Where and how did classical economics originate?
It is often assumed that modern economics began with Adam Smith and the publication of The Wealth of Nations. Here, Tony Aspromourgos takes issue with this assumption and shows that the origins of classical economic theory have much deeper roots. The book:
deals with the origin and early development of the classical theory of distribution up to 1767;
stresses the concept of economic ‘surplus’ as a key determinant of economic phenomena, especially income distribution and commodity exchange rates;
finds the source of this concept in the work of Sir William Petty and shows the transmission of ideas from Petty to the Classical School through such writers as Cantillon, Quesnay and Steuart;
relates the formative history to mature classical economics and modern developments, with particular reference to Keynes and Sraffa, thus showing how the classical tradition presents a viable alternative to the modern marginalist approach.
The work is designed to meet the need for an understanding of the central elements of the early history of the classical tradition. In so doing, it presents a thorough examination of Petty’s economics and his influence on later economic thought.
