Change: Cournot, von Thunen, and Rae	249
Lecture 27	The Marginal Revolution (I): Jevons	258
Lecture 28	The Marginal Revolution (II): Jevons and Menger	268
Lecture 29	The Marginal Revolution (III): Costs (Wieser) - The Pricing of Factor Services (Wieser, Clark, Wicksteed)	277
Lecture 30	Capital Theory: Bohm-Bawerk and Fisher	285
Lecture 31	Walras - Pareto	295
Lecture 32	Marshall	303
Lecture 33	Money: Fisher, Marshall, Wicksell	312
App. A	Robbins' Reading List	321
App. B	Robbins' Writings in the History of Economic Thought	331
References	337
Index	355

What People are Saying About This

William J. Baumol

Anyone reading these lectures can,and surely will,admire their style,the range of material they cover,the dazzling intellectual brilliance,and the stimulation they provide.

From the Publisher

"Anyone reading these lectures can, and surely will, admire their style, the range of material they cover, the dazzling intellectual brilliance, and the stimulation they provide."—From the foreword by William J. Baumol, New York University

Editorial Reviews

"These lectures reflect Robbins' two personae—the scholarly exponent of the centuries of economic thought and the passionate advocate of classical liberalism. A decisive part of his intellectual armoury was his often elegant, classical spoken English, which evoked a mixture of awe and wonder. In his LSE lectures, which he may have felt were his last epistles to posterity, the language is more informal, sometimes, colloquial, even unfamiliarly conversational."—-Arthur Seldon, Times Literary Supplement

"Robbins obviously loved the history of economic thought, but the passion that shows through on each page of this book is more than a passion for the history of economics. Robbins loved the discipline of economics itself, and the lectures reflect the gusto with which he had spent his life pursuing its mastery."—-Bradley W. Bateman, EH.NET

From the Publisher

"For anyone who has taught a course in the history of economic thought or who has more than a passing interest in the field, this book will be a delight."

Choice

Robbins obviously loved the history of economic thought, but the passion that shows through on each page of this book is more than a passion for the history of economics. Robbins loved the discipline of economics itself, and the lectures reflect the gusto with which he had spent his life pursuing its mastery.

EH.NET - Bradley W. Bateman

These lectures reflect Robbins' two personae—the scholarly exponent of the centuries of economic thought and the passionate advocate of classical liberalism. A decisive part of his intellectual armoury was his often elegant, classical spoken English, which evoked a mixture of awe and wonder. In his LSE lectures, which he may have felt were his last epistles to posterity, the language is more informal, sometimes, colloquial, even unfamiliarly conversational.

Times Literary Supplement - Arthur Seldon

Robbins obviously loved the history of economic thought, but the passion that shows through on each page of this book is more than a passion for the history of economics. Robbins loved the discipline of economics itself, and the lectures reflect the gusto with which he had spent his life pursuing its mastery.
— Bradley W. Bateman

EH.NET

These lectures reflect Robbins' two personae—the scholarly exponent of the centuries of economic thought and the passionate advocate of classical liberalism. A decisive part of his intellectual armoury was his often elegant, classical spoken English, which evoked a mixture of awe and wonder. In his LSE lectures, which he may have felt were his last epistles to posterity, the language is more informal, sometimes, colloquial, even unfamiliarly conversational.
— Arthur Seldon

Times Literary Supplement

The book . . . is filled with insights. . . . The editors, in order to retain to the fullest the inimitable flavor of Robbins' personality, have wisely not tidied up the text. . . . [They] deserve high praise for making these fine lectures available.

Mises Review

As the 20th century draws to a close, the history of economic thought is beginning to look different, and the publication of Lionel Robbins's London School of Economics lectures on the subject will contribute to this process of rethinking. . . . A welcome relief from the ponderousness of many volumes on this subject.

Virginia Quarterly Review

These lectures reflect Robbins' two personae - the scholarly exponent of the centuries of economic thought and the passionate advocate of classical liberalism. A decisive part of his intellectual armoury was his often elegant, classical spoken English, which evoked a mixture of awe and wonder. In his LSE lectures, which he may have felt were his last epistles to posterity, the language is more informal, sometimes, colloquial, even unfamiliarly conversational.
— TLS

Arthur Seldon

Robbins taught at the London School of Economics (LSE) from 1929 to 1961, directed the economic section of the British War Cabinet during World War II, and served as chair of the Financial Times from 1961 until 1970. In 1980, he began a series of 33 lectures at LSE in which he discussed the history of economic thought, from Plato and Aristotle to Alfred Marshall and John Maynard Keynes, and the intellectual and practical errors associated with its development. With a profound sense of humor and highly engaging anecdotes, this master teacher provided an unusual opportunity to discover not only the ideas but also the very different frames of reference that inspired the contributions of these great minds to our present understanding of economics. Essential reading for instructors, students, and practitioners alike, this is highly recommended for both academic and public libraries.--Norman B. Hutcherson, Beale Memorial Lib., Bakersfield, CA

Library Journal