ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Economic History and Economic Theory

Economic History and Economic Theory Bhabatosh Datta Epochs of Economic Theory by A K Dasgupta; Oxford University Press, A K DASGUPTA has written a short and compact book on a grand design, covering in 145 pages of text the epochal changes in the questions asked by economic theorists in Britain over the 160-year period from Adam Smith's "The Wealth of Nations" (1776) to Keynes's "General Theory" (1936). More than a century and a half ago, James Mill, and much later in 1890, John Neville Keynes had written on relativity in economic theory and there have been others from time to time who had emphasised the historical basis of theoretical development. Dasgupta has confined himself to the British econo- mists and the British economy and has therefore precluded any discussion of the ideas of the German Historical School, which was emphatic in holding that the Smith-Ricardo economic analysis was a product of the historical changes that had taken place in Britain and that such an analysis would be inapplicable to the countries seeking economic growth under the shadow of a country which had already the advantage of an early start.

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