Economic Thought as a Tool of Freedom: A History to Understand Today

In an era where international markets are shaken by crises, inequalities rise, and economic policies divide between orthodoxy and experimentation, we increasingly turn back in time to understand what our predecessors—masters of economic thought—have said and built.

The history of economic thought is not a collection of outdated theories. It is a rich intellectual journey where we read not just old book lines but deep questions that remain open today: What is wealth? How is it created? Why do crises happen? Is the market self-regulating or inherently unstable? Can social justice coexist with economic efficiency?

From Adam Smith’s reflections on wealth and the “invisible hand” to Karl Marx’s radical critiques of capitalism, from Léon Walras’ pure theoretical equilibria to Keynes’ fiscal interventions in times of crisis, economics has evolved as a field of debate, not fixed doctrines (Smith, 1776; Marx, 1867; Walras, 1874; Keynes, 1936).

Precisely for this reason, today more than ever, young people need to understand this history. Not to turn back, but to better build the future. In a world where the mainstream is often perceived as the only way, knowing the history of economic thought opens doors to see alternatives, be critical, and think differently.

For example, it is important to understand how Joseph Schumpeter linked economic development to innovation and creative destruction (Schumpeter, 1942), or how Piero Sraffa reassessed classical economists’ ideas to challenge marginalist economics (Sraffa, 1960). Another influential figure was Augusto Graziani, who introduced an original approach to monetary circulation and the real functioning of the modern economy (Graziani, 1989).

In Albania, although economics is studied at universities, the debate around the history of economic thought remains limited and often fails to stimulate critical reflections among younger generations. This is a challenge, as a deeper understanding of the trajectory of economic ideas would help shape more sustainable policies and raise civic awareness of the economic challenges the country faces.

Through this journey in economic thought, we learn that there is no single economic truth, but a network of ideas that challenge each other, reflect different historical contexts, and encourage us to face our challenges with open eyes and free minds.

As the well-known saying goes: to see farther, we must stand on the shoulders of giants (Newton, classic citation).

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References

• Graziani, A. (1989). The Monetary Theory of Production. Cambridge University Press.

• Keynes, J. M. (1936). The General Theory of Employment, Interest and Money. Macmillan.

• Marx, K. (1867). Capital: Critique of Political Economy. Verlag von Otto Meissner.

• Schumpeter, J. A. (1942). Capitalism, Socialism and Democracy. Harper & Brothers.

• Smith, A. (1776). An Inquiry into the Nature and Causes of the Wealth of Nations. Methuen & Co., Ltd.

• Sraffa, P. (1960). Production of Commodities by Means of Commodities. Cambridge University Press.

• Walras, L. (1874). Éléments d’économie politique pure. Lausanne: Corbaz.