A History Of Economic Thought By V Lokanathan Pdf [2021]

Keynes revolutionized economic policy with his 1936 book, The General Theory of Employment, Interest, and Money . He argued that aggregate demand drives economic activity. During deep recessions, wages do not adjust downward quickly enough to restore full employment. Therefore, governments must step in with deficit spending and fiscal stimulus to boost demand and revive the economy. Post-Keynesian Developments

Focus on state intervention and agricultural systems, respectively.

While many Western texts begin with Adam Smith and end with Keynes, Lokanathan provides a slightly broader canvas. He ensures that the reader does not view economics as a purely Western invention but as a discipline influenced by mercantilism, physiocracy, and the socialistic backlash that shaped the mixed economies of the 20th century.

Lokanathan’s work is distinctive for balancing Western economic milestones with a deep dive into Indian intellectual history. The text is structured to provide a critical account of how economic ideas originated and were refined over time. Google Books Global Foundations : The book documents major thinkers starting from the Athenian philosophers , through the Mercantilist Physiocrat eras, up to the 19th-century giants like Adam Smith David Ricardo Modern Theory Evolution : It covers the Marginal Revolution Alfred Marshall's Neoclassical school , and the shift toward Keynesian economics

Later developments up to the contemporary era.

Lokanathan organizes the history of economic thought chronologically and by schools, a conventional but effective method. The book typically begins with (Plato, Aristotle, Thomas Aquinas), establishing that economic inquiry predates Adam Smith. This section is crucial because Lokanathan highlights how early thinkers embedded economics within ethics and politics—a connection often lost in modern neoclassical teaching.