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The history of economic thought

In: Entrepreneurship and the Market Economy

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Abstract

This chapter examines the antecedents of the theory set out in the previous chapters. It begins with eighteenth century economic literature and tracks the literature down to the present. It focuses on the views of leading economists, identifying antecedents of the ideas presented in this book. It also identifies some unfortunate turns that were taken in the analysis of entrepreneurship, and market behaviour in general. It argues that Marshall’s presentation of his partial equilibrium analysis has led to a mistaken emphasis on ‘markets forces’ operating through demand and supply and has distracted attention from the role of markets in the maximisation of the gains from trade.

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  • ., 2024. "The history of economic thought," Chapters, in: Entrepreneurship and the Market Economy, chapter 11, pages 248-272, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:23690_11
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    File URL: https://www.elgaronline.com/doi/10.4337/9781035341542.00020
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