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First published in 1945, this volume compares the theoretical panic and practical confusion of its present time to that of the eighteen-eighties and looks to it for direction and inspiration. Following the decade, the Reynolds’ Newspaper commented that "Eighteen seventy-nine is gone, and we all have reason to be thankful that it is now only a record". The decade faced challenges in agriculture, a bitter parliament, war on two continents, stagnant commerce and changing social norms. 1879 in particular was a year combining more circumstances of misfortune and depression than any within general experience at the time. Then, as in 1945, there was a new sense of being in the dark, surrounded by the unknown. H.M. Lynd hoped to gain some insight into possible directions of change from a study of this critical period.
These essays written by students of Robert Heilbroner, develop central themes in his work - the importance of historical perspective in economics, the connection with the great questions of philosophy, and the immediacy of politics. They begin by criticizing the rational maximizing foundations of conventional theory, finding no place there for history. The essays first explore methodology, then technology in relation to history, the politics inherent in economics, and finally, turn to the great Classics, interpreted in relation to modern questions.
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