History of Economic Analysis part 40. 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 352 performance. The sole reason that I can see why this name should still be familiar to every student preparing for a course examination in the history of economic thought is a certain reputation he made in his own time by his Universal Dictionary of Trade and Commerce 1751-55 which was largely a compilation from unacknowledged sources. His other writings mainly on the South African trade are narrow and pedestrian though not devoid of a certain crude common sense. His Great Britain s true System. . 1757 which proves that he was intelligent enough to see the importance of Cantillon s book contains a passage that interprets interest as a payment to hoarders by those who stand in need of it . as a payment necessary in order to overcome people s reluctance to part with cash. This reads like a clumsy version of Lord Keynes s own-rate theory of interest. To put him in a representative position as has recently been done by Fay. . note unfinished . of the brightest stars of economic analysis François Quesnay included did not produce any results that we should have to Still there was some advance though advance that led to new error as well as to new truth. d Benefits from Territorial Division of Labor. The one major accomplishment that I can see consisted in a technically superior formulation of the benefits from territorial division of labor that went some way toward anticipating the most important element in the nineteenth-century theory of international values. It stands to the credit of two English authors to whom we shall confine ourselves though others could also be cited. An anonymous writer in 1701 published a tract entitled Considerations on the East-India 16 That discussion has however some indirect importance for us owing to the general stimulus it gave to the interest in economic analysis even though it did not add much to it directly. This is why it will have to be mentioned again. At the moment let us note that all
