By Alexander Gray
Alexander grey used to be a British economist with a very willing appreciation of the Austrian contribution to the historical past of principles. As with others of his new release, he was once tremendous well-educated and a superb stylist of the English language. Even by way of criteria of his time, Professor grey excelled extensive of study and readability of prose, and his vintage treatise at the background of rules is a main instance: it's a genuine web page turner from first to final.
It used to be released in 1934, so the narrative is spared the intended ideas of Lord Keynes. it's because the publication is termed the "development" of economics: it was once written prior to the foremost setback. in truth, Austrians will thrill to come across this potent paintings for the 1st time, on the grounds that he not just treats the Austrians at size; he regards their paintings because the very fruits of all good stuff that got here before.
The lifestyles of this treatise by myself is sufficient to determine what's occasionally disputed at the present time: the Austrians have been squarely within the mainstream of financial inspiration ahead of the Keynesian revolution while fallacy triumphed fact.
Gray's paintings is as discovered because it is captivating, a romp via highbrow historical past with a very British flare for the ironic flip of word. This ebook is sensible, witty, and penetrating on each web page.
384 pages, paperback
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Extra resources for The Development of Economic Doctrine: An Introductory Survey
Sample text
No less significant is his suggestion to raise a capital sum to provide accommodation for merchants and shops and houses for retail dealers. Equally enlightened is his contention that it is the cities which have been longest at peace that have been most prosperous; despite the booty of war, it is in peace that wealth is accumulated; it is in war-time that it is spent. More curious are the views expressed by Xenophon with regard to silver-mining. Here, with grotesque overstatement, is an industry following the Law of Increasing Returns; the greater the number of people employed, the m0re prolific becomes the ore.
He may therefore be given the use of a house, and at the end of the period he rnay properly be expected to return the house in its original condition. Putting it in a manner more germane to the controversy, it is possible to sell a house, and it is possible to sell the use of a house, since they are distinct; but it is not possible to sell bread and the use of bread, since the sole purpose of bread is to be consumed. Come now to money, and invoke Aristotle's definition of money. Money exists for the purpose of effecting exchanges.
If we turn to the exponents of mediaeval thought, we find above all two dominant influences. The one is the authority of Aristotle; the other is seen in the transformation of values effected by Christianity, as found expounded not only in the original sources of the Christian religion, but also in the writings of the early Christian Fathers. The Bible, Aristotle, and the Christian Fathers are the authorities to whom St. Thomas turns with equal reverence, and there is much to be said for the old view that what the angelic doctor aimed at was a synthesis of Christianity and Aristotelian doctrine.
The Development of Economic Doctrine: An Introductory Survey by Alexander Gray
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