The Evolution of Modern Economic Theory
When the organisers of this colloquy asked me to give a general address on Western conceptions of the present state of economic theory, I confess I felt daunted. I was daunted in the first place by the nature of the subject: in any survey of so extensive a field, the problems where to begin, what to include, what to leave out, are indeed problems which should inspire apprehension, even in the breast of the most self-confident. But I was daunted, too, by a more delicate problem. Here we were to sit round this table, met together in an attempt to create mutual understanding of positions which certainly in the past have been assumed to be very far apart. How could I present in short compass the general background of thought of those of us on this side without introducing irrelevant issues or appearing to be needlessly provocative? Yet how could I avoid these dangers without running the risk of insufficient candour, of all things least desirable in an exchange of this sort? I admit I found this very perplexing.
KeywordsPure Theory Factor Service Monetary Theory Investment Period International Trade Theory
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