Mercantilism
In a narrow sense mercantilism describes the pattern of economic policy of the European states in the times of absolutism. In a broader sense it means (a) an epoch of economic history, (b) an economic doctrine, and (c) a general pattern of economic policy
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For further volumes: http://www.springer.com/series/5902
Jürgen Georg Backhaus Editor
Handbook of the History of Economic Thought Insights on the Founders of Modern Economics
Editor Prof. Dr. Jürgen Georg Backhaus University of Erfurt Krupp Chair in Public Finance and Fiscal Sociology Nordhäuser Str. 63 99089 Erfurt Thüringen Germany [email protected]
ISBN 978-1-4419-8335-0 e-ISBN 978-1-4419-8336-7 DOI 10.1007/978-1-4419-8336-7 Springer New York Dordrecht Heidelberg London Library of Congress Control Number: 2011934677 © Springer Science+Business Media, LLC 2012 All rights reserved. This work may not be translated or copied in whole or in part without the written permission of the publisher (Springer Science+Business Media, LLC, 233 Spring Street, New York, NY 10013, USA), except for brief excerpts in connection with reviews or scholarly analysis. Use in connection with any form of information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed is forbidden. The use in this publication of trade names, trademarks, service marks, and similar terms, even if they are not identified as such, is not to be taken as an expression of opinion as to whether or not they are subject to proprietary rights. Printed on acid-free paper Springer is part of Springer Science+Business Media (www.springer.com)
Preface
Avant Propos A further reason for studying the history of economic thought was provided by Pareto in the lead article of the “Giornale di Economisti” of 1918 (Volume 28; pages 1–18) under the title “Experimental Economics”.1 In as much as economic theories also have an extrinsic value, that is, they lead people to act as informed by the theory, such as in economic policy or public finance, the theory becomes a subject for economic investigation itself. The distinction between the intrinsic aspect and the extrinsic aspect of a theory is crucial for this argument. The intrinsic aspect of a theory refers to its logical consistence and, as such, has no further repercussions. As far as the intrinsic aspects are concerned, theoretical knowledge is actually cumulative. On the other hand, the extrinsic aspect of an economic theory will become a “derivation” (in Pareto’s terminology) in that it serves as the rationalization of human activity. In Pareto’s sociology, human action is determined by residues, innate traits that determine human behaviour, and derivations. Derivations are more or less logical theories or world views that guide people’s behaviour. To the extent that economic theory can also guide human behaviour, economic theory becomes a social fact or construct that is itself subject to economic analysis. As we experiment with different economic theories to guide economic policy in general and fiscal policy in particular, the history of economic thought can actually be practised as experimental economics in documenting the impact different economic theories have on economic behaviour. Of course, this experimental ki
