The Economics Of James Steuart

Addressing all aspects of Steuart's contribution to economics this book reveals the particular importance of his work on monetary issues and highlights ways in which he prepared the ground for a new conception of economic relations.

James Steuart published An Inquiry into the Principles of Political Œconomy in 1767, the first systematic treatise on economics, nine years before Adam Smith’s Wealth of Nations. Traditional historiography has tended to disregard and even deny Steuart’s oeuvre, categorizing him as the last, outdated advocate of mercantilist policies in Britain. A clear portrait of a modernizing and enlightened Steuart emerges from this book, opening up an alternative approach to many key developments in economic theory. This book brings together a diverse international team of experts to overturn the "advocate of mercantilism" myth and explore different interpretations of Steuart’s work within the context of the writings of other contemporary authors. A diverse range of specialists – historians, economists, political scientist, and sociologists – reflecting the diversity of James Steuart’s work explore various aspects of the life, works, and influence of James Steuart, including his links to other authors who conceive – as Steuart did – the economic system of "natural liberty" as an artificial creation. The portrait of a demarginalized, modernizing, and enlightened Steuart emerges clearly in this book. This book is not reduced to old authors whose ideas would be at the Museum of Dead Ideas, it has a very contemporary resonance. The subjects and the way Steuart tackles them could have a big influence on future authors who recognized some advantages of an alternative approach to many key developments in economic theory. This will also be of interest to scholars of history of economic thought, intellectual history, and 18th century history.

Volume 38C features a symposium on the economic thought of Sir James Steuart. In addition, the volume contains new general-research essays on Milton Friedman’s 1975 visit to Chile, Keynes and Pigou on employment and equilibrium, and a brief correspondence between Karl Popper and Leonard Savage.

'His book not only presents Steuart's economics adequately and clearly, but it also remains close to the spirit of his arguments. From this perspective, historians of economics will find that the book has made a positive contribution. Moreover, I think that this book could be used as a beginning for the reevaluation of Steuart's position in the history of economic thought. - Anastassios D. Karayiannis, History of Political Economy '. . . the author has a serious and scholarly intent - and there is much in it which is interesting and convincing.' - Tony Aspromourgos, History of Economics Review The Political Economy of Trade and Growth provides the basis for a major re-evaluation of Sir James Steuart's contribution to modern economics through a rigorous analysis of his most important work.