Classical Economics and
                ModernTheory
                Heinz D. Kurz and Neri Salvadori are two well-known economists working in
                economic theory and the history of economic thought. Their previous collection
                of essays, Understanding Classical Economics, sparked intriguing debates within
                economics and this new volume shows the development of the authors’ thinking
                since that book appeared.
                  Areas covered by the book include:
                •  alternative interpretations of classical economists;
                •  newgrowththeory;
                •  the relationship between Sraffian theory and von Neumann;
                •  the collaboration between Sraffa and his mathematical friends;
                •  the treatment of capital in neoclassical long-period theory;
                •  the analysis of exhaustible resources in a ‘classical’ framework.
                The essays reprinted in the book contain original findings and new vistas on old
                problems and show the reader how the different parts hang together. As such the
                bookwillbeofgreatinteresttoeveryscholarworkingwithinthefieldofeconomic
                theory and the history of economic thought.
                Heinz D. Kurz is Professor of Economics at the University of Graz, Austria.
                Neri Salvadori is Professor of Economics at the University of Pisa, Italy.
                         “fm” — 2003/5/16 — 10:35 — pagei—#1
                                       Routledge studies in the history of economics
                                        1 EconomicsasLiterature                     11   Equilibrium and Economic Theory
                                            Willie Henderson                             Edited by Giovanni Caravale
                                        2 SocialismandMarginalismin                 12   Austrian Economics in Debate
                                            Economics1870–1930                           Edited by Willem Keizer, Bert Tieben
                                            Edited by Ian Steedman                       and Rudy van Zijp
                                        3 Hayek’sPolitical Economy                  13   Ancient Economic Thought
                                            Thesocio-economics of order                  Edited by B. B. Price
                                            Steve Fleetwood
                                        4 OntheOriginsofClassical                   14   ThePolitical Economy of Social
                                            Economics                                    Credit and Guild Socialism
                                            Distribution and value from William          Frances Hutchinson and Brian Burkitt
                                            Petty to Adam Smith                     15   EconomicCareers
                                            Tony Aspromourgos                            Economics and economists in Britain
                                        5 TheEconomicsofJoanRobinson                     1930–1970
                                            Edited by Maria Cristina Marcuzzo,           Keith Tribe
                                            Luigi Pasinetti and Alesandro           16   Understanding ‘Classical’
                                            Roncaglia                                    Economics
                                        6 TheEvolutionistEconomicsof                     Studies in the long-period theory
                                            LéonWalras                                   Heinz D. Kurz and Neri Salvadori
                                            Albert Jolink                           17   History of Environmental
                                        7 Keynesandthe‘Classics’                         EconomicThought
                                            Astudyinlanguage, epistemology               E. Kula
                                            and mistaken identities                 18   EconomicThoughtinCommunist
                                            Michel Verdon                                andPost-CommunistEurope
                                        8 TheHistoryofGameTheory,Vol1                    Edited by Hans-Jürgen Wagener
                                            Fromthebeginnings to 1945               19   Studies in the History of French
                                            Robert W. Dimand and Mary Ann                Political Economy
                                            Dimand                                       FromBodintoWalras
                                        9 TheEconomicsofW.S.Jevons                       Edited by Gilbert Faccarello
                                            Sandra Peart                            20   TheEconomicsofJohnRae
                                       10   Gandhi’s Economic Thought                    Edited by O. F. Hamouda, C. Lee and
                                            Ajit K. Dasgupta                             D. Mair
                                                      “fm” — 2003/5/16 — 10:35 — page ii — #2
                                     21   KeynesandtheNeoclassical                  32   JohnRuskin’sPolitical Economy
                                          Synthesis                                      Willie Henderson
                                          Einsteinian versus Newtonian              33   Contributions to the History of
                                          macroeconomics                                 EconomicThought
                                          Teodoro Dario Togati                           Essays in honour of R.D.C. Black
                                     22   Historical Perspectives on                     Edited by Antoin E. Murphy and
                                          Macroeconomics                                 Renee Prendergast
                                          Sixty years after the ‘General Theory’    34   TowardsanUnknownMarx
                                          Edited by Philippe Fontaine and                Acommentaryonthemanuscripts
                                          Albert Jolink                                  of 1861–63
                                     23   TheFoundingofInstitutional                     Enrique Dussel
                                          Economics                                 35   EconomicsandInterdisciplinary
                                          Theleisure class and sovereignty               Exchange
                                          Edited by Warren J. Samuels                    Edited by Guido Erreygers
                                     24   Evolution of Austrian Economics           36   EconomicsastheArtofThought
                                          FromMengertoLachmann                           Essays in memory of G. L. S. Shackle
                                          Sandye Gloria                                  Edited by Stephen F. Frowen and
                                     25   Marx’sConceptofMoney:The                       Peter Earl
                                          GodofCommodities                          37   TheDeclineofRicardian
                                          Anitra Nelson                                  Economics
                                     26   TheEconomicsofJamesSteuart                     Politics and economics in
                                          Edited by Ramón Tortajada                      post-Ricardian theory
                                                                                         Susan Pashkoff
                                     27   TheDevelopmentofEconomicsin               38   Piero Sraffa
                                          Europesince1945                                His life, thought and cultural heritage
                                          Edited by A. W. Bob Coats                      Alessandro Roncaglia
                                     28   TheCanonintheHistoryof                    39   Equilibrium and Disequilibrium in
                                          Economics                                      EconomicTheory
                                          Critical essays                                TheMarshall–Walras divide
                                          Edited by Michalis Psalidopoulos               Edited by Michel de Vroey
                                     29   MoneyandGrowth                            40   TheGermanHistoricalSchool
                                          Selected papers of Allyn Abbott                Thehistorical and ethical approach to
                                          Young                                          economics
                                          Edited by Perry G. Mehrling and                Edited by Yuichi Shionoya
                                          Roger J. Sandilands
                                                                                    41   Reflections on the Classical Canon
                                     30   TheSocial Economics of                         in Economics
                                          Jean-Baptiste Say                              Essays in honor of Samuel Hollander
                                          Markets and virtue                             Edited by Sandra Peart and
                                          Evelyn L. Forget                               Evelyn Forget
                                     31   TheFoundationsofLaissez-Faire             42   Piero Sraffa’s Political Economy
                                          TheeconomicsofPierre de                        Acentenary estimate
                                          Boisguilbert                                   Edited by Terenzio Cozzi and Roberto
                                          Gilbert Faccarello                             Marchionatti
                                                       “fm” — 2003/5/16 — 10:35 — page iii — #3
                                43  TheContributionofJoseph           53  EconomicThoughtandPolicyin
                                    SchumpetertoEconomics                 Less Developed Europe
                                    Economicdevelopment and               The19thcentury
                                    institutional change                  Edited by Michalis Psalidopoulos and
                                    Richard Arena and Cecile Dangel       Maria-Eugenia Almedia Mata
                                44  OntheDevelopmentofLong-run        54  Family Fictions and Family Facts
                                    Neo-Classical Theory                  Harriet Martineau, Adolphe Quetelet
                                    TomKompas                             and the population questions in
                                45  F. A. Hayek as a Political Economist  England 1798–1859
                                    Economicanalysis and values           Brian Cooper
                                    Edited by Jack Birner, Pierre     55  Eighteenth-Century Economics
                                    Garrouste and Thierry Aimar           Peter Groenewegen
                                46  Pareto, Economics and Society     56  TheRiseofPolitical Economy in
                                    Themechanical analogy                 the Scottish Enlightenment
                                    Michael McLure                        Edited by Tatsuya Sakamoto and
                                47  TheCambridgeControversiesin           Hideo Tanaka
                                    Capital Theory                    57  Classics and Moderns in Economics
                                    Astudyinthelogic of theory            VolumeI
                                    development                           Essays on nineteenth and twentieth
                                    Jack Birner                           century economic thought
                                48  EconomicsBroadlyConsidered            Peter Groenewegen
                                    Essays in honor of Warren J. Samuels
                                    Edited by Steven G. Medema,       58  Classics and Moderns in Economics
                                    Jeff Biddle and John B. Davis         VolumeII
                                49  Physicians and Political Economy      Essays on nineteenth and twentieth
                                    Six studies of the work of            century economic thought
                                    doctor-economists                     Peter Groenewegen
                                    Edited by Peter Groenewegen       59  Marshall’s Evolutionary Economics
                                50  TheSpreadofPolitical Economy          Tiziano Raffaelli
                                    andtheProfessionalisation of      60  Money,TimeandRationalityin
                                    Economists                            MaxWeber
                                    Economicsocieties in Europe,          Austrian connections
                                    America and Japan in the              Stephen D. Parsons
                                    nineteenth century                61  Classical Macroeconomics
                                    MassimoAugello and Marco Guidi        Somemodernvariations and
                                51  Historians of Economics and           distortions
                                    EconomicThought                       James C. W. Ahiakpor
                                    Theconstruction of disciplinary
                                    memory                            62  TheHistorical School of Economics
                                    Steven G. Medema and Warren J.        in England and Japan
                                    Samuels                               Tamotsu Nishizawa
                                52  CompetingEconomicTheories         63  Classical Economics and Modern
                                    Essays in memory of Giovanni          Theory
                                    Caravale                              Studies in long-period analysis
                                    Sergio Nisticò and Domenico Tosato    Heinz D. Kurz and Neri Salvadori
                                            “fm” — 2003/5/16 — 10:35 — page iv — #4