The 1620's commercial crisis, strongly related to financial and exchange
disruptions, produced Thomas Mun and some five years of heated debate around a
myriad of economic topics. Arguably, the outcome of such debates was the
settlement of English economic reasoning around the favorable balance of trade
doctrine.

This would seem to be a clear-cut example of an acute, but short-lived,
economic depression directly impacting the development of economic thought.
Maybe the common sense empiricism of seventeenth-century pamphleteers, so
disdained by Schumpeter, was not such a bad thing after all...

Regards,

Carlos Eduardo Suprinyak