Beginning with a survey of economic thought from Aristotle to modern times, this book goes on to trace the development of the concept of the circular flow of economic forces. The final sections cover the theorems of the classical economists and the genesis of the school of marginal utility.

'The translation of these essays is a testimony to Professor Schumpeter's power in the analysis of economic thinking' The Financial Times. This classic book is divided into four sections. The first gives a broad survey of economic thought from the days of Aristotle to the beginnings of modern times, and the second traces the development of the conception of the circular flow of economic forces. The third and fourth sections cover the main theorems of the classical economists and describe the genesis of the school of marginal utility.

Translator's Foreword Bibliographical Preface 1. The Development of Economics as a Science 2. The Discovery of the Circular Flow of Economic Life The Physiocrats (Alan Smith) 3. The Classical System and Its Offshoots 4. The Historical School and the Theory of Marginal Utility Index