The Great Economists: How Their Ideas Can Help Us Today

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Ebook The Great Economists: How Their Ideas Can Help Us Today

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The Great Economists: How Their Ideas Can Help Us Today

The Great Economists: How Their Ideas Can Help Us Today


The Great Economists: How Their Ideas Can Help Us Today


Ebook The Great Economists: How Their Ideas Can Help Us Today

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The Great Economists: How Their Ideas Can Help Us Today

Penguin presents the audiobook edition of The Great Economists written and read by Linda Yueh.

Since the days of Adam Smith, economists have grappled with a series of familiar problems - but often their ideas are hard to digest, before we even try to apply them to today's issues. Linda Yueh is renowned for her combination of erudition, as an accomplished economist herself, and accessibility, as a leading writer and broadcaster in this field; and in The Great Economists she explains the key thoughts of history's greatest economists, how their lives and times affected their ideas, how our lives have been influenced by their work, and how they could help with the policy challenges that we face today.

In the light of current economic problems, and in particular economic growth, Yueh explores the thoughts of economists from Adam Smith and David Ricardo through Joan Robinson and Milton Friedman to Douglass North and Robert Solow. Along the way she asks, for example: what do the ideas of Karl Marx tell us about the likely future for the Chinese economy? How does the work of John Maynard Keynes, who argued for government spending to create full employment, help us think about state investment? And with globalisation in trouble, what can we learn about handling Brexit and Trumpism?

In one accessible volume, this expert new voice provides an overarching guide to the biggest questions of our time. The Great Economists includes: Adam Smith, David Ricardo, Karl Marx, Alfred Marshall, Irving Fisher, John Maynard Keynes, Joseph Schumpeter, Friedrich Hayek, Joan Robinson, Milton Friedman, Douglass North and Robert Solow.

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Audible Audiobook

Listening Length: 14 hours and 10 minutes

Program Type: Audiobook

Version: Unabridged

Publisher: Penguin Books Ltd

Audible.com Release Date: April 5, 2018

Whispersync for Voice: Ready

Language: English, English

ASIN: B07B3RS4ND

Amazon Best Sellers Rank:

There is quite a bit to like about this book. The author provides some very interesting insights about what she believes famous economists of the past would have thought about current policy issues. For me her two best chapters were the ones on Adam Smith (where she offers some great insights about Smith's view of the role of government) and on Irving Fisher (she focuses on his theory of business cycles).Some of her other chapters offer fewer insights, however, and she too often takes a leftish slant on current issues. In that regard, her chapter on Milton Friedman is one of her weakest. She also appears not to have heard of any modern economists other than Paul Krugman or Joe Stiglitz. Still, a fascinating read that even someone with a pretty good grasp of the history of economics can learn from.

Book offers great perspective to grist created by our changing economic world ... and how we might better address issue like globalization, economic inequality and stagnant growth—through the authors perspectives on how the great economists of the past might respond. Interesting concept, well written and readable by anyone with half an interest...in a very important topic

Extremely important read

It’s a book and subjective

This is an interesting book for the layman who have heard about famous economists but have little idea why they are famous. Adam Smith, John Maynard Keynes, Karl Marx, and Frederich Hayek are the most prominent ones. In just under 300 pages, Linda Yueh includes David Ricardo, Joan Robinson, Joseph Schumpeter, Irving Fisher, Milton Friedman, Alfred Marshall and Douglass North – and has a cameo appearance of Paul Samuelson. Yueh provides a short but captivating personal biography of each of these economists and explains lucidly what mad these men famous. What is the important aspect of this book? It addresses the problems that we see almost daily in the news media about trade war and verbal war among major politicians. Yueh says: ‘Brexit and Trumpism are among the most prominent political expressions of discontent with the status quo. Globalization’s unequal impact, creating winners and losers, is part of the status quo. But there are other factors, such as robotics and automation, at play too.’ Yueh discusses the problems of rising inequality and explains how it has risen. She discusses the opposing views as to what should be done. Should there be a redistribution of wealth through taxation, which requires government intervention (Keynes), and those who oppose government intervention (Hayek). The reader will better understand that Marxism is not identical with communism but they share major ideals, the main one being their strong opposition to capitalism, yet ironically, there are many who believe that Marxism might well be the way to save capitalism from itself. The great economists discussed in this book had all ‘engaged in the policy debates of the day’. Yueh tries to link the ways these economists are similar, and the main one, as she says, is that they ‘formulated general models to tackle the biggest economic challenges’. They are also prescient in many instances. Hayek, for instance wrote ‘The Denationalization of Money’ to inspire private companies rather government to issue money. He was of the view that the competition in the private sector would lead to stability of the currencies. Are we seeing this come to pass in the rise of cryptocurrencies? Should the politicians and policy makers take heed? How many of them have an understanding of economics that include a knowledge of the life and intentions of the great economists? Perhaps they should read this book.

This is another economist pushing for infinite growth on a finite planet. She happens to start with the beginning of fossil fuels, Adam Smith, through the peak of fossil fuels, Solow. It was coal that allowed UK to punch above its weight. The insights for the fossil fuel era may not apply to the next era.The epilogue concerns globalization. Globalization is an ecological disaster. Adam Smith never envisioned the movement of capital on this scale. In the past there was the danger of local collapse, now the scale is potentially global. Every economics paper should have an ecological co-author. Or take a weekend course in ecology. You have to control your borders, especially when the North Sea oil is in decline.Where is Jevons?But there are some good bits.

Rather than presenting her own prescriptions for what she believes ails modern society, the author cleverly attempts to channel 12 prominent economists on these topics. The historical background for the questions discussed is valuable, in my opinion. A couple of irritations: (1) the author is overly preoccupied with the Nobel Prize as an indication of merit. 99.9999% of economists will not receive a Nobel, so this preoccupation seems a bit odd; and (2) the author's blind worship of economic growth is remarkable, considering that numerous environmental sensors are flashing warnings that already realized past economic growth is killing this planet. The next truly great economist will supply a path forward where multi-generational worldwide deflation / reduction in economic activity nevertheless manages to optimize the health and well-being of all creatures on this plant. Bring it on!

Using past economic ideas to solve current social problems has limited utility. Nonetheless, if that’s the excuse for writing this book it is very well done. There are informative short biographies associated with insightful summaries of current conditions, though the linkage is somewhat tenuous. Economics is now entirely subsumed under politics. Evolving government involvement in society could only be imagined, never endorsed, even by Karl Marx. Nevertheless the book is well organized, expertly researched and eminently readable.

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The Great Economists: How Their Ideas Can Help Us Today


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