The Big Three in Economics: Adam Smith, Karl Marx, and John Maynard Keynes [Hardcover]

Mark Skousen (Author)

Book Description

Publication Date: January 2007

The Big Three in Economics reveals the battle of ideas among the three most influential economists in world history: Adam Smith, representing laissez faire; Karl Marx, reflecting the radical socialist model; and John Maynard Keynes, symbolizing big government and the welfare state. History comes alive in this fascinating story of opposing views that continue to play a fundamental role in today's politics and economics. In the twenty-first century, Adam Smith's 'invisible hand' model has gained the upper hand, and capitalism has ultimately won the ideological battle over socialism and interventionism. But even in the era of globalization and privatization, Keynesian and Marxist ideas continue to play a significant role in economic policy in the public and private sectors.

--This text refers to the Audio Cassette edition.

Editorial Reviews

About the Author

MARK SKOUSEN has taught economics at Columbia University, is editor of Forecasts & Strategies, a monthly investment newsletter, and is the author of more than twenty books, including The Making of Modern Economics. --This text refers to the Audio Cassette edition.

Product Details

• Hardcover: 243 pages
• Publisher: M.E. Sharpe (January 2007)
• Language: English
• ISBN-10: 0765616947
• ISBN-13: 978-0765616944
• Product Dimensions: 8.9 x 6.2 x 0.9 inches
• Shipping Weight: 1.3 pounds (View shipping rates and policies)
• Average Customer Review: 3.8 out of 5 stars  See all reviews (17 customer reviews)
• Amazon Best Sellers Rank: #122,272 in Books (See Top 100 in Books)
  • #5 in Books > Biographies & Memoirs > People, A-Z > ( M ) > Marx, Karl
  • #47 in Books > Biographies & Memoirs > Professionals & Academics > Social Scientists & Psychologists

More About the Author

Discover books, learn about writers, read author blogs, and more.

Customer Reviews

Most Helpful Customer Reviews

35 of 38 people found the following review helpful:

5.0 out of 5 stars I've rarely seen something this complex made this clear., August 6, 2007

By 

M. Strong (Milwaukee, WI USA) - See all my reviews

Amazon Verified Purchase

This review is from: The Big Three in Economics: Adam Smith, Karl Marx, and John Maynard Keynes (Hardcover)

Skousen has really accomplished something with this book. If the average college professor could convey the information in their field of study with this kind of penetrating clarity, a lot more people would really understand what they learn, rather than just preparing to parrot it back for a test.

This book captures a broad cross-section of the ideas and history behind modern economic thought and ties it all neatly together by linking everything with the simple idea of relating it to Adam Smith, Karl Marx, and John Maynard Keynes. It's brilliant in its simplicity. Skousen starts by saying these are the three you really need to know. Then he says they aren't created equal and ranks them out: #1 Smith, #2 Keynes, #3 Marx. Seems like nothing, but all of a sudden you have a simple and solid mental framework from which to hang the rest of what Skousen tells you.

For each of Skousen's three main characters, you learn about the thinkers that laid the foundation for each of them (or in Smith's case, the lack thereof). You also learn about the historic events that spurred each of them to come up with their theories. You learn each of their theories, then finally - and so critically - you learn in plain English the shortcomings of each of the theories (fatal in two cases).

All of a sudden, you have a deeper understanding of the history and ideas of economics than a lot people who majored in the subject. And because of Skousen's entertaining writing style, you never really noticed how much you were learning.

Kudos to Mark Skousen. I wish more people (myself included) could write like this.

If you've ever had even the slightest interest in economics, do yourself a favor and read this book. You'll be glad you did.

25 of 29 people found the following review helpful:

2.0 out of 5 stars Misleading, June 5, 2010

By 

N. Mozahem (Al Ain, United Arab of Emirates) - See all my reviews
(REAL NAME)   

Amazon Verified Purchase

This review is from: The Big Three in Economics: Adam Smith, Karl Marx, and John Maynard Keynes (Hardcover)

This book is well written, easy to follow and presents the ideas of many economists with simplicity. Yet I only gave it two stars, and this is due to several reasons. First, the content of the book is not faithful to its title. This book should have been called "The Big One in Economics (Adam Smith)". I bought the book hoping to read about the main economic principles put forth by each of Smith, Marx and Keynes. Instead, the book turned out to be a description of how Smith's ideas triumphed over all others despite the numerous attacks that were launched on them. My problem is not the fact that the author thinks that Smith's ideas have triumphed, although I don't agree with that. Smith after all is the father of modern economics and he was an excellent thinker. His book should be read by all. My problem is with the author using such a misleading title. Second, I was amazed at the ease with which the author wrote off Marx as an economic thinker. The author actually goes as far as to wonder how anyone can believe in Marx's economic theory. The answer, again according to the author, was that Marx was more of a prophet and hence the effect that he had on his followers need not be rational. The author mentions Paul Sweezy's book "The theory of Capital Development" in a small paragraph and does not even bother himself to address any of the issues raised by it. Instead, like many authors before him he spends a considerable amount of time talking about Marx's life. I would have rather read a critique of some of the Marxian ideas put forth by Sweezy than read how Marx had an illegitimate child. When it came to discussing the ideas of Keynes, the author manages to give Keynes credit for being a great economist, yet makes his ideas seem as good enough for specific circumstances, and not good enough to be an all-encompassing theory. Keynes, according to the author was right in a specific circumstance, nothing more. All in all, the book started out as being very promising and ended as a narrow version of the history of economic theory.

18 of 20 people found the following review helpful:

5.0 out of 5 stars A work of impeccable scholarship, June 9, 2007

By 

Midwest Book Review (Oregon, WI USA) - See all my reviews

This review is from: The Big Three in Economics: Adam Smith, Karl Marx, and John Maynard Keynes (Hardcover)

Enhanced throughout with charts and photos, "The Big Three In Economics: Adam Smith, Karl Marx, And John Maynard Keynes" by academician and economist Mark Skousen is a history of modern economics as represented by the contributions of the three most influential economists in world history. Adam Smith expounded a revolutionary new doctrine in the 18th century that a nation of rich and poor could flourish under laissez faire and an unfettered market; Karl Marx inspired disenfranchised workers and intellectuals in the 19th century to end the exploitation of the underprivileged by the powerful; and in the 20th century, British economist John Maynard Keynes sought to stabilize a crisis prone market system through activist fiscal and monetary government policies. A work of impeccable scholarship that draws from both biographical and historical data to showcase the lives and ideas of three men who shaped economic theory and practice form three centuries, and whose contributions continue to influence economists in the 21st century, "The Big Three In Economics" is very strongly recommended reading for both students of Economics and non-specialist general readers with an interest in economic history and theory.