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"As we hoped, Hintze's further development made him one of the great ones in the discipline. To be sure, he was one of those who was only known in the circle of experts, like a very high mountain in a mountain range which one first noticed from the vantage point of a high pass." --Friedrich Meinecke, 1941 (translated by Leonard S. Smith) "What we call historicism is a new, unique, categorical-structure of the mind [des Geistes] that began to arise in the West in the eighteenth century and achieved authoritative currency in the nineteenth, particularly in Germany, though not in Germany alone. It is characterized by the categories of individuality and development, which postulate a view of historical reality based on the analogy of the life unit [Lebenseinheit] and the life-process [Lebensprozess]." --Otto Hintze, 1927 (translated by Leonard S. Smith) "If Hintze could be included, as he should be, as one of 'the great ones in the discipline' in historiography classes throughout the United States, this could greatly widen 'the circle of experts' in this and other English-speaking countries and/or encourage history teachers to lead students to reach 'the vantage point of a high pass' where they could see this 'very high mountain' for themselves." --Leonard S. Smith, 2012
The long paper which gives the title to this collection and which has never before been published as paperback was initially an attempt to promote international academic understanding. The Economics Department at the London School of Economics had arranged a colloquy between two groups of Russian and British economists; and where the author asked to contribute a general survey of the present state of economic theory as taught in Western centers. For reasons, which are explained in the opening section, the author decided to adopt an historical approach; and the notes on which the present paper is based were the result.The remainders of the papers have as their common denominator a continuing interest in the history of economic thought. Beginning with a lengthy critique of Schumpeter's magisterial History of Economic Analysis, they range from an appraisal of Bentham's continuing relevance to a review of Robertson's Lectures on Economic Principles, with some special attention to John Stuart Mill both as a human being and as an economist. They have been written at various times in the last thirty-five years; and minute scrutiny, if such were thought to be worthwhile--which of course it is not--might detect some variations of emphasis, particularly perhaps in the implicit valuations of Marshall and his contribution, in the papers on Wicksteed and Schumpeter's History respectively. But in spite of a certain shift of perspective here, the author thought it worthwhile to attempt substantial redrafting.Apart from the correction of obvious inelegances or actual errors, the excision of some duplicating quotations and, in a few cases, the addition of supplementary material and references, the papers are reproduced as originally written. In each instance the author has given footnote acknowledgements of the place of original publication.
A history of the labor theory of value through an analysis of the works of several prominent figures in the field. Authors discussed include Adam Smith, Ricardo, Malthus, McCulloch, James Mill, Torrens, Senior, John Stuart Mill, and Cairns.