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History of Economic Analysis part 65

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History of Economic Analysis part 65. At the time of his death in 1950, Joseph Schumpeter-one of the major figures in economics during the first half of the 20th century-was working on his monumental History of Economic Analysis. A complete history of humankind's theoretical efforts to understand economic phenomena from ancient Greece to the present, this book is an important contribution to the history of ideas as well as to economics. | History of economic analysis 602 materials goes from hand to hand migrates from industry to industry and from country to country in a manner that suggests that he was thinking of balances and not of goods. It may be replied of course that sums of money may be thought of as representing goods and also that especially within the theoretical organon of that time monetary processes may be reduced to real processes in the last analysis. But such reductions are dangerous short cuts at best and involve neglecting monetary mechanisms that give rise to many essential problems. Thus even if the fundamentals of the economic process could in fact be satisfactorily described in real terms we should still have to observe that in capital theory as elsewhere the classic attempt to carry out fundamental analysis in real terms only was seriously at fault. over like our initial Stock it was a stock of goods. But unlike our initial stock it did not include all goods existing at an instant of time. From these the classics separated out their capital by excluding from it first natural agents though not improvements such as drains fences and the like and second all consumers goods other than the means of subsistence of productive labor. Let us stop for a moment in order to make this clear. First of all it should be understood that the division of the stock of wealth existing at an instant of time into a mass of things that are capital and another mass of things that are not is a device for describing what we have called above the structure of or the structural relations within the universe of goods. The second thing to observe is that the effect of excluding natural agents was to set up in addition to labor another original factor of production though many especially the Ricardians failed to realize the implications of it. This then would have left us with the stock of produced goods. But third the structure of the mass of these produced goods was further analyzed by means of a .