tailieunhanh - History of Economic Analysis part 96

History of Economic Analysis part 96. At the time of his death in 1950, Joseph Schumpeter-one of the major figures in economics during the first half of the 20th century-was working on his monumental History of Economic Analysis. A complete history of humankind's theoretical efforts to understand economic phenomena from ancient Greece to the present, this book is an important contribution to the history of ideas as well as to economics. | History of economic analysis 912 majority of economists believing themselves to be concerned with the affairs of nations used to consider the details of the economic lives of households and firms to be outside of their sphere and also perhaps somewhat below it. Actually this material is basic to the work of the economist so soon as he goes beyond the most jejune assumptions about individual behavior and co-operation between business and general economics is a primary necessity for both. But during the period under survey there was so little of it that all we could do would be to list the results of the explorations of business practice undertaken by business economists which failed to inspire general economists as completely as the advance of economic theory failed to inspire business Let us note however that Marshall by dealing extensively with the behavior of businessmen gave an important lead toward a merger of large parts of business and general economics and that Irving Fisher in Capital and Income took a first step toward co-ordinating the economist s and the accountant s a International Trade. This subsection was planned but not written. b Public Finance. From the comments made on this subject in Chapter 2 we recall that the period was eminently one of what I might term comfortable finance the result of increasing wealth and relatively peaceful conditions on the one hand and of bourgeois influence upon public expenditure and taxation on the other. Pressure on economic activity was accordingly light so light as to justify exclusion from the general analysis of the determining factors of the economic process. We have also noticed that toward the end of the period a new spirit began to assert itself in political practice and this new spirit did not fail to show in the writings of economists. It is not only that leading academic authorities such as Marshall began to approve of what was then considered high direct taxation including .