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Economics in London: The London School of Economics (LSE)

In: Economic Theory in the Twentieth Century, An Intellectual History—Volume II

Author

Listed:
  • Roberto Marchionatti

    (University of Turin)

Abstract

This chapter deals with economics at the London School of Economics under the leadership of Lionel Robbins, when the LSE became the main opponent of Cambridge economics in England and one of the world’s most influential new centers in economic theory. Firstly, Robbins’s influential Essay on the nature and Significance of Economic Science, where the neoclassical conception of economics is methodologically systemized, is examined. Then, the most significant contributions of the members gathered around Robbins are analyzed: Friedrich von Hayek’s new Austrian writings on monetary and trade cycle theory and on the concept of equilibrium and the role of knowledge, John Hicks’s neo-Paretian reconsideration of the theory of value and his Walrasian formalization of Keynes’s theory at the beginning of neoclassical synthesis, Abba Lerner’s contributions to the development of neoclassical microeconomics on market efficiency and welfare economics.

Suggested Citation

  • Roberto Marchionatti, 2021. "Economics in London: The London School of Economics (LSE)," Springer Books, in: Economic Theory in the Twentieth Century, An Intellectual History—Volume II, chapter 0, pages 99-158, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-80987-4_3
    DOI: 10.1007/978-3-030-80987-4_3
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