The Big Three in Economics: Adam Smith, Karl Marx, And John Maynard Keynes (Hardcover)

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Product Description

History comes alive in this fascinating story of opposing views that continue to play a fundamental role in today's politics and economics. "The Big Three in Economics" traces the turbulent lives and battle of ideas of 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. Each view has had a significant influence on shaping the modern world, and the book traces the development of each philosophy through the eyes of its creator. In the twenty-first century, Adam Smith's "invisible hand" model has gained the upper hand, and capitalism appears to have won the battle of ideas over socialism and interventionism. But author Mark Skousen shows that, even in the era of globalization and privatization, Keynesian and Marxian ideas continue to play a significant role in economic policy.

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 30, 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: 4.0 out of 5 stars  See all reviews (13 customer reviews)
• Amazon.com Sales Rank: #188,092 in Books (See Bestsellers in Books)

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Customer Reviews

Most Helpful Customer Reviews

27 of 29 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 (TOP 1000 REVIEWER)

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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.

14 of 15 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

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.

16 of 18 people found the following review helpful:

5.0 out of 5 stars Great Primer on History of Economic Thought, July 28, 2008

By	Doug (Washington D.C. area) - See all my reviews

This book is an easy-to-read and informative introduction to the history of economic thought. Specifically, the author focuses on the three most influential economists in history: Adam Smith, Karl Marx and John Maynard Keynes. Please note that this book focuses on economic *ideas* not on economic models.

Although the big three are the focus of the book, other important economists and their influence are discussed. This includes, but is not limited to, the following:

* David Ricardo and the introduction of the Ricardian vice
* Thomas Malthus and the conception of Malthusian crises
* the Marginalists (William Stanley Jevons, Carl Menger and Leon Walras) and their alternative to the labor theory of value
* Ludwig von Mises and the rest of the Austrian School
* Paul Samuelson and his influence in championing the ideas of Keynes
* Milton Friedman and his influence in changing perceptions as to how bad monetary policy, not capitalism, caused the Great Depression.

The author, Mark Skousen, is a prolific free market economist who is largely influenced by the Austrian school but also is very friendly towards Milton Friedman and Adam Smith. In addition to delineating the rich history in economic ideas, Skousen dissects where the ideas of Marx and Keynes fall short and persuasively argues why the more pro-laissez-faire an economist is, the better his ideas tend to be. Thus, Skousen concludes that Adam Smith offers the most important ideas of the big three and hopes to encourage a revival of free market thinking in the United States.

I wish to stress that this is more of an introductory book on this fascinating subject. There are many more in-depth books on economic thought for those wishing a more thorough history. These include Mark Skousen's The Making of Modern Economics (a more thorough overview), Mark Skousen's Vienna or Chicago: Friends or Foes, Thomas Sowell's Marxism, Thomas Sowell's On Classical Economics and Henry Hazlitt's The Failure of the New Economics (thoroughly dissects the ideas of Keynes).