BOOK COVER -- HALF-TITLE -- TITLE -- COPYRIGHT -- DEDICATION -- CONTENTS -- CONTRIBUTORS -- ACKNOWLEDGMENTS -- INTRODUCTION -- The economics of John Rae -- I -- II -- III -- IV -- Part I JOHN RAE'S LIFE AND WORKS -- 1 BIRTHDAY GREETINGS TO JOHN RAE -- I -- II -- III -- IV -- V -- VI -- VII -- VIII -- Notes -- Part II ISSUES OF METHODOLOGY AND HISTORY -- 2 ON RAE'S METHODOLOGY OF ECONOMICS -- Rae's espoused methodologies -- Rae's Belief in Knowledge -- Rae on the limitations to knowledge -- Rae's espousal of the inductive method -- Rae's methodologies for political economy -- Rae's critics on his methodology for political economy -- Rae's own reflections on his methodology of political economy -- Our perspective on Rae's methodology for political economy -- Conclusion -- Notes -- 3 THE CONCEPT OF ORDERS OF INSTRUMENTS AND GOODS IN RAE AND MENGER -- Introduction -- Rae and Menger in historical perspective -- Wants, instruments, and goods -- Orders of instruments and goods -- Concluding comments -- Notes -- 4 RAE'S THEORY OF THE HISTORY OF TECHNOLOGICAL CHANGE -- Rae's history in light of theory -- Rae's theory in light of history -- Rae's microtheory -- Rae's macrotheory -- Conclusion -- Notes -- 5 JOHN RAE AND CONSPICUOUS CONSUMPTION -- Introduction -- New Principles and conspicuous consumption -- Vanity and the process of economic decline -- Policy, prescription, and cure -- Reaction and response after 1834 -- Summary -- Part III CAPITAL AND RELATED ISSUES -- 6 RAE, BÖHM-BAWERK, AND FISHER ON THE SUPPLY AND DEMAND OF CAPITAL -- Introduction -- Supply of capital -- John Rae -- Böhm-Bawerk -- Irving Fisher -- Conclusions on the supply of capital -- Demand for capital -- John Rae -- Böhm-Bawerk -- Irving Fisher -- Theory of capital -- Böhm-Bawerk -- Irving Fisher -- Concluding assessment -- Appendix -- Notes -- 7 INVENTION.

The role of invention in the New Principles -- Invention and its causes -- Import substitution -- Rae, Schumpeter, and the incentive to innovate -- Conclusion -- Notes -- 8 RAE'S THEORY OF CAPITAL AND GROWTH -- Introduction -- Rae's statics -- Rae's dynamics -- Conclusion -- Notes -- 9 PRODUCTIVE SAVINGS, INVENTION, AND INVESTMENT SUPPLY IN RAE'S GROWTH THEORY -- Introduction -- Rae's concept of productive savings -- The role of invention in interest rate formation and investment -- Rae's focus on the business sector's role in growth -- The effect of invention on interest variations -- Summary -- Notes -- 10 RAE AND INTERNATIONAL TRADE -- Introduction: Rae and trade -- Rae's 1825 sketch of the infant industry argument -- The gains from trade -- Rae and Smith -- The role of the legislator -- Conclusion -- 11 JOHN RAE AND THE PROMOTION OF INFANT INDUSTRIES -- Introduction -- Infant-industry promotion: Rae's critique of Smith -- Infant-industry promotion and benefit-cost analysis -- Free trade and infant-industry protection: competitive or complementary? -- Conclusion -- Notes -- Part IV THE DEVELOPMENT OF ECONOMIC IDEAS -- 12 JOHN RAE AND ADAM SMITH -- Introduction -- Rae's critique -- Smith's presumptive case for "unregulated" development -- Smith and the infant-industry problem -- Smith and luxury -- Rae's program in practice -- Conclusion -- Notes -- 13 RAE AS MONETARY ECONOMIST -- Introduction -- Rae's framework -- Rae on money -- Rae on banking -- "Benefits" -- "Evils" -- Conclusion -- Notes -- 14 RAE AND THE TRADITION OF SCOTTISH POLITICAL ECONOMY -- Introduction -- The concept of tradition -- The Scottish political economy tradition -- Rae's methodological critique of Smith -- A missed connection between Rae and Smith -- Conclusion -- 15 RAE AS AN EARLY POST-KEYNESIAN -- Introduction -- Rae and the Scottish political economy tradition.

Post-Keynesian economics -- Problems of modern treatment of taxation -- Rae and the accumulative principle -- Rae and the role of the legislator -- Rae, luxury, and taxation -- Rae and post-Keynesian tax theory -- BIBLIOGRAPHY -- INDEX.

John Rae made a wide-ranging contribution to economics, in particular through his work on Capital Theory and Technical Change. Although Rae was held in high esteem by some of the great names of the past who have openly acknowledged his originality and their indebtedness to him, he has not yet received all the attention he deserves. In The Economics of John Rae, respected economists, redress the general neglect of Rae as a classical economist and examine his role as a political economist.

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Electronic reproduction. Ann Arbor, Michigan : ProQuest Ebook Central, 2018. Available via World Wide Web. Access may be limited to ProQuest Ebook Central affiliated libraries.