{"id":126901,"date":"2025-04-03T20:25:16","date_gmt":"2025-04-03T19:25:16","guid":{"rendered":"https:\/\/www.themintmagazine.com\/?p=126901"},"modified":"2025-04-03T20:25:57","modified_gmt":"2025-04-03T19:25:57","slug":"route-of-all-evil","status":"publish","type":"post","link":"https:\/\/www.themintmagazine.com\/route-of-all-evil\/","title":{"rendered":"Route of all evil"},"content":{"rendered":"<p style=\"font-weight: 400;\">In a far-ranging interview, economist Jo Michell, navigates us through key periods and transformations in economic thought, culminating in the cataclysmic event of the Second World War.<\/p>\n<h5>Key points<\/h5>\n<h6 id=\"pre-smith-economic-thought\" class=\"mb-2 mt-4 text-md font-semibold tracking-tight last:mb-0\">Pre-Smith Economic Thought<\/h6>\n<ul class=\"mb-4 ml-4 list-disc last:mb-0\">\n<li class=\"pl-1 mb-1 last:mb-0 text-sm\">Mercantilism focused on trade and gold flows as sources of national wealth<\/li>\n<li class=\"pl-1 mb-1 last:mb-0 text-sm\">Physiocrats emphasized agricultural production and developed early national accounting concepts<\/li>\n<li class=\"pl-1 mb-1 last:mb-0 text-sm\">These ideas laid groundwork for Adam Smith&#8217;s more comprehensive political economy<\/li>\n<\/ul>\n<h6 id=\"classical-political-economy\" class=\"mb-2 mt-4 text-md font-semibold tracking-tight last:mb-0\">Classical Political Economy<\/h6>\n<ul class=\"mb-4 ml-4 list-disc last:mb-0\">\n<li class=\"pl-1 mb-1 last:mb-0 text-sm\">Adam Smith introduced concepts of self-interest, division of labour, and labour theory of value<\/li>\n<li class=\"pl-1 mb-1 last:mb-0 text-sm\">David Ricardo developed theories on rent, comparative advantage, and class-based economic dynamics<\/li>\n<li class=\"pl-1 mb-1 last:mb-0 text-sm\">Marx critiqued classical political economy, introducing concepts of exploitation and surplus value<\/li>\n<\/ul>\n<h6 id=\"neoclassical-economics\" class=\"mb-2 mt-4 text-md font-semibold tracking-tight last:mb-0\">Neoclassical Economics<\/h6>\n<ul class=\"mb-4 ml-4 list-disc last:mb-0\">\n<li class=\"pl-1 mb-1 last:mb-0 text-sm\">Shifted from class-based to factor endowment analysis<\/li>\n<li class=\"pl-1 mb-1 last:mb-0 text-sm\">Introduced marginal utility, supply and demand curves, and mathematical modelling<\/li>\n<li class=\"pl-1 mb-1 last:mb-0 text-sm\">Aimed for a more &#8220;scientific&#8221; approach, though political implications remained<\/li>\n<\/ul>\n<h6 id=\"keynesian-revolution\" class=\"mb-2 mt-4 text-md font-semibold tracking-tight last:mb-0\">Keynesian Revolution<\/h6>\n<ul class=\"mb-4 ml-4 list-disc last:mb-0\">\n<li class=\"pl-1 mb-1 last:mb-0 text-sm\">Great Depression exposed the limitations of neoclassical theory<\/li>\n<li class=\"pl-1 mb-1 last:mb-0 text-sm\">Keynes introduced macroeconomic concepts like aggregate demand<\/li>\n<li class=\"pl-1 mb-1 last:mb-0 text-sm\">Brought politics back into economics by advocating government intervention<\/li>\n<\/ul>\n<h6 id=\"limitations-of-economic-history\" class=\"mb-2 mt-4 text-md font-semibold tracking-tight last:mb-0\">Limitations of Economic History<\/h6>\n<ul class=\"mb-4 ml-4 list-disc last:mb-0\">\n<li class=\"pl-1 mb-1 last:mb-0 text-sm\">Predominantly reflects European and North American perspectives<\/li>\n<li class=\"pl-1 mb-1 last:mb-0 text-sm\">May not adequately address needs of developing economies or non-Western contexts<\/li>\n<li class=\"pl-1 mb-1 last:mb-0 text-sm\">Continues to influence global economic policy through institutions like IMF and World Bank<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>In a far-ranging interview, economist Jo Michell, navigates us through key periods and transformations in economic thought, culminating in the cataclysmic event of the Second World War. Key points Pre-Smith &hellip; <\/p>\n","protected":false},"author":1,"featured_media":126902,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"video","meta":{"_acf_changed":false,"content-type":"","footnotes":""},"categories":[2],"tags":[132,2765,2798,2794],"class_list":["post-126901","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-interviews","tag-economics","tag-history-of-economic-thought","tag-jo-michell","tag-mar-2025","post_format-post-format-video"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.themintmagazine.com\/wp-json\/wp\/v2\/posts\/126901","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.themintmagazine.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.themintmagazine.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.themintmagazine.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.themintmagazine.com\/wp-json\/wp\/v2\/comments?post=126901"}],"version-history":[{"count":0,"href":"https:\/\/www.themintmagazine.com\/wp-json\/wp\/v2\/posts\/126901\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.themintmagazine.com\/wp-json\/wp\/v2\/media\/126902"}],"wp:attachment":[{"href":"https:\/\/www.themintmagazine.com\/wp-json\/wp\/v2\/media?parent=126901"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.themintmagazine.com\/wp-json\/wp\/v2\/categories?post=126901"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.themintmagazine.com\/wp-json\/wp\/v2\/tags?post=126901"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}