On Classical Economics

Synopsis

The classical period in economics is an important chapter in intellectual history, yet the myths and stereotypes of later eras have clouded the picture of who the classical economists were and what exactly they proposed. This book critically examines the analysis and methods of this era in the development of economics. Along the way, Thomas Sowell explores broader questions that shed light on the relation of classical economics to modern economics and to the history of ideas in general. The book lays a foundation with a general survey of the macroeconomics, microeconomics, social philosophy, and methodology of the classical economists. Sowell then presents a searching examination of three economists who were partly within and partly outside the classical tradition: J. C. L. Simonde de Sismondi, a neglected pioneer in the development of equilibrium income theory; John Stuart Mill and his enigmatic role in the development of economics; and Karl Marx, the last major economist to write within the general classical framework. Sowell closes the book with reflections on the cultural matrix of economics and the significance of the contributions and controversies of the classical era.