4/5 stars
An odd book, but very readable. Mini biographies of various leading economists of the last couple of hundred years are a mostly useful way to build the central argument: Economic ideas are a product of their time, and of their creators’ circumstances. It’s a fair argument, and one likely borne out by the fact I’m leaving this much more sympathetic to the ideas of Amartya Sen than any other person featured. He’s the only economist covered who’s still alive…
But this book is odd mostly due to its choices for who to include – and who to omit.
It starts by scene-setting with Dickens, then progresses straight to Marx and Engels, rather than going slightly further back to include Smith, Malthus, Ricardo and other earlier economists.
It’s heavily focused on British/American/Austrian thinkers to the exclusion of pretty much any others – and doesn’t include any non-Western economists other than Sen. Hell, it doesn’t even include any French economists.
The main contention other than everything progresses (it’s largely teleological in approach) is that everyone’s a Keynesian – even people you don’t think are Keynesian. Keynes hangs over the entire book, from long before he appears.
There’s a good case for this – I mean, Keynes is Keynes – but considering the general argument is that economics has been getting increasingly sophisticated, it seems odd that it largely (and rapidly) tails off in its interest in the aftermath of WWII (and, perhaps not coincidentally, Keynes’ death).
The most surprising omission, considering there’s a strong undercurrent of concern with human welfare throughout, is any reference to behavioural economics – surely one of the most fundamental shifts in approach to the discipline in the last 50-60 years.
Nor is there any coverage of the birth of game theory – arguably one of the most influential (and abused) concepts of the same period. This last is particularly surprising given the frequent use of the term “zero sum game” in latter chapters – and by the fact that the author’s previous best-known book was a biography of John Nash.
So yes, an odd book as much for its omissions as its inclusions. But engaging, readable, and (mostly) relatable. In that, it does what it set out to do – help you to understand not just *what* ideas economists had, but *why* they had them.