chapter
50 Pages

THE PHILOSOPHICAL FOUNDATIONS OF CLASSICAL ECONOMICS

The decline and dissolution of the medireval system of life threw mankind into the most violent crisis which had overtaken it since the dark days between the deposition of Romulus Augustulus and the accession of Charles Martel. The age of the Renaissance was a period of contradictory development: men's dominion over nature was increasing, but it was felt that men's understanding of the universe wa:s decreasing. The old cosmology of the Schools was' abandoned, but there was no modern doctrine of a similar cast to replace it. It took more than two hundred years before a comprehensive world-view corresponding to the changed realities emerged. Of this new cosmology classical economics was an integral part.