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History of Economic Analysis part 73

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History of Economic Analysis part 73. 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 682 vests favorable foreign exchange removal of obstructions to foreign supplies and the emergence of new sources of raw materials falling rates of freight and insurance technological progress increasing supply of capital hence lower rates of interest do not indeed reveal ideal analysis and there is much in them to find fault with from a theoretical standpoint. But at least they contain the most important factor the tremendous increase in productive efficiency in consequence of the Industrial Revolution and in addition most of the salient characteristics of that epoch though Tooke failed at the analytic task of bringing them into their proper relations. In the second place the variations in the purchasing power of money brought up the question of justice as between creditors and debtors or else so far as the public debt was concerned taxpayers . As always justice was what benefited the interest with which each writer sympathized. But more substantial arguments sometimes crude sometimes more refined reinforced or even supplanted considerations of justice. Squire Western made the point that there are situations in which higher prices being the only alternative to widespread bankruptcy a falling value of money might be deemed to be in the interest of creditors. Others emphasized that on the whole debtors represent the active elements in the economy so that a benefit to them in the end benefits everybody. Still others learned to qualify their dirges about the discouragement of industry through falling prices by stating unless this fall is caused by a fall in costs 20 though some were for price maintenance even in the face of falling costs. Like Hume and Wicksell most writers on currency preferred slowly rising to stable prices. Needless to say the usual confusion between the prices a writer was interested in and the price level impaired arguments throughout most writers as we have seen above were having a hard time in defining what they .