Abstract
Contemporary economics is regarded as being in a state of crisis. Many of the new directions in economics are fully consistent with the Scottish political economy tradition. An under-appreciated name in the Scottish tradition is John Rae (1796-1872). As well as making important contributions to the theories of capital and interest, Rae had an important influence on Thorstein Veblen and American institutionalist thought. Joseph Schumpeter was also strongly influenced by Rae and, through Schumpeter, Rae has influenced contemporary evolutionary theory of economic change. Rae represents an important Scottish political economy tradition, quite distinct from that of Adam Smith. Copyright 1990 by Scottish Economic Society.
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