This history of theories and theorists of economic growth elucidates the economic theory, economic history, and public policy observations of the renowned scholar W. W. Rostow. Looking at the economic growth theories of the classic economists up to 1870, Rostow compares Hume and Adam Smith, Malthus and Ricardo, and J.S. Mill and Karl Marx. He then examines the period 1870-1939 and its economic theorists, including Schumpeter, Colin Clark, Kuznets, and Harrod, and surveys the three forms of growth analysis in the (...) postwar era: formal models, statistical morphology, and development theories. This authoritative overview also includes an agenda of unresolved problems in growth analysis and a description of the five major tasks statesmen will confront over the next several generations. (shrink)

Economics today cannot predict the likely outcome of specific events any better than it could in the time of Adam Smith. This is Alexander Rosenberg's controversial challenge to the scientific status of economics. Rosenberg explains that the defining characteristic of any science is predictive improvability--the capacity to create more precise forecasts by evaluating the success of earlier predictions--and he forcefully argues that because economics has not been able to increase its predictive power for over two centuries, it is not a (...) science. (shrink)

What is the nature of the intellectual enterprise - general equilibrium analysis - that so many economists regard as the centerpiece of their discipline? In this book, Roy Weintraub considers both the modern history of the analysis, and the methodological puzzles that it, and mathematical economic theory in general, pose. Professor Weintraub argues that previous writings on the history and method of general equilibrium theory have been curiously biased and misleading. He provides a clear and careful presentation of the development (...) of the theory from the 1930s through to the Arrow-Debreu work of the 1950s. This historical analysis is the centre of the book: a case study which permits the author to justify the status of general equilibrium theory in economics and the activity in which economic theorists engage. He argues that previous methodological investigations have been distorted by their use of inappropriate models taken from the philosophy of science that were developed to appraise work in the physical sciences. (shrink)