Four Central Theories of the Market Economy ― Conception, Evolution and Application

This highly original work offers an intellectual history of four central theories underlying the market economic system, focusing on their conception, evolution, and applications.

The theories examined are the invisible-hand proposition, the theory of comparative advantage, Say’s law of markets, and the quantity theory of money. This is the first book which examines all four theories in one volume with the specific goal of focusing on their intellectual history. Consisting of four sections and an epilogue presenting a synthesis and concluding thoughts, the volume describes precisely how each of the central theories was conceived and evolved into its present formulation, before going on to explain the significance of each theory to the market economic system as well as the relationship and interplay among them. The aim is to leave the reader with a deep understanding of these pillars of the market economic system in the context of their historical development.

This book will be of great interest to all scholars and students of economics who are interested in the intellectual history of their discipline as well as scholars and students of intellectual history who are interested in economics.

Farhad Rassekh is associate dean for academic management and professor of economics at the University of Hartford, USA.