History of Economic Thought

History of Economic Thought

Language: English

Pages: 400

ISBN: 0745303013

Format: PDF / Kindle (mobi) / ePub


An important work, which situates Marx's economic thought in relation to the economic theories which predate him - from mercantilism to John Stuart Mill.

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increase the nation's stock of money, trade was understood to be above all the exchange of a product, or use value, for money, or exchange valued With North the concept of trade is something different, being an exchange of certain products for others\ foreign trade, then, is an exchange of the produce of one nation for that of another, to their common benefit In this exchange, money functions simply as a medium, ' Gold and Silver , and, out of them, Money, are nothing I but the Weights and

feared) the hated mercantilist policy of promoting trade andindustry^ atthe_expense of agriculture With the overthrow or undermining of the monarchy (coupled with a stronger political role for the gentry or the urban bourgeoisie) threatening the Physioctatic programme with total failure, there was nothing left for the Physiocrats to do but to invest all their aspirations in the absolute monarchy and declare themselves its upholders When the Physiocrats expressed their support fot keeping the

every year; the idea that the national product is distributed amongst individual social classes— : every one of these fundamental ideas of Classical political economy, which were to be further developed by Smith and Ricardo, belongs to •Quesnay The individual errors in, and clumsiness of the Tableau Econofftique notwithstanding, the theory of social reproduction that Quesnay created all by himself can on the whole be said to be the most i mature and thoroughly thought out of his creations Its

commodity (i.e., with 'labour purchased'); the confusion, of the 'materializedlabour purchased' with the 'living labour purchased'; finally, the confusion of the objective quantity of labour with the total subjective effort and exertion—these conceptual confusions are the price that Smith had to pay for having directed his investigation along the methodologically false path of looking for a measure of value, Thus far we have been discussing Smith's doctrine of the measure of value Parallel with

the other Ibid Book I Ch 5. p 50 Ibtd Book I Ch 5 p 50 The passages quoted in this paragraph are all from ibid Book I, Ch 5 pp 49-50 Rubin's italics, Ibid, Book I Ch 8 P 82 Rubin s italics ibid, Book 1, Ch 6 p 65 The discussion to which Rubin is referring appears in Book I, Ch 7 p, 72: Ihese ordinary or average rates may be called the natural rates of wages profit and rent at the time and place in which they commonly prevail When the price of any commodity is neither more nor less than what is

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