Jürg Niehans

A History of Economic Theory offers a comprehensive account of the builders and building blocks of modern mainstream economics. Jurg Niehans shows how the analytical tools used by economists have evolved from the eighteenth century to the present. Niehans first surveys the development of classical economics from the scholastic and mercantilist traditions to Marx. He then follows the progress of marginalist economics from Thunen to Fischer. In the book's final section, he describes economic theory in the model-building era from Pigou and Keynes to Rational Expectations. Building his story around the economists themselves, Niehans presents a pantheon of economic theory. It includes the famous from Smith and Riccardo to Samuelson and Friedman, as well as detailed discussions of lesser-known figures who have nevertheless made classic contributions. For each theorist Niehans offers a biographical sketch followed by a description, interpretation, and critical assessment of his work. With the current revival of interest in the history of economics, economists will find A History of Economic Theory not only a rich source of information but also a challenging analysis of the dynamics of scientific progress.

Exploring the function of money as a medium of exchange and a store of value, this major work provides a comprehensive introduction to the pure theory of money and moetary policy. Jürg Niehans considers his subject in both its microeconomic and macroeconomic aspects. The analysis thus extends from the individual demand for money to monetary policy and the art of central banking. Each chapted opens with a brief, nontechnical summary of its contents; expository material and up-to-date references to the literature are integrated in the discussion. While mathematics is used extensively, the required tools do not go beyond the elements of multivariate calculus and nonlinear programming, this making the book appropriate as an introductory text for graduate and advanced undergraduate studies in economics.

German