A History of Economic Theory and Method

Economics studies human behavior within the context of markets. Contemporary economic theory has developed from the contributions of myriad thinkers over its history. Ekelund and Hébert catalog the ideas of these pioneers and extract the lessons within the theories, assessing their importance and subsequent impact. They present an in-depth survey of the complete range of mainstream economic ideas from ancient times to the present, illustrating the broad scope and remarkable continuity of economic analysis throughout the ages. Economic theories have a life of their own; the study of their development is meaningful and fruitful for gaining a better understanding of contemporary economics. Outstanding features: 1) explores the nature, scope, and method of economic inquiry creatively; 2) presents abstract theory in a comprehensible historical context; 3) uncovers the thought processes of the great minds in economics; 4) emphasizes continuity and consensus in the evolution of mainstream economic theory, yet does not eschew alternative points of view; 5) explores the past for lessons that might be learned or insight gained in the present; 6) provides a feel for the kinds of ideas that have staying power; and 7) underscores key ideas impacting contemporary thought and practice.