Chapter 16 Conclusion: Contributions to Economic Analysis

Abstract

Setting the field of economics as the study of value in exchange, Blaug (1968a, 1968b, p. 6) wrote:The problem that gave rise to economics in the first place, the “mystery” that fascinated Adam Smith as much as it does a modern economist, is that of market exchange: there is a sense of order in the economic universe, and this order is not imposed from above but is somehow the outcome of the exchange transactions between individuals, each seeking to maximize his own gain. The history of economic thought, therefore, is nothing but the history of our efforts to understand the workings of an economy based on market exchange.

Citation

Alam Choudhury, M. (2011), "Chapter 16 Conclusion: Contributions to Economic Analysis", Baltagi, B.H., Sadka, E. and Alam Choudhury, M. (Ed.) Contributions to Economic Analysis (Contributions to Economic Analysis, Vol. 291), Emerald Group Publishing Limited, Leeds, pp. 329-339. https://doi.org/10.1108/S0573-8555(2011)0000291026