Should the state maintain a laissez-faire approach, or actively manage the economy through fiscal interventions? Mercantilist/Keynesian vs. Classical/Monetarist
The final chapters deal with John Maynard Keynes. Lokanathan writes with a sense of recency here, explaining how the Great Depression destroyed the classical assumption of automatic full employment. The concepts of the marginal efficiency of capital , liquidity preference , and the multiplier are presented with clarity.
Quick access to specific chapters for research or study, especially when preparing for exams. a history of economic thought by v lokanathan pdf
Lokanathan, V. (2006). A History of Economic Thought. Delhi: Pearson Education.
We hope this blog post provides you with a comprehensive overview of "A History of Economic Thought" by V. Lokanathan and its significance in the field of economics. Should the state maintain a laissez-faire approach, or
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Karl Marx offered the most influential critique of capitalism. In Das Kapital , Marx utilized the classical labor theory of value to argue that capitalism inherently exploits workers. He asserted that factory owners (the bourgeoisie) retain the "surplus value" generated by the laborers (the proletariat). Lokanathan traces how Marx predicted that internal contradictions would eventually cause capitalism to collapse and transition into socialism. 4. The Marginalist and Neoclassical Revolution Lokanathan writes with a sense of recency here,
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Mercantilism marked the rise of the nation-state. Lokanathan explains how European powers believed global wealth was finite. To maximize power, countries sought to accumulate gold and silver. They achieved this through aggressive export strategies, high tariffs, and colonization. The state heavily regulated the economy to ensure a favorable balance of trade. Physiocracy (18th Century)