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In the late 1970s Paul Samuelson drafted the outline of a paper, never published, with a critical assessment of the theoretical innovations of postwar development economics. He found it a “vital” but essentially “not tractable” subject, with a “voluminous” and “repetitive” literature. This...
Neoclassical price theory was founded on axioms of price-taking behavior and the law of one price in a market, axioms inconsistent with a theory of endogenous price discovery in markets. Classical economists including Adam Smith narrated a price discovery process based on buyer and seller...
The aim of this article is to probe the connections between two key fields of knowledge of the French Enlightenment: political economy and natural history. It does so by analyzing the uses of reproduction, a term that eighteenth- century political economists imported from natural history. While...
Harold Hotelling’s 1931 article on the economics of exhaustible resources is considered groundbreaking in the history of nonrenewable resource analysis. Hotelling’s innovation has been characterized by comparing his work with other contributions dealing with conservation issues. It has also been...
This article attempts to illustrate the interrelations between theory and history in John Stuart Mill’s political economy. Mill follows a stages theory from the tradition of the Scottish historical school and viewed history as an essential part in understanding economic phenomena. The article...
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