It struck me as a bit of a revelation, yesterday, that a now obscure debate about trade legislation in 18 th century France resonates in economic thinking to this day, as the sides that were drawn in that debate took a form that was inherited by political economists who, over the last two hundred and fifty years, have variously called themselves by different names: liberal or conservative, radical or orthodox, saltwater or freshwater, etc. They are even now arguing about the meaning of the business cycle - which has a much more insistent position in economic thinking, now, than famine. Yet it was famine that first prefigured the division, within the circle of enlightenment thinkers, between what one might call, anachronistically, the pragmatists, and those that represent the economic mainstream, from Smith to Robert Lucas. Until Keynes, the pragmatists had no central, doctrinal figure – but in the eighteenth century they did have Ferdinando Galiani, whose Dialogue on the com
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