Advertisement

How We Got to Where We Are Today: A Brief History of Economic Thought and Its Paradoxes

  • Charles A. S. Hall
  • Kent Klitgaard
Chapter

Abstract

This chapter assesses earlier economic theories from an energy perspective, where that is possible. We also make the case that although economics has not dealt with energy very explicitly, the discipline has addressed many other important issues that help us today to understand just how energy operates within economies as well as provide a number of interesting and important perspectives on economies that are not related to energy. The purpose of this chapter and the next three is to utilize the insights and the methods of prior economic schools of thought to build a new theory that explains actual economies much better while addressing energy and biophysical limits to human activity far more explicitly than does mainstream theory.

References

  1. 1.
    Polanyi, K., C. Arensberg and H. Pearson (eds) 1957. Trade and Market in the Early Empires: economies in history and theory. Glencoe: Free Press.Google Scholar
  2. 2.
    Heinberg, R. 2003. The party’s over. B. C. Canada: New Society Publishers, Gabroiola Island.Google Scholar
  3. 3.
    Foster, John Bellamy, and Fred Magdoff. 2009. The great financial crisis. New York: Monthly Review Press.Google Scholar
  4. 4.
    This chapter heading is taken from Sweezy, Paul. 1953. The present as history. New York: Monthly Review Press.Google Scholar
  5. 5.
    Rubin, I.I. 1979. A history of economic thought. London: Pluto Press.Google Scholar
  6. 6.
    Rubin, p. 73.Google Scholar
  7. 7.
    Rubin, p. 75.Google Scholar
  8. 8.
    Graeber, David. 2014. Debt: The first 5000 years. Brooklyn/New York: Melville House.zbMATHGoogle Scholar
  9. 9.
    Daly, Herman. 1998. The return of the Lauderdale paradox. Ecological Economics 25: 21–23.CrossRefGoogle Scholar
  10. 10.
    Foster, John Bellamy, Brett Clark, and Richard York. 2010. The ecological rift. New York: Monthly Review Press.Google Scholar
  11. 11.
    Smith, Adam. 1923. An inquiry into the nature and causes of the wealth of nations, 17. New York: Modern Library.Google Scholar
  12. 12.
    Adam Smith. 1923. p. 47.Google Scholar
  13. 13.
    Ricardo, David. 1962. Principles of political economy. Cambridge: Cambridge University Press.Google Scholar
  14. 14.
    Mill, John Stuart. 2008. Principles of political economy. Oxford: Oxford University Press.Google Scholar
  15. 15.
    Dobb, Maurice. 1975. Theories of value and distribution since Adam Smith. Cambridge: Cambridge University Press.Google Scholar
  16. 16.
    Malthus, Thomas. 1960. Principles of population. New York: Dutton. p. 128.Google Scholar
  17. 17.
    Heilbroner, Robert L. 1953. The Worldly Philosophers: The Lives, Times And Ideas Of The Great Economic Thinkers. Touchstone. Google Scholar
  18. 18.
    Marx, Karl. 1976. Capital. Vol. I. London: Penguin Books.Google Scholar
  19. 19.
    Karl Marx and Frederick Engels. 1848. The communist manifesto. Google Scholar
  20. 20.
    Tucker. 1978.Google Scholar
  21. 21.
    Malm, Andreas. 2016. Fossil capital. London: Verso.Google Scholar
  22. 22.
    Marx, Karl. 1941. Critique of the Gotha program. London: Lawrence and Wishart.Google Scholar
  23. 23.
    Engels, Frederick. 1940. The dialectics of nature. New York: International Publishers.Google Scholar
  24. 24.
    Sweezy, Paul. 1942. Theory of capitalist development. New York: Monthly Review Press.Google Scholar
  25. 25.
    Marx. 1976. pp. 925–926.Google Scholar
  26. 26.
    Solow, quoted in Perelman. 2006. Railroading economics. New York: Monthly Review Press.Google Scholar
  27. 27.
    Michel DeVroey. 1975. The transition from classical to neoclassical economics. Journal of Economic Issues. 9:415439 Google Scholar
  28. 28.
    Passinetti, Luigi. 1979. Lectures on production. London: Palgrave Macmillan.Google Scholar
  29. 29.
    Klitgaard, Kent. 2009. Time for a change in economic theory. Proceedings of the 61st Annual Convention of the New York State Economics Association I: 5463.Google Scholar
  30. 30.
    Mirowski, Philip. 1989. More heat than light. Cambridge: Cambridge University Press.CrossRefGoogle Scholar
  31. 31.
    Cleveland, CJ, R. Costanza, C.A.S. Hall, and R. Kaufmann. 1984. Energy and the United States economy: A biophysical perspective. Science 225: 890–897.Google Scholar
  32. 32.
    Kummel, R. 1989. Energy as a factor of production and entropy as a pollution indicator in macroeconomic modeling. Ecological Economics 1(1): 161180.Google Scholar
  33. 33.
    Robinson, J. 1939. Introduction to the theory of employment. London: Macmillan.Google Scholar
  34. 34.
    Jevons, W.S. 1865. The coal question: An inquiry concerning the progress of the nation and the probable exhaustion of our coal mines. MacMillan and Company, London and Cambridge.Google Scholar
  35. 35.
    Marx, Karl. 1993. Capital. Vol. III. London: Penguin Books.Google Scholar
  36. 36.
    Roser, M. 2017. ‘The short history of global living conditions and why it matters that we know it’. Published online at OurWorldInData.org . Retrieved from: https://ourworldindata.org/a-history-of-global-living-conditions-in-5-charts/ [Online Resource]
  37. 37.
    Alfred Marshall. 1890. Principles of economics. zbMATHGoogle Scholar
  38. 38.
    Galbraith, James K. 2014. The end of normal. New York: Simon and Schuster.Google Scholar
  39. 39.
    Veblen, Thorstein. 1919. Why economics is not an evolutionary science. In The place of science in modern society, ed. Thorstein Veblen, 73. New York: B.W. Heubsch.Google Scholar
  40. 40.
    Tilman, Rick. 1993. A Veblen treasury. Armonk: ME Sharpe.Google Scholar
  41. 41.
    Veblen, Thorstein. 1965. The theory of the leisure class. New York: Augustus M. Kelley.Google Scholar
  42. 42.
    ———. 1965. The theory of business enterprise. New York: Augustus M. Kelley.Google Scholar
  43. 43.
    Krall, Lisi. 2014. An institutionalist perspective on the economy and the price of oil. In Peak oil, economic growth and wildlife conservation, ed. J.E. Gates et al. New York: Springer.Google Scholar
  44. 44.
    Keynes, John Maynard. 1964. The general theory of employment, money and interest. New York: Harcourt, Brace, and World.Google Scholar
  45. 45.
    ———. 1937. The general theory of employment. Quarterly Journal of Economics. 51: 209–223.CrossRefGoogle Scholar
  46. 46.
    Harrod, Roy. 1939. An essay on dynamic theory. The Economic Journal. 49: 14–33.CrossRefGoogle Scholar
  47. 47.
    Domar, Evesy. 1947. Expansion and employment. American Economic Review. 37 (1): 34–55.Google Scholar
  48. 48.
    ———. 1946. Capital expansion, rate of growth, and employment. Econometrica 14: 137–147.CrossRefGoogle Scholar
  49. 49.
    Robinson, Joan. 1934 Euler’s theorem and the problem of distribution. The Economic Journal. 44 (175): 398–414.Google Scholar

Copyright information

© Springer International Publishing AG 2018

Authors and Affiliations

  • Charles A. S. Hall
    • 1
  • Kent Klitgaard
    • 2
  1. 1.College of Environmental Science & ForestryState University of New YorkSyracuseUSA
  2. 2.Wells CollegeAuroraUSA

Personalised recommendations