ABSTRACT
THE PERIOD OF NEO-CLASSICAL ECONOMICS: A SUMMARY
The period 1860-1911! covers the decline of classical economics and the emergence of neo-classical economics in the United Kingdom (and elsewhere).(!) Classical economics' hey-day was from about 1800 to 1850, but it is difficult to date the transition to neo-classical economics precisely. J E Cairnes' Leading Principles of Political Economy, one of the last significant works of classical economics, was published in 1871!, the year Fawcett's Manual was in its fourth edition. Fawcett's work was popular as late as 1895, as evidenced by the fact that when Winston Churchill wanted to learn some economics he turned to Fawcett.(2) Unlike neo-classical economics, a leading concern of classical political economy was the formulation of analytical proposals which had more or less immediate policy applications. Micro economic questions and the problem of distribution were not considered to the same extent as macro economic issues, and the focus was on the problems of population increase, capital accumulation and economic growth.
