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The Economics Book by

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RG

IN CONTEXT

FOCUS

The macroeconomy

KEY THINKER

François Quesnay (1694–1774)

BEFORE

1664–76 English economist William Petty introduces the concepts of national income and expenditure.

1755 Irish merchant banker Richard Cantillon’s Essay, first published in France, discusses the circulation of money from the city to the countryside.

AFTER

1885 Karl Marx’s Capital describes the circulation of capital using a model inspired by Quesnay.

1930s Russian-American economist Simon Kuznets develops modern national income accounting.

In economics one can think small—microeconomics—or one can think as large as the entire system: this is the study of macroeconomics. In ...

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