This book provides a unique historical perspective on expectations in economic theory, and applications of expectations models in economic history. Based on papers presented at the 2017 Thomas Guggenheim Conference, it brings together the work of economists, historians of economics, and economic...

Introduction -- Part I: History, Methodology, and their Current Relevance -- Making the Most of Anomaly in the History of Economic Thought: Smith, Marx-Engels, and Keynes -- Reason and Reasonableness: Lessons from "The Economic Consequences of the Peace" Ninety Years Later -- The Marshallian...

Karl Marx's (1818-1883) analysis of the capitalist system in Capital, Vol. I memorably inferred that the system's fragility is rooted in "real" causes. Marx also analyzed significant contributing causes entrenched in the banking and financial spheres in Capital, Vol. III and other writings. The...