tailieunhanh - History of Economic Analysis part 110

History of Economic Analysis part 110. 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 1052 it went was simply a descendant from Davanzati s. It was Wieser who attempted a new In trying to do justice to it we meet with the same difficulty that confronted us when we were trying to define his place in the history of general theory. Wieser s spacious vision of the monetary phenomenon is not adequately rendered by calling him a sponsor of the income-approach 12 or a sponsor of the consumption standard. It comprised much more than that in particular the conception of a monetary theory of the economic process as a whole. But he was so deficient in technique and so little able to coin his metal that nothing of this came out as it should have. And so his influence touched only a few individuals. The author of the group s standard work on money von Mises 13 who was also its foremost teacher in the field in fact the founder of a school of his own was no doubt one of them. But he was only partly in sympathy with Wieser s views. 3. FUNDAMENTALS a Nature and Functions of Money. Discussions on the nature and functions of money and hence on the question of definition were carried on throughout the period. But with the exception to be noticed under b they did not excite much interest and without any exception they did not produce very interesting results. I believe that a majority of writers accepted or would have been willing to accept Roscher s Menger and his followers did so with particular emphasis without any intention to commit themselves thereby to all its implications. Others Americans especially accepted Walker s neat phrase Money is that Money does in an equally non-com- 11 Wieser s ideas on money like those of Walras developed when his original work on general theory had been done. His first publication in the field was his inaugural lecture delivered on his appointment to Menger s chair in Vienna Der Geldwert und seine geschichtlichen Veränderungen Zeitschrift für Volkswirtschaft Sozialpolitik und .