History of Economic Thought through 1925

History of economic thought through 1925 (JEL B1) covers economic ideas from antiquity to the early twentieth century.

Scope

It includes mercantilism, the physiocrats, classical political economy, Marxian economics, and the marginal revolution.

Sub-topics

• General
• Preclassical (Ancient, Medieval, Mercantilist, Physiocratic)
• Classical (includes Adam Smith)
• Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Wicksellian)
• Socialist • Marxist
• Historical • Institutional • Evolutionary
• Quantitative and Mathematical
• International Trade and Finance
• Other

Core questions

• How did economic ideas develop before 1925?
• What were the major classical and early schools?
• How did the marginal revolution change economics?

Key concepts

• Mercantilism
• Physiocracy
• Classical political economy
• Marxian economics
• Marginal revolution

Frequently asked questions

What was the marginal revolution?

The 1870s shift (Jevons, Menger, Walras) to explaining value by marginal utility and constrained optimization.