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Reconceptualizing Classical Economics
2007From the point of view of method and analytical structure, classical political economy provides the most clear-cut alternative to neoclassical economics. The central distinction between classical and neoclassical theory has to do with the way in which the former attempts to account for the reproduction of the economy through time.
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Turgot: Founder of Classical Economics
Economica, 1987A. R. J. Turgot's capital theory is rightly famous. This paper argues that his contribution to distribution theory should also be recogniz ed as a major achievement. The interest rate (or profit rate) is equa lized between different activities and governed by returns at the agr icultural margin (intensive and extensive). Returns decrease as the m argin
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As the first comprehensive treatment of Classical economics from a modern Austrian perspective, this important history of nineteenth century economic thought discusses the key members of each school and reassesses their work. Professor Rothbard’s approach offers new perspectives on both Ricardo and Say and their followers.
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