The history of economic thought

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Chapter 11 in Entrepreneurship and the Market Economy, 2024, pp 248-272 from Edward Elgar Publishing

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.

Keywords: Business and Management; Economics and Finance (search for similar items in EconPapers)
Date: 2024
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Citations: View citations in EconPapers (1)

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