The Development of Economic Doctrine: An Introductory Survey

Alexander Gray

Alexander Gray was a British economist with a particularly keen appreciation of the Austrian contribution to the history of ideas. As with others of his generation, he was super well-educated and an outstanding stylist of the English language. Even by standards of his time, Professor Gray excelled in depth of research and clarity of prose, and his classic treatise on the history of ideas is a prime example.

It was published in 1934, so the narrative is spared the supposed innovations of Lord Keynes. This is why the book is called the “development” of economics: it was written before the major setback. In fact, Austrians will thrill to encounter this mighty work for the first time, since he not only treats the Austrians at length; he regards their work as the very culmination of all good things that came before.

The existence of this treatise alone is enough to establish what is sometimes disputed today: the Austrians were squarely in the mainstream of economic thought before the Keynesian revolution when fallacy triumphed over truth.

Gray’s work is as learned as it is charming, a romp through intellectual history with a particularly British flare for the ironic turn of phrase. This book is smart, witty, and penetrating on every page.

The Development of Economic Doctrine

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Meet the Author
Alexander Gray

Professor Sir Alexander Gray (1882–1968) was a Scottish civil servant, economist, academic, translator, writer, and poet. He was elected a Fellow of the Royal Society of Edinburgh in 1942. In 1948 he published a study of the life and doctrines of Adam Smith. In addition to his economic writings, Gray was an active composer and translator of poetry.

Mises Daily Alexander Gray
It ought to be possible to write of socialism without the underlying assumption that socialists alone are right and righteous — that they alone are the true crusaders against the powers of darkness.
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References

Longmans, Green, and Co., New York, 1933