Read e-book online Economic doctrine and method: An historical Sketch PDF

By Joseph Alois Schumpeter

ISBN-10: 0415313899

ISBN-13: 9780415313896

Street survey of financial proposal from the times of Aristotle to the beginnings of contemporary instances, it strains the improvement of the belief of the round move of financial forces and covers the most theorems of the classical economists.

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36 ECONOMIC DOCTRINE AND METHOD and happily adapted them to German needs, recognizing with unfailing vision what was viable in them, but he created nothing new himself. It is remarkable how meagre the literature of France was before the Physiocrats appeared upon the scene. It would almost appear as if the Government which in France also limited the chances of the development of economic discussions by depriving them of their practical purpose did not have the will to do things as well as possible and to train for this purpose a staff of teachers as Prussia had done in particular.

It was, however, the Physiocrats or 'Economists' who made the great breach, through which lay all further progress in the field of analysis, by the discovery and intellectual formulation of the circular flow of economic life. This is not to say that the fact itself in its popular meaning—the periodical sowing and harvesting for instance—could ever have been unknown, but here we are concerned with the economic sense and the economic formulation of the phenomenon: the task was to ascertain how each economic period becomes the basis for the subsequent one, not only in a technical sense but also in the sense that it produces exactly such results as induce and enable the members of the economic community to repeat the same process in the same form in the next economic period; how economic production comes about as a social process, how it determines the consumption of every individual and how the latter in its turn determines further production, how every act of production and consumption influences all other acts of production and consumption, and how, as it were, every element of economic energy completes a definite route year in year out under the influence of definite motive forces.

Clearly bearing in mind the state of affairs in our field at about 1750 we realize that we feel ourselves nowhere else in economic literature so near to creative genius as when we regard the conception of this work alone which, as Madame Pompadour correctly predicted, would appear to most critics at best as a harmless intellectual toy. The zeal of the disciples tried to counteract the complete lack of understanding with which the Tableau' was met. Above all we THE CIRCULAR FLOW OF ECONOMIC LIFE 45 must mention here Le Trosne (De Vordre social, 1777), Baudeau {Premiere introduction à laphilosophie économique, 1771), in the third place Lemercier de la Riviere (JOordre naturel et essential des sociétés politiques, 1767),finally,Dupont de Nemours (Physiocratie ou constitution naturelle du gouvernement leplus avantaguex au genre humain, 1767).

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Economic doctrine and method: An historical Sketch by Joseph Alois Schumpeter

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