The Worldly Philosophers: The Lives, Times And Ideas Of The Great Economic Thinkers [Paperback]

 

 

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There's a good reason this is the second best selling economics book of all time (the first is Paul Samuelson's Economics textbook, which was prescribed by professors for introductory economics classes for decades): its subject matter - the great economic thinkers, or 'worldly philosophers - is both timeless and assembled with great care; and the erudition and style with which Heilbroner writes is unparalleled. With seven editions over more than 60 years (Heilbroner died in 2005), this landmark book should continue to serve as an introduction and reference for years to come.

The text flows chronologically, with ample references forward and back in time as necessary to provide context, starting with the smaller building blocks of economic thought prior to Adam Smith and progressing with separate chapters for Smith, Malthus and Ricardo, Marx, Veblen, Keynes and Schumpeter. There are two additional chapters - one for the Utopian Socialists of the early 1800s, including John Stuart Mill, and a second for the Victorian era, including Bastiat, Henry George, and John Hobson. The seventh edition also includes a new concluding chapter lamenting 'The End of Worldly Philosophy', or more specifically the evolution of economics as a science disaggregated from its necessary social causes and effects.

It's not difficult to find information on any of the people noted above, or to access their major works. What sets this book apart is the seamless weaving of the subjects' accomplishments into a compelling narrative along with a context and frame of reference for assessing their work. In this regard, Heilbroner's work stands at the opposite end of the scale from the excellent but inevitably dry reference books commonly available.

Heilbroner's literary style is unlike that of any economic or financial writer today. Most today write factually and clearly, and in the case of Michael Lewis and a few others, with a flair for character development and storytelling. Only John Kenneth Galbraith matches Heilbroner's elevation of his prose to literary level, enjoyable not only for the content, but for the grace and style with which it is delivered.

While some may feel that Heilbroner editorializes too much for a historical survey, he is a wise and genial guide, his commentary is well placed and apolitical, and his insight serves to highlight some of the economic debate that continues to this day. The only major flaw with the book is that, despite the seven updated editions, there would appear to be few contributions to the field of economics in the past half century. Thorsten Veblen has a chapter, but Milton Friedman, John Kenneth Galbraith, Paul Samuelson, Daniel Kahneman, Amartya Sen and others receive scant or no attention.

A landmark book that can be enjoyed by both seasoned professionals and those new to the field. Highly recommended.

Frederic Bastiat, a nineteenth century French economist, once wrote a open letter calling on parliament to intervene and prevent unfair competition from ruining the industries related to lighting; his argument was plain: "We are suffering from the intolerable competition of a foreign rival placed, it would seem, in a condition so far superior to our own for the production of light, that he absolutely mandates our national market with it at a price fabulously reduced ... This rival ... is no other than the sun."

Sarcasm, Robert Heilbroner tells us, is just one of many ways in which economists have tried to express their ideas and make them intelligible to a skeptical public. If Bastiat comes off as an eccentric, that is because he was. But wait till you meet others such as absent-minded Adam Smith or aspiring revolutionary Karl Marx. Only then will the world of economics become alive.

In this succinct volume, Mr. Heilbroner aims to make economics appealing to non-economists. There are no graphs, few numbers, and all ideas are conveyed in a superb way, paving the way for future inquiries (a rich bibliographical survey serves the same purpose). The book will also excite those with an economics background, as it offers anecdotes into people whom students usually know only academically. Still, the greatest contribution will be the introduction of the economics world to those who seem aloof to it, either because they find it boring or difficult. After reading this book, they should change their minds.

I came to this book a novice in economic history. The Worldly Philosophers opened my eyes and gave in-depth detail of some of the major thinkers and key players in economics: such as Karl Marx, John Hobson, Marshall, Keynes, the Utopian socialists, Adam Smith, etc.

This is a wonderful book for an introduction to economics. I've generated many ideas and economic theories as a result of reading this book--the author constantly points out their ideas, the flaws, the strengths, the fallacies.

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3.0 out of 5 stars Not Bad
This book will just serve as an introduction to a number of economic thinkers. The reader then gets a bit of a feel for what type of economics area, he would find... Read more

Published on Oct 28 2008 by Patrick Sullivan

2.0 out of 5 stars A Mixed Bag, Indeed!
One reader of this book has noted that this book is a "mixed bag". I think he/she is exactly right.

Obviously, this author has done something pretty remarkable, and has... Read more

Published on April 29 2008 by Mark Nenadov

4.0 out of 5 stars Good Introduction
This is the latest version by a historian of economics, Heilbroner. In this book, taking the paradigm of Polanyi, so many classical economists are introduced as gworldly... Read more

Published on May 4 2004 by Shuji Iijima

5.0 out of 5 stars A great reading experience
This book reminds me of Will Durant's marvelous The Story of Philosophy, with which it shares many positive qualities. Read more

Published on April 5 2004 by M. Dog

5.0 out of 5 stars A Classic
This lucid and lively book tells the history of economic thought through the lives and times of great economists such as Smith, Marx, and Keynes. Read more

Published on Dec 21 2003

3.0 out of 5 stars good but......
An excellent overview but far too brief. I would have paid more for a book with twice the pages if more detail of each economist's theories had been included. Read more

Published on Dec 15 2003 by W.R.Schillings

4.0 out of 5 stars Fantastic Writing, but Beware of Bias
In this justly famous volume, first written more than fifty years ago and now in its seventh edition, Robert Heilbroner brings to life the great practitioners of the dismal... Read more

Published on Dec 13 2003 by Jeffery Steele

5.0 out of 5 stars A delightful read!
This is one of those delights that come very rarely in economics. The author wrote for the New Yorker and anyone familiar with the old rambling New Yorker articles that took days... Read more

Published on Oct 14 2003 by economist

2.0 out of 5 stars read New Ideas From Dead Economists instead
I've read both Worldly Philosophers by Robert Heilbroner and New Ideas From Dead Economists, by Todd Buchholz. Read more

Published on July 2 2003 by Eiji Hirai

5.0 out of 5 stars Money makes the world go round
This book is an important history of economic thought throughout the ages. It gives the general reader a basic understanding of how economics has changed through the years from... Read more

Published on Jun 24 2003 by M. A Newman

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