The chronological inconsistencies are perhaps most clearly exemplified by the writings of Nicole Oresme. In his Traictie de la Premierere Invention des Monnies, written about 1360, he develops a theory of money which reveals a very different approach to economic problems from that of his fellow Churchmen.
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Chapter I, The Beginnings, p. 53Eric Roll
It is probable that when future historians of economic thought look back over this century, the thirties will appear as an era of rapid development in economic theory. Not only has there been unusual activity in monetary theory, theory of value. but extensive transformations have also been made in the basic theory of value. The outstanding publications in this field are, of course, Joan Robinson's Theory of Imperfect Competition and Chamberlin's Theory of Monopolistic Competition, the first produced in Cambridge, England, and the second in Cambridge, Massachusetts. These volumes mark the explicit recognition of the theory of the firm as an integral division of economic analysis upon which rests the whole fabric of equilibrium theory. General equilibrium is nothing more than the problem of the interaction of individual economic organisms, under various conditions and assumptions; as a necessary preliminary to its solution, an adequate theory of the individual organism itself is necessary.
Kenneth Boulding
One of the most original and most important ideas advanced by Hayek is the role of the "division of knowledge" in economic society … [But if] I had to single out the area in which Hayek's contributions were the most fundamental and pathbreaking, I would cast my vote for the theory of capital. As I said before, when I reviewed Hayek's book on The Pure Theory of Capital, it is "my sincere conviction that this work contains some of the most penetrating thoughts on the subject that have ever been published." If two achievements may be named, I would add Hayek's contributions to the the theory of economic planning. Most of what has been written on systems analysis, computerized data processing, simulation of market processes, and other techniques of decision-making without the aid of competitive markets, appears shallow and superficial in the light of Hayek's analysis of the 'division of knowledge', its dispersion among masses of people. Information in the minds of millions of people is not available to any central body or any group of decision-makers who have to determine prices, employment, production, and investment but do not have the signals provided by a competitive market mechanism. Most plans for economic reform in the socialist countries seem to be coming closer to the realization that increasing decentralization of decision-making is needed to solve the problems of rational economic planning.
Friedrich Hayek
The Church has become hostile to new ideas. If any doctrine came from the priesthood the church would hear it and heed it, but if it came from an out of the way place, like Nazareth, they would scorn and persecute it. It was churchmen who put Jesus to the cross. In Luther's time when he hurled his advanced ideas like bombshells into the Roman Church, it was the churchmen of his day that sought his death. In Wesley's time, though he preached the purest form of spiritual Truth that was proclaimed to his age, yet the churchmen of his time drove him out and he had to preach in graveyards and coal mines and on the markets.
Benjamin Fish Austin
For Marx, ‘pure’ economic theory, that is economic theory which abstracts from a specific social structure, is impossible.
Ernest Mandel
What [Free Churchmen] have felt is — that in you we have had a man at the head of our national affairs whom we could entirely trust. I am just old enough to remember the kind of faith Free Churchmen had in Mr. Gladstone. I do not think I am exaggerating when I say they have placed a very similar faith in you.
Stanley Baldwin
Roll, Eric, Baron Roll of Ipsden
Rolland, Romain
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