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Economics in PerspectiveA Critical History$
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John Kenneth Galbraith

Print publication date: 2017

Print ISBN-13: 9780691171647

Published to Princeton Scholarship Online: May 2018

DOI: 10.23943/princeton/9780691171647.001.0001

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The Great Classical Tradition, 1

The Great Classical Tradition, 1

Around the Margins

(p.98) Chapter 8 The Great Classical Tradition, 1
Economics in Perspective

John Kenneth Galbraith

Princeton University Press

This chapter examines the classical tradition in economics that emerged after the death of David Ricardo. Following Ricardo's death, there was some systemic dissent, mainly from French, German, and American scholars, against the great truths emanating from the British economic scene. In addition, there were changes and refinements in the theory of prices and distribution—in how prices, wages, interest, rents and profits are determined. The chapter considers the influential criticism of the founding fathers of the classical system by American, German, and French economists and their claim that the classical system may have been too conveniently British. These economists included Adam Müller and Georg Friedrich List from Germany, Jean Charles Léonard de Sismondi and Pierre Joseph Proudhon from France, and Henry Charles Carey from the United States.

Keywords:   classical tradition, David Ricardo, prices, distribution, wages, Adam Müller, Georg Friedrich List, Jean Charles Léonard de Sismondi, Pierre Joseph Proudhon, Henry Charles Carey

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