The Development of Economic Doctrine

Even by the standards of his time, Alexander Gray excelled in depth of research and clarity of prose, and his classic treatise on the history of ideas, The Development of Economic Doctrine, is a prime example: it is a real page-turner from first to last.

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 be thrilled to encounter this mighty work for the first time, since he not only treats the Austrians at length but 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 in fact squarely in the mainstream of economic thought before the Keynesian revolution when fallacy trumped 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 one of its pages.