For most economists at Chicago, Marshall was simply an input, the supplier of an approach to economic analysis. For Ronald Coase, however, Marshall was much more than this - a subject of fascination and, at times, almost a reverence and obsession. Trained in the late 1920s and early 1930s at the...

Adam Smith turned economic theory on its head in 1776 when he declared that the pursuit of self-interest mediated by the market itself--not by government--led, via an invisible hand, to the greatest possible welfare for society as a whole. The Hesitant Hand examines how subsequent economic...

The 'Chicago Price Theory' approach to economics has been credited with shedding light on many fundamental questions relating to traditional economics and renowned scholars including Milton Friedman, Frank Knight, George Stigler, Jacob Viner and others have each played a key role in the...

Foreword -- Part One: Revisiting Marshall’s Economics -- 1. Alfred Marshall in the Lower Valdarno -- 2. The organization of knowledge and knowledge as organization -- 3.Raffaelli on historical progress in Smith and in Marshall -- 4. Marshall's external economies. Economic evolution and...