Markets in the Evolution of Economics: Remaking the Mission of the Economist (Routledge Studies in the History of Economics)

In recent years, scholars from many disciplines have contributed to the literature on the ‘proper’ role of markets but they often overlook the contribution of many economists who have also called for a broader understanding of the market beyond pricing.This book explores the place of the market in the history of economic thought, from the origins of neoclassical economics onwards, and looks at what has been written about the role of markets in promoting cooperation and trust. The first part of the book explores the debate about markets among those British economists who shaped neoclassical economics.Two eras are distinguished, each with its own story of the market.The first era runs from Henry Sigdwick to Alfred Marshall, and from the laissez-faire approach to Keynes’ interventionist policies.The second era highlights the scarcity and efficiency-approach of Philip Wicksteed and Lionel Robbins, which laid the groundwork for the neoliberalism of Hayek and Friedman.The second part of the