The idea underlying this work is that the history of economic thought is essential for understanding the economy, which constitutes a central aspect of human societies. Confronted with complex, ever-changing realities, the different lines of research developed in the past are rich in suggestions for anyone trying to interpret economic phenomena, even for those tackling questions of immediate relevance. In this latter case, indeed, the history of economic thought not only provides hypotheses for interpretation of the available information, but also teaches caution towards a mechanical use of the models deduced from the (pro tempore) mainstream economic theory. Similarly, when confronted with the variety of debates on economic issues, a good understanding of the cultural roots both of the line of reasoning chosen and of its rivals is invaluable for avoiding a dialogue of the deaf.

In fact, the comforting vision offered by the great majority of economics textbooks, that of a general consensus on ‘economic truths’, is – at least as far as the foundations are concerned – false. In order to understand the variety of approaches within economic debate, it is necessary to reconstruct the different views that have been proposed, developed and criticised over time about the way economic systems function. This is no easy task. The economic debate does not follow a linear path; rather, it resembles a tangled skein.

In attempting to disentangle it, we will focus on the conceptual foundations of the different theories.