The Worldly Philosophers: The Lives, Times, and Ideas of the Great Economic Thinkers

"Worldly Philosophers" is probably the best, most authoritative title on the development and growth of economic theory. "Worldly Philosophers" is an outgrowth of Heilbroner's 1953 doctoral thesis and with each edition he's further refined and polished it and in the process it has gone on to sell four million copies, making it the second best selling book on the subject of economics. Heilbroner gives a great overview of the economic process in early societies up until the time of Adam Smith and his revolutionary "The Wealth of Nations." Heilbroner carries the reader onwards as successive economists attempt to make sense of the world around them, introducing the reader to the theories of Ricardo, Malthus, Marx, Veblen, and Keynes, among others. Heilbroner charts the expansion of economic theory in a straightforward linear fashion and shows how these varied economists questioned the theories of those before and postulated their own theories based on how they saw the world. I hadn't expected "Worldly Philosophers" to be such a lively and enjoyable read, which says a lot about Heilbroner's clarity and caliber of writing. It is far more enjoyable than his later "Making of Economic Society," which borrows liberally from this tome. If you are looking for a concise, well written history of economics, you need look no further than here.

I read Adam Smith's "Wealth of Nations" back in college my senior year, all 1200+ pages of it. I've read parts of Communist Manifesto and Capital by Karl Marx and some Joseph Schumpeter. I loved it all (especially Smith and Schumpeter) but it was BRUTAL as the dialects in those days varied so much from today's. If you are new to economics or want summaries/insights into the greatest economists in history this book is for you. Mr. Heilbroner's book, the Worldly Philosophers, is the best books on economics I have come across and I have endured graduate level economic courses, both macro and micro (along with the undergraduate courses.) This book provides readers with a nice summary and analysis of the great Economic thinkers from Adam Smith, Karl Marx, David Ricardo, Mill, Keynes, Schumpeter and others. I found the book to be very general and not extremely analytical/scholarly if you will.The summaries of each man's economic concepts and life/times in which he lived were extremely accurate. Additionally, I thoroughly enjoyed the fact that the author tries to explain the multi-disciplined nature of economics and how it is a combination of sociology, history, political science and philosophy all rapped into one. If you look at the London School of Economics graduate program you will find over 30 unique Masters Programs in economics as the field is increasingly becoming applied and specialized into different parts of the society. Mr. Heilbroner asks a question at the end such as "are we seeing the end of Worldly Philosophers?" as the field is increasingly getting more specialized and very few economists are tackling the "big picture" anymore and how the various components of an economy (land, labor and capital) are intertwined with each other. Definitely something to think about.....I found myself sitting down and reading a chapter at a time, 50-60 pages, with no problems at all. Mr. Heilbroner doesn't give you everything but perhaps enough to chomp your teeth into the works of each philosopher on your own. At the end of the book he has a list of suggested readings for those seeking more information on any of the economists/subjects mentioned but, frankly, I don't think many can handle 99% of the stuff.

In my 20th Century American Literature class we recently read Steinbeck's "The Grapes of Wrath." In conjunction with the book we watched "Roger and Me," a film by Michael Moore. The film chronicles the social collapse of Flint, Michigan, after General Motors closed several factories there in the late 1980's during a time of record profits. How ironic, then, that I should find myself reading a history of economics during a three-hour layover in an airport in Detroit, the Motor City. I picked up a copy of Robert L. Heilbroner's The Worldly Philosophers for next to nothing at the Salvation Army. The cover suggests a retail price of a mere $..., a more significant sum back in 1961 when the revised edition was published. Heilbroner's book, however, is not weakened at all by its age. He sets out not to explicate his contemporary economy, but rather to recount the history of political economy by examining its greatest thinkers, beginning with Adam Smith and ending with John Maynard Keynes. Before any of the biographies, however, there is a wonderful section on the origins of the market system. Heilbroner explains that until the 18th century, capitalism and the market system did not exist as we know them today. The lack of national unity and universal weights, measures, and currency made trade cumbersome. In addition to these impediments, the idea of seeking personal profit was not socially or religiously condoned. (Heilbroner cites an amusing case before the Boston courts in 1644 where a man was charged with making a "sixpence profit on the shilling, an outrageous gain.") Moreover, the economic concepts of Land, Labor, and Capital did not exist. Things began to shift radically in the 18th century, however, spurred along by the Industrial Revolution. As the free market system began to emerge, so did political economists. They form a most interesting pantheon: some pragmatic, some pure geniuses, nearly all eccentric in some way. ("One of them-who was very rich-urged the abolition of riches; another-quite poor-disapproved of charity.") Heilbroner humanizes these philosophers and paints a vivid picture of the worlds in which they lived. By providing such insightful biographical information he gives greater meaning to the economic theories espoused by each. I highly recommend this book for anyone who has an intellectual curiosity about economics but is discouraged at the thought of aggregate supply curves or equations like Sa+M+T = Ig+X+G. Heilbroner is able to explain the theories of Marx, Malthus, Keynes, and the rest in a purely theoretical, yet non-mathematical, way. I do not mean to suggest, however, that the book is a simplistic read. It has a scholarly (but entertaining) style and I found it quite handy to have a dictionary nearby. (Heilbroner graduated summa cum laude from Harvard.) This book contains the perfect blend of economic theory, history, and intriguing biography. Perhaps none of these men directly swayed the

I approached this book with the thought that "Ok, ok, I know I've got to get around to reading more about these guys sooner or later" attitude. What a fortunate find, and great way to begin! The author takes a subject (economics) that is often beyond dry and makes it both entertaining and educational, with lots of surprises thrown in. Every time I thought I had caught the author in a mistake or an oversight (Ah ha! Now I've got you!) he'd cover my questions or thoughts within the next couple of pages or so. The author earned my confidence again and again. I found him to be a reliable guide through treacherous waters. There's a lot of good history in this book. He tackles each major economic philosopher (and others), makes the man come alive in the context of his times, and relates his thinking to our own time by putting their ideas to the test of subsequent history. I particularly enjoyed the chapters on Smith and Keynes. The author, like any good educator, doesn't give you everything. He gives you lots of food for thought. I also found the author to be thoughtful and unpretentious. I plan to read more books by him. My copy also contained a very nice description of suggested readings.