German School of Thought Flashcards
It arose in the 1840s, with publications of Friedrich List and Wilhelm Roscher.
German historical school
Why the German historical school ended in 1917?
Because Gustav Schmoller died
In what year the German historical school ended?
1917
German historical economists were generally critical on ___________.
classical economists
the largest, richest, most militaristic and most powerful state in Germany, dominated the country.
Prussia
Foreign & native conservatives saw Prussia as a defensive wall against?
democracy & socialism
GHS defended & rationalized the German way of life by questioning the ____________________?
historical relevance of the British classical economic doctrines (laissez-faire).
The Germany that give birth to GSH school was divided, weak and primarily _________?
agricultural
What are the Major Tenets of the German Historical School of Thought?
> Evolutionary approach to economics.
Emphasis on the positive role of government
Inductive/ historical approach
Advocacy of conservative reform
Inductive factual studies were required for this task.
Inductive method
He advocated free trade within Germany while championing a high tariff against import of manufacturing goods.
Friedrich List
He tried to establish the laws of economic development by using historical method from the investigation of histories legal, political and other aspects.
Wilhelm Roscher
Societies are continually evolving from immature to mature forms, which may be considered the _________?
most perfect
He showed his affinity for economic theory by including a simplified version of English classical price theory in his “Principle of Political Economy”.
Wilhelm Roscher
