Economic Doctrine and Method: An Historical Sketch

Almost every aspect of economics now rejoices in an ample literature, but there remains a curios shortage of competent books on the history of economic thought. It is for this reason amongst others that the late Professor Schumpeter’s brilliant early treatment of the development of Economic ideas is so highly valued.

This classic little book is divided into four sections: the first chapter gives a broad survey of economic thought from the days of Aristotle to the beginnings of modern times, the second chapter traces the development of the conception of the circular flow of economic forces, the third deals with the main theorems of the classical flow of economists, and the fourth chapter describes the genesis of the school of marginal utility.

Joseph Aloïs Schumpeterwas an Austrian political economist. He briefly served as Finance Minister of Austria in 1919. In 1932, he became a Professor at Harvard University where he remained till the end of his career. Schumpeter was one of the most influential economists of the 21st century, and popularized the term “creative destruction” in economics.