History of Economic Analysis part 120

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History of Economic Analysis part 120. 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.

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Editor’s appendix 1152 must have been written. There is another way of indicating the relative importance in the whole work of the introduction and the conclusion, namely, by comparing the relative amount of space allotted to them with the total. The copy which eventually went to the publisher consisted of 1919 typed pages—about 20 per cent of it in single space. Had the History been completed, there might have been 2000 typed pages, of which the introduction would have occupied a little more than 100 pages or 5 per cent of the total and the conclusion another 100 pages or 5 per cent of the total. Thus the two together would have taken up only about 10 per cent of the total space. It has already been stated in the Editor’s Introduction that J.A.S. probably began writing the History in 1941 or 1942 and that substantial portions were typed in 1942 and 1943. At that time he intended merely to translate, revise, and bring up to date the Dogmengeschichte. Subsequently most of this early work was rewritten—so completely rewritten that often only a page or two (much crossed out and written over) of an early version was used in a final version. A question naturally arises at this point: how do we know when various chapters and sections were written? For the most part we do not know the actual dates of writing, but we do know in many cases either the actual or approximate dates of typing. The date of typing may be considerably later than the date of writing, since J.A.S. often accumulated a large amount of manuscript before sending it off to be typed. He did not have even a part-time secretary until the fall of 1948, and the typing was done by at least five different people using different typewriters and having distinctive typing styles. Mrs. Thorpe, who did much of the typing between 1943 and the middle of 1948, often put the date of typing on the carbon copy. (It was a great pile of these carbon copies, in the attic of the Acacia Street house, which first indicated to me just what had been written and kept me searching until I found manuscripts and first typescripts for all the carbon copies.) One young woman typed manuscript only in the summer of 1948, a second in the academic year 1948–9, and a third in the fall of 1949. Other means of determining the approximate time and order of writing are two reports of progress, which were made to me in the second half of 1947 and the first half of 1948, and the dates of some of the references quoted. The following outline of dates of typing will help the reader to understand the detailed explanation of the order in which the History was written and the extent to which various parts were rewritten. Many of these bits of manuscript were without a title. Where there was a title provided by J.A.S., I have enclosed it in quotation marks. Otherwise the headings are merely descriptive of the material covered. The references in parentheses at the end of each description indicate the part, chapter, and section in which this subject matter was eventually treated. Items dated 1950 (and after) were typed after the death of the author. KNOWN OR APPROXIMATE DATES OF TYPING1 1942 (?) ‘The Beginnings.’ Early version of Graeco-Roman Economics, The Scholastic Doctors and the Philosophers of Natural Law, and The Consultant Administrators and Pamphleteers. (II, chs. 1, 2, 3) Jan. 10, The Historical Method.2 Final version (IV, ch. 4, sec. 2) 1943 Feb. 19, Equilibrium Analysis. Early version (IV, ch. 7) 1943 March 15, Wages, Unemployment, Poverty. Early version (II, ch. 5, secs. 3 & 4)
Editor’s appendix 1153 1943 June 19, ‘Consultant Administrators and Pamphleteers.’ Intermediate version (II, ch. 3) 1943 June 19, ‘The “Mercantilist” Literature.’2 Final version (II, ch. 7) 1943 July 10, 1943 July 13, Population, Increasing and Decreasing Returns. Early version (II, ch. 5, secs. 1 & 1943 2) Dec. 1, ‘The Political and Intellectual Scenery.’ Early version (in, ch. 3) 1943 1943 (?) ‘Scope and Method.’ Early version (in, ch. 5) Dec. 12, Senior’s Four Postulates.2 Final version (III, ch. 6, sec. 1) 1943 Dec. 17, Sozialpolitik.2 Final version (IV, ch. 4, sec. 1) 1943 March 26, Value and Money before 1790. Early version (II, ch. 6) 1944 March 27, The Scholastics and Their Successors. Intermediate version 1944 April 4, (II, ch. 2) 1944 Aug. 23, ‘Graeco-Roman Economics’ and ‘The Scholastic Doctors and the Philosophers of 1945 Natural Law.’ Final version (II, chs. 1 & 2) Sept. 17, 1945 Feb. 21, ‘Unemployment and the “State of the Poor.”’ Final version (II, ch. 5, sec. 4) 1946 Summer ‘Money, Credit and Cycles.’ Final version (III, ch. 7) 1948 1948–9 ‘Some Questions of Principle.’ Early version of Introduction (I) 1948–9 ‘Fundamental Unity of the Period’s Economic Theory.’ Final version (IV, ch. 7, sec. 1) 1948–9 ‘Cournot and the “Mathematical School”: Econometrics.’ Final version (IV, ch. 7, sec. 2) 1 Known dates give month, day, and year; approximate dates (especially after mid-1948) are based on the typewriter used and the typing style. The term ‘final version’ means the last version, the one actually used. Sometimes, of course, there was only one version. In such a case, even if unfinished, it became the final version.
Editor’s appendix 1154 2 These four portions of the manuscript were never revised; the final version was also the early version. There is ample evidence that the author intended to revise them. 1948–9 ‘Statics and Dynamics. Determinateness. Stability. Equilibrium.’ Early version (IV, ch. 7, sec. 3) 1948–9 ‘The Competitive Hypothesis and the Theory of Monopoly.’ Early version (IV, ch. 7, sec. 4) 1948–9 ‘The Theory of Planning and of the Socialist Economy.’ Final version (IV, ch. 7, sec. 5) 1948–9 ‘Partial Analysis.’ Early version (IV, ch. 7, sec. 6) 1948–9 ‘Note on the Theory of Utility.’ Final version (IV, ch. 7, App. secs. 1–6) 1948–9 ‘Welfare Economics.’ Early version (IV, ch. 7, App. sec. 8) Late 1949 Introduction: Scope and Method. Final version (I, chs. 1, 2, 3, 4) Late 1949 ‘Partial Analysis.’ Final version (IV, ch. 7, sec. 6) Late 1949 ‘The Walrasian Theory of General Equilibrium.’ Final version (IV, ch. 7, secs. 7a, 7b, 7c) Late 1949 ‘The Production Function.’ Final version (IV, ch. 7, sec. 8) Late 1949 Developments Stemming from the Marshall-Wicksell Apparatus. Final version (V, ch. 2) Late 1949 Economics in the Totalitarian Countries. Final version (V, ch. 3) Late 1949 ‘Dynamics and Business Cycle Research.’ Final version (V, ch. 4) 1950 Walras’ Theory of Production. Final version (IV, ch. 7, sec. 7d) 1950 Keynes and Modern Macroeconomics. Final version (V, ch. 5) 1950 ‘Value and Money.’ Final version (II, ch. 6) 1950 ‘The Contribution of the Applied Fields.’ Final version (IV, ch. 6, sec. 6) 1950 ‘The Concept of Equilibrium.’ Discarded 1950 ‘Statics, Dynamics, the Stationary State, Evolution.’ Final version (IV, ch. 7, sec. 1950 ‘Determinateness and Equilibrium. Stability.’ Final version 3) 1950 ‘The Competitive Hypothesis and the Theory of Monopoly.’ Final version (IV, ch. 7, sec. 4) 1950 ‘Welfare Economics.’ Final version (IV, ch. 7, App. sec. 8) Sept. Walras: The Introduction of Capital Formation and of Money. Final version (IV, ch. 7, 1951 sec. 7e) April Adam Smith and the Wealth of Nations. Final version (II, ch. 3, sec. 4e) 1952
Editor’s appendix 1155 The outline above is, of course, not complete. For many portions of the History, we have no specific information about the dates of typing. The outline does serve, however, to show what was written at the very beginning and at the very end. The manuscript typed in 1942 and 1943 was all completely rewritten with the exception of those items commented on infootnote 2. This was probably accomplished with respect to Part II (with the exception of the chapter on value and money) by the end of 1945.3 It is my impression that Chapters 1–5 of Part III and Chapters 1–5 Part IV were written next. The chapters on pure theory in Parts III and IV and the chapters on money in these parts were written relatively late. The money chapters were written at roughly the same time, but not in chronological order, the latest chapter having been written first. The earliest chapter on Value and Money (in Part II) had not been typed by January 1950, and I am frankly puzzled as to when this chapter was re-written.4 This knowledge of the order in which some of the later chapters were written I owe to two brief interviews with J.A.S. in which he outlined for me the state of the History. This he did somewhat reluctantly, at my request, because publishers’ agents were attempting to find out from me when the book would be finished. I jotted down a rough outline but unfortunately I did not put down the dates. I believe the first interview may have been in the fall of 1947 and the second in early 1948 because J.A.S. had a Sabbatical half year in the fall term 1947–8. During this period he worked steadily at the History. On the first occasion he told me that Part II was complete except for the chapter on Value and Money; that Part III was complete except for Chapters 6 and 7, which remained largely to be done; and that in Part IV, Chapters 1– 5 and Chapter 8 (Money, Credit, and Cycles) 5 were typed but that Chapters 6 and 7 remained to be done. The Note on Utility (appendix to ch. 7) was written but not typed. On the second occasion he reported that Chapter 6 of Part IV could be used substantially as it then stood. Chapter 6 of Part III was typed before the summer of 1948 and Chapter 7 of the same part—the money chapter—during that summer. Finally, J.A.S. began to work on the chapter on ‘higher pure theory’ (Part IV, ch. 7, Equilibrium Analysis). Sections 1–6 and the Appendix (Note on Utility, which had been written for some time) were typed in the fall of 1948. During 1949, the last year of his life, J.A.S. apparently wrote the introductory and concluding Parts I and V, revised sections 3–6 in Part IV, Chapter 7 (Equilibrium Analysis), and wrote section 7 of this chapter on The Walrasian Theory of General Equilibrium and section 8, the Production Function. All of these were typed during the last quarter of 1949 or were found in manuscript and typed after the death of the author. References in several of these sections 3 The final version of ch. 5 (Population, Returns, Wages, and Employment) was typed in February 1946, and ch. 7 was left as it had been written in 1943. Ch. 6 on Value and Money was rewritten very late (possibly in 1948). 4 This problem will be discussed below. 5 I have here used the final numbering of the chapters as later determined by J.A.S. At that time he was thinking in terms of ten chapters. Sozialpolitik and the Historical Method were to be treated in two separate chapters (chs. 4 and 5) and the Note on Utility was to have been a chapter (ch. 9). This naturally changed the numbering of the other chapters (the money chapter becoming ch. 10).
Editor’s appendix 1156 or chapters to articles in periodicals which were published in February and May 1949 confirm these impressions as to the date of writing. Part I was found with a pile of notes, manuscript, and reprints in the Cambridge study. It was to have been in six chapters, which I reduced to four. The first three chapters were so very short that I made them three sections of Chapter 1, retaining the original chapter titles as section titles. Two sketchy plans for Part I found among the notes indicate that J.A.S. was at work on the final chapter of the introduction. (See also editorial notes on pp. 43–5 above.) There was an earlier introduction typed the previous year by the part-time secretary who worked during the academic year 1948–9. It consisted of 38 pages of typescript as compared with 87 pages in the final unfinished version. It was labeled ‘Chapter I: Some Questions of Principle.’ There were six subheadings, some of which appear as section titles in the final version: Why Do We Study the History of Economics? But Is Economics a Science at All? The Historical Character of Our Subject Matter Is Economics an Ideology? Economic Thought and Economics Economics and Economic Theory. Very little of this earlier introduction is embodied in the final one. Typed pages 1 and 6– 8, much crossed out and revised, were used in Chapter 1 (J.A.S. chs. 1, 2, and 3) and typed pages 15–17 in Chapter 4 (J.A.S. ch. 6). Otherwise the material in the final manuscript of Part I was completely new. I do not know why J.A.S. entitled Chapters 2 and 3 (originally chs. 4 and 5) ‘Interlude I’ and ‘Interlude II.’ I added the titles and subtitles in square brackets, as I have done throughout wherever J.A.S. failed to supply detailed titles. He had indicated the six divisions in Chapter 2. The title supplied by me (The Techniques of Economic Analysis) is not quite accurate since strictly speaking there are only three such techniques (Economic History, Statistics, and Theory) with Economic Sociology as a possible fourth (see above, pp. 12 and 20–21). The last unfinished chapter in Part I (The Sociology of Economics) is concerned with many of the problems treated in ‘Science and Ideology,’ the author’s presidential address before the American Economic Association in December 1948, and I am sure that he worked on both simultaneously. As was his custom, J.A.S. spoke from rather detailed notes and wrote up the address for publication afterward. Part II was complete except for the money chapter, which was written but not typed, and the inevitable revisions. The manuscript, notes, and discarded manuscript for Part II, Chapters 1–4 and 7 (2–5 and 8) were found in a pile in the closet of the Taconic study.6 The first typescript for Chapters 1–5 and 7 (2–6 and 8), read and corrected by J.A.S., were in a file box labeled by the author. The manuscript for Chapter 5 (6) was also in this file box apparently
Editor’s appendix 1157 6 The numbering of chapters in parentheses was the original numbering which was changed at the very end. Since it occurs in many places in the manuscript, it is put in here for the convenience of people who may use the material in Houghton. because the author had not yet read the typescript of section 4, the concluding section. The carbon copies were with all the others in a room on the third floor of the Cambridge house. The manuscript of Chapter 6 (7), Value and Money, with numerous notes and discarded bits of manuscript, including some pages from the early version typed in March 1944, were found in a separate file box. Until the last year or so J.A.S. had planned to have eight chapters in Part II. He then reduced the number to seven. There was a fragment of a Chapter 1 entitled ‘From the Beginnings to the First Classical Situation’ beginning with ‘1. Plan of the Part.’ The first two paragraphs of this plan have been used at the beginning of the chapter on Graeco- Roman Economics (see above, pp. 51–2), since it is obvious that J.A.S. had not made the necessary revisions at the beginning of this chapter when he made it the first instead of the second in the Part. Part II was written earliest and rewritten more than any other. It is here that we see most clearly how the original plan (to translate, revise, and bring up to date the early sketch of doctrines and methods) grew and changed almost beyond recognition. It will be recalled (Editor’s Introduction, p. v) that the Epochen der Dogmen—und Methodengeschichte was divided into four parts or chapters, which in turn were divided into sections. These sections were given titles in the table of contents but were merely numbered as they occurred in the text. This practice of numbering his sections, without titles, J.A.S. followed when he began writing the History of Economic Analysis. It was mainly in the chapters which were written early and not subsequently revised (chs. 1 and 7 of Part II and ch. 4 of Part IV) that the editor had to supply section titles. Later the author gave titles not only to sections but even to subsections, for example, in Parts III and IV. This last was not done at all in Part II. Where the sections in Part II were long, the editor divided them and supplied titles for subsections. The first part or chapter of the Dogmengeschichte (The Development of Economics as a Science) treats very briefly the sources of economics in the writings of the philosophers (from ancient times down to the eighteenth century) and in the popular discussion, subjects that are covered in considerable detail in Chapters 1–3 of Part II of the History; the second part or chapter (The Discovery of the Circular Flow of Economic Life) includes roughly those authors (the physiocrats, Turgot, and Adam Smith) and topics that are discussed in Chapters 4–7 of Part II of the History. The Dogmengeschichte devoted 32 pages—somewhat large pages, to be sure—to what required 326 pages (pp. 51–376) in the History. A glance at the outline (pp. 1187–8) of the Known or Approximate Dates of Typing various portions of the History will be most helpful in tracing the evolution of the chapters in Part II. Most chapters went through at least two stages but Chapters 2 and 3 (The Scholastic Doctors and the Philosophers of Natural Law and The Consultant Administrators and the Pamphleteers) went through no less than three stages—an early, an intermediate, and a final treatment. The early version of Chapters 1–3 (entitled ‘Chapter I: Beginnings’) consisted of 77 typed pages divided into 17 sections without titles. It starts with a description of the
Editor’s appendix 1158 author’s concept of Classical Situations and ends with a short account of the Consultant Administrators and of Public Finance. It must have been typed not later than 1942, since a few pages of it are embodied in an intermediate version of Chapter 2 typed June 19, 1943. Several pages of this early version were used in the final manuscript of the first chapter, Graeco-Roman Economics. For example, typed pages 5–6, 14–16, and 19–21 became manuscript pages 2–3, 42–4, and 52–4 of the final version. I believe the date of typing in this case is somewhat misleading, and that this chapter was kept back and sent off to be typed only when Chapter 2, which was revised in 1944 and again in 1945, was ready. There were no section titles, although the sections were numbered. Chapters 2 and 3 were revised and expanded twice. There is no trace of the early version in the intermediate treatment of the Scholastics and only four pages (39–42) of the early version appear in the intermediate treatment of the Consultant Administrators. A few pages from both the early and intermediate versions are used in the final manuscripts of Chapters 2 and 3 but most of the material is entirely new. Chapters 1 and 2 were typed finally in August and September 1945, and it seems probable that Chapter 3 was typed about the same time, but we have no definite date. The editorial note on page 181 above explains how Chapter 3, section 4e (Adam Smith and the Wealth of Nations), which had been discarded by the author without ever being typed, was restored by the editor. Chapter 4 (The Econometricians and Turgot) was entirely new except for two typed pages taken from the intermediate treatment of the Consultant Administrators and the Pamphleteers. J.A.S. was somewhat in doubt about the title. It was originally ‘The Econometricians.’ He added ‘and Turgot?’ in pencil on the first typescript. Chapter 5 (Population, Returns, Wages, and Employment) had a rather full early version which was typed in two sections on March 15, 1943, and July 13, 1943. It was almost completely rewritten with only two typed pages from the early version used in the final version, the last section of which was typed on February 21, 1946. This last section of typescript had not been read and corrected by J.A.S. Chapter 6 (Value and Money) was found in manuscript, obviously not quite finished, with the pages unnumbered and slightly mixed up. The order of pages in such cases was determined by Arthur W.Marget, who put this chapter together and did much of the work of editing it. Some of the manuscript was much crossed out and written over, but it seemed to be divided into seven sections, of which 1, 3, 6, and 7 had titles. In the file box with this manuscript, there were voluminous notes (largely in shorthand) and many discarded bits of manuscript—also the manuscript of the early treatment of money typed in March 1944. Several typed pages from the early manuscript were used in sections 2 and 3 of the later version. Among the notes was a plan of the chapter, which is reproduced on the opposite page. This plan confirmed the impression that seven sections were intended and supplied the missing section titles. This page, as well as the three others reproduced in this appendix, will give the reader a more vivid impression than mere words could convey of the appearance of many of the notes and the difficulty of deciphering them.
Editor’s appendix 1159 As I have said already, I am frankly puzzled as to when this revision of Value and Money in the early period was written. I have some reasons for feeling that it might have been done rather early, as I stated in my note on page 276 above. If that was so, however, I do not understand why it was never typed, unless J.A.S. wanted to do a good deal more work on it and decided to wait until he was working on the money chapters in Parts III and IV. We do know that the early version, which consisted of 31 typed pages, was typed on March 26, 1944. Pages 1–12 of this early version were incorporated into section 2 of the later version (see above, pp. 289–98) and pages 14–18 on Galiani were incorporated into section 3 (pp. 300–302). For a time, I was convinced that this chapter on money was written rather late, after those in Parts III and IV. The money chapter in Part IV was already typed when J.A.S. outlined the state of the History to me in the first of our two interviews on this subject—
Editor’s appendix 1160 probably in the fall of 1947. At that time he told me that Part II was complete except for the chapter on Value and Money and that Part III was complete except for Chapters 6 and 7 (Pure Theory and Money, Credit, and Cycles), which remained largely to be done. Chapter 7 was typed in two installments, the second one during the summer of 1948. I assume that, having finished the money chapters in Parts IV and III in that order, he then undertook the rewriting of Value and Money (before 1790) for Part II. At about this time, he had agreed to write two little books, one on Money and one on Banking, for the Economics Handbook Series. He had taken out of the brown trunk, in which it was kept, the manuscript of the book on money,7 which he abandoned on his return from Europe at the end of the summer in either 1934 or 1935. It would have been natural at the same time to revise his early treatment and to emphasize certain fundamental concepts that were important to his own theory of money. The only trouble with this thesis is that the manuscript does not look like something written in 1948 or later. As time went on, J.A.S. became increasingly sure of what he wanted to say. It is possible, of course, that this was a very hurried version with which he was not completely satisfied—that he wanted to go over it again before having it typed. It may even be that some of the sections were revised earlier and some later. This may help explain why some sections had titles and some did not. Sections 2, 4, and 5 lacked titles and were not quite finished. The final paragraph of section 7 on Interest (p. 334), which is also the final paragraph of the chapter, was unfinished. The page, crowded with notes to be used in carrying on the argument, is reproduced on the next page as a typical example of many such pages. Chapter 7 of Part II (The ‘Mercantilist’ Literature) was written very early and was never rewritten as were the early versions of the other chapters in this Part. It was typed in two sections on June 19, 1943 and July 13, 1943. It had no title and was not even divided into sections, although it was a comparatively long (71 typed pages) and detailed treatment of the subject. It gives evidence of sustained reading of the literature in the Kress Library at the Harvard School of Business Administration. The title for the chapter was suggested by the author in a penciled note on the typescript, which he had read and corrected. The editor divided the chapter into sections and subsections and supplied titles. Part III presented no such problems as those we have just reviewed. It was apparently written in a perfectly straightforward way and was complete except for the first section of Chapter 6. It corresponds to the third part or chapter of the Dogmengeschichte (The Classical System and Its Offshoots). All of Part III was assembled in Taconic. The manuscript of the first four chapters with notes 7 This manuscript, written in German, is now being translated and edited by Arthur W.Marget in the hope that eventually it may be published.
Editor’s appendix 1161 and discarded material was found in a heap in the closet of the Taconic study. The first typescript of these chapters was in two folders on the desk. The manuscript and typescript of Chapters 5 and 6 were in one file box, and there was another box of notes and bits of discarded manuscript for these chapters. The manuscript and the typescript of the two chapters on Money, Credit, and Cycles (Part III, ch. 7 and Part IV, ch. 8) were in the same file box. All the typescript of Part III had been read and corrected by the author in pencil except the last two sections of Chapter 6—section 5 (Capital) and section 6 (The Distributive Shares). It should be noted, however, that these were two very long and important sections consisting of 103 typed pages. Some of the other chapters had been read very rapidly and superficially, especially the middle portion of the money chapter. A few days before his death, on his return from the meetings of the American Economic Association