English historical school of economics
The English historical school of economics, although not nearly as famous as its
Concepts
The economists of the English historical school were in general agreement on several ideas. They pursued an inductive approach to economics rather than the deductive approach taken by
Alfred Marshall acknowledged the force of the historical school's views in his 1890 synthesis:
[T]he explanation of the past and the prediction of the future are not different operations, but the same worked in opposite directions, the one from effect to cause, the other from cause to effect. As Schmoller well says, to obtain "a knowledge of individual causes" we need "induction; the final conclusion of which is indeed nothing but the inversion of the Syllogism which is employed in deduction.... Induction and deduction rest on the same tendencies, the same beliefs, the same needs of our reason."[5]
Influences
References
Further reading
- Ashley, William J. 1897. "The Tory Origin of Free Trade Policy," Quarterly Journal of Economics, July 1897. McMaster, on line.
- Ashton, T. S. 1948. The Industrial Revolution. Oxford, Oxford University Press.
- Cliffe Leslie, T. E. 1870. "The Political Economy of Adam Smith." Fortnightly Review (London). 14:549–63. On line.
- Goldman, Lawrence. 1989. "Entrepreneurs in Business History", The Business History Review, Vol. 63, No. 1, (Spring, 1989), pp. 223–25.
- OCLC 219845301.
- Geoffrey Martin Hodgson, "Alfred Marshall and the British Methodendiskurs", How Economics Forgot History: The Problem of Historical Specificity in the Social Sciences, pp. 95–112. Routledge (2001) ISBN 0-415-25716-6
- Spiegel, Henry William (1991). The Growth of Economic Thought. Durham & London: Duke University Press. ISBN 0-8223-0973-4
- Rogers, Thorold. 1880. "Editor's Preface" to Adam Smith, An Inquiry into the Nature and Causes of the Wealth of Nations, 2 vols. (1869); revised edition (1880), pp. xxxiv et seq; on line at Osmania University, Digital Library of India, Internet Archive.