Economic Laws and Economic History

This book argues that economic history needs to be grounded on a variety of different models, not just one.

Charles P. Kindleberger (Author)

9780521599757, Cambridge University Press

Paperback, published 24 July 1997

208 pages
22.9 x 15.2 x 1.7 cm, 0.33 kg

'This method of opening views, connecting apparently non-related things, combined with a stupendous knowledge of European economic history makes this book particularly valuable. Putting familiar things in a new context and extending narrow effects to powerful general principles is refreshing and sometimes bold.' Homo oeconomicus

In this volume, Charles Kindleberger makes a powerful case against the idea that any one model could be used to unlock the basic secret of economic history. It is essentially an exercise in methodology, addressed to economists and economic historians alike. He argues that too many economists discover a relationship or a uniformity in economic behaviour, develop a model, and use it to explain more than it is capable of, including, on occasion, all economic behaviour. These lectures discuss four 'laws' in economics to show how uniformities can illuminate economic history in particular aspects. They illustrate the view that the economist or economic historian seeking to test analysis against historical data should have a variety of different models, and not just one. The implication is that however scientific and technical the tools, choosing them carefully to fit particular circumstances is itself an art.

Preface
1. Engels' law
2. The iron law of wages
3. Gresham's law
4. The law of one price
Discussion
Comments.

Subject Areas: Economic history [KCZ], Economic theory & philosophy [KCA], History of ideas [JFCX]