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NOTE What or who was the beginning of modern economics?

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I guess modern economics or the scientific doctrine begins with Cantillon, Richard Cantillon,

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who is a very interesting character, too, and really with Cantillon, who's hardly talked about.

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Cantillon has essentially the praxeological methodology. He's got the methodology of abstract reasoning.

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He starts off with a rule of one landlord. In other words, one landlord owns the whole country.

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The theory of utility, the value of essentially utility theory, he's also the first person

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The theory of money is magnificent. It has a whole human theory except for the process analysis.

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And it was not equilibrium. In other words, it was the process-political equilibrium.

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In British classical economics, you have different equilibrium states.

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You have this state and that state, and you leap somehow magically from one to the other.

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The process towards new equilibrium. For example, when Catalan talks about what happens when

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the money supply increases in a country, it's very Misesian, so to speak, pre-Misesian.

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First people get it, they get the new money, they spend more, prices go up as they spend

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it, and the goods that they buy, then it circulates to other people, you have sort of a rippling

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out effect, and each group gets it until finally you have, say, if you double the money supply,

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And finally you wind up with prices more or less doubled, but not completely, because you have a different equilibrium there, you have different life effects, etc.

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And it's a very sophisticated, excellent analysis of internationally so-called Hume's species flow analysis, so Catalan is much better than Hume. Hume was writing about the same time, a little bit later.

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Actually, no, this is, say, 1730s, and Hume wrote in 1750s. Hume might probably have read it, and all these guys knew each other, the British knew the French stuff.

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So with Catalan you have a pre-Austrian analysis, no question about it.