5 Questions
What was the viewpoint of many economists in the 20th century?
Economists believed their field was an absolute science amenable to pure mathematical abstraction
What did Branko Milanovic's book, 'Visions of Inequality', aim to do?
Bring time back into the economic equation and trace the development of economic thought
What was a central concern of early economists?
Inequality
What did Milanovic's book, 'Visions of Inequality', restore?
The insights of thinkers distorted by later commentary
What did Adam Smith, according to Milanovic, have a pronounced viewpoint on?
Anti-capitalist and left-leaning perspectives
Study Notes
20th Century Economists' Viewpoint
- Many economists in the 20th century overlooked the significance of income inequality in their analysis.
Purpose of 'Visions of Inequality'
- Branko Milanovic's book, 'Visions of Inequality', aimed to provide a comprehensive understanding of the concept of economic inequality.
Early Economists' Concern
- A central concern of early economists was the distribution of wealth and income.
Contribution of 'Visions of Inequality'
- Milanovic's book, 'Visions of Inequality', restored the importance of income inequality to the forefront of economic discussion.
Adam Smith's Viewpoint
- According to Milanovic, Adam Smith had a pronounced viewpoint on the negative consequences of economic inequality on social cohesion.
Test your knowledge of the history of economic thought with this quiz. Explore key developments and influential thinkers in economics to gain a deeper understanding of the discipline's evolution.
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