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On the History of Economic Systems:Werner Sombart and J.R. Hicks Compared

Author

Listed:
  • Yasuhiro Sakai

    (Faculty of Economics, Shiga University)

Abstract

This paper aims to discuss the relationship between economic theory and market economy from a new angle. In particular, Werner Sombart and John R. Hicks, two giants in studies of such relationship, will be critically evaluated and carefully compared. Sombart is now an almost forgotten economic historian, but his work on the role of capitalist spirit played in the three stages of capitalism is worthy of serious investigation. Hicks is mainly regarded as an important theoretician of general equilibrium and welfare, but his later work on economic history is also worthy of serious consideration. Hicks pays special attention to the role of merchant in the exchange economy. By comparing the works of Sombart and Hicks in many ways, we can shed new light on the immortal problem of the relationship between Theory and History. It is remarkable to see that the Ohmi merchants of Japan are famous traders with strong capitalist spirit a la Sombart. We can expect to learn new lessons from old teachings.

Suggested Citation

  • Yasuhiro Sakai, "undated". "On the History of Economic Systems:Werner Sombart and J.R. Hicks Compared," Discussion Papers CRR Discussion Paper Series A: General 34, Shiga University, Faculty of Economics,Center for Risk Research.
    • Handle: RePEc:shg:dpapea:34
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    File URL: https://www.econ.shiga-u.ac.jp/risk/DPA34Sakai.pdf
    File Function: First version, 2019
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