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An upper-level text, History of Economic Thought continues to offer a lively, accessible discussion of ideas that have shaped modern economics. The Fourth Edition has been thoroughly revised to reflect recent scholarship and research, as well as a more pointed focus on modern economic thought. The text remains a highly understandable and opinionated--but fair--presentation of the history of economic thought.

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• Note: Each chapter includes a Summary, Key Terms, Questions for Review and Discussion, and Suggested Readings
• 1 Introduction The Central Focus of Modern Economic Thought
• Our Approach to the History of Economic Thought
• The Role of Heterodox Economists
• The Problems of Presenting Diversity
• Methodological Issues
• Benefits to Be Gained from the Study of the History of Economic Thought
• Appendix for Chapter 1 The Profession of Economics and Its Methodology T
• he Spread of Economic Ideas
• The Evolution of Methodological Thought
• I Preclassical Economics
• 2 Early Preclassical Economic Thought
• Important Writers Some Broad Generalizations
• Non-Western Economic Thought
• Greek Thought
• Arab-Islamic Thought
• Scholasticism
• 3 Mercantilism, Physiocracy, and Other Precursors of Classical Economic Thought
• Important Writers Mercantilism Influential
• Precursors of Classical Thought
• Physiocracy Spanish Economic Thought
• II Classical Economic Thought, and Its Critics Important Writers
• 4 Adam Smith The Breadth of Adam Smith Smith's Analysis of Markets and Policy Conclusions
• The Nature and Causes of the Wealth of Nations
• International Trade Value Theory
• Distribution Theory
• Welfare and the General Level of Prices
• 5 Ricardo and Malthus David Ricardo--A Theorist's Theorist
• The Malthusian Population Doctrine Ricardo: Method, Policy, Scope Ricardo's Model Ricardo's Theory of Land Rent Ricardo's Value Theory
• Ricardian Distribution Theory
• Comparative Advantage
• Stability and Growth in a Capitalistic Economy
• 6 J.S. Mill and the Decline of Classical Economics
• Post-Ricardian Developments J.S. Mill: The Background of His Thought Millian Economics
• 7 Karl Marx and His Critique of Classical Economics
• An Overview of Marx Marx's Economic Theories Marx's Analysis of Capitalism
• III Neoclassical Economic Thought and Its Critics
• 8 Jevons, Menger, and The Foundations of Marginal Analysis
• Important Writers Historical Links Jevons, Menger, and Walras
• Second-Generation Austrians
• 9 The Transition to Neoclassical Economics: Marginal Analysis Extended
• Important Writers Marginal Analysis Extended: The Second Generation
• Marginal Productivity Theory
• Profits and Interest
• 10 Alfred Marshall and Neoclassical Economics
• Marshall's Claim to Being the Father of Neoclassicism
• 11 Walras and General Equilibrium Theory
• Walras's General Equilibrium System Vilfredo Pareto
• 12 Institutional and Historical Critics of Neoclassical Economics
• Important Writers Methodological Controversy Thorstein Veblen Wesley Clair Mitchell John R. Commons John A. Hobson
• 13 Austrian Critique of Neoclassical Economics and the Debate about Socialism and Capitalism
• Important Writers Defining Capitalism and Socialism
• The Emergence of Capitalistic Thought
• The Evolution of Austrian Thought
• The Development of Socialist Economic Thought
• The Debate Concerning Economic Systems
• IV Modern Economics and Its Critics
• The State of Modern Economics
• The Structure of Part Four
• 14 The Development of Modern Microeconomic Theory
• Important Writers
• The Movement Away from Marshallian Economics
• The Formalist Revolution in Microeconomics
• Milton Firedman and the Chicago Approach to Microeconomics Problems with Modern Applied Economics
• A Comparison of Neoclassical and Modern Microeconomics
• 15 The Development of Modern Macroeconomic Thought
• Important Writers Historical Forerunners of Modern Macroeconomics
• Keynesian Macroeconomics
• Modern Macroeconomics
• 16 The Development of Econometrics and Empirical Methods in Economics
• Important Writers
• Empirical Economics
• Neoclassical Economics and Empirical Analysis
• Macroeconomics and Empirical Analysis
• The Rise of Econometrics
• The Fall from Scientific Grace of Macroeconomics
• Bayesian Econometrics
• Experimental Economists
• 17 The Development of Modern Heterodox Economic Thought
• Important Writers Radicals Modern Institutionalists, Quasi-Institutionalists, and Neoinstitutionalists
• Quasi-Institutionalists
• Neoinstitutionalists
• Post-Keynesians Public Choice Advocates
• Austrian Economics Other Heterodox Economic Groups