On Classical Economics [Hardcover]

Thomas Sowell (Author)

Book Description

ISBN-10: 0300113161 | ISBN-13: 978-0300113167 | Publication Date: March 31, 2006

Thomas Sowell's many writings on the history of economic thought have appeared in a number of scholarly journals and books, and these writings have been praised, reprinted, and translated in various countries around the world.

The classical era in the history of economics is an important part of the history of ideas in general, and its implications reach beyond the bounds of the economics profession.  On Classical Economics is a book from which students can learn both history and economics. It is not simply a Cook's tour of colorful personalities of the past but a study of how certain economic concepts and tools of analysis arose, and how their implications were revealed during the controversies that followed. In addition to a general understanding of classical macroeconomics and microeconomics, this book offers special insight into the neglected pioneering work of Sismondi—and why it was neglected—and a detailed look at John Stuart Mill's enigmatic role in the development of economics and the mysteries of Marxian economics.

Clear, engaging, and very readable, without being either cute or condescending, On Classical Economics can enable a course on the history of economic thought to make a contribution to students’ understanding of economics in general--whether in price theory, monetary theory, or international trade.  In short, it is a book about analysis as well as history.

Editorial Reviews

From Booklist

Sowell sets forth a series of essays on one of the stages through which economics developed before emerging into today's discipline. He considers classical economics as the period between the 1770s and the 1870s, beginning with Adam Smith's The Wealth of Nations. We learn about the continuum of thought extending through classical macroeconomics, microeconomics, and methodology. His essay, "Sismondi" (J. C. L. Simonde de Sismondi), highlights the economic concepts and theories of a little-known figure whose historian's approach and lack of intellectual training and rigor relegated him unknown status. Sowell explores the ideas and contributions of John Stuart Mill as well as Karl Marx's systems of thought, which must be studied within the context of his time, those who influenced him, and economic theory in general. This historical review in the form of essays is important and insightful scholarship but is necessarily technical and hence will be a helpful resource to library patrons with a background in economics. Mary Whaley
Copyright © American Library Association. All rights reserved

Review

"An important, beautifully researched collection. Sowell manages, with great scholarship, to clearly and simply explain both complex questions of economic theory and how they developed."—David C. John, Research Fellow, Roe Institute for Economic Policy Studies, Heritage Foundation

(David C. John )

"A very readable introduction to classical economics, aimed at students of economic thought, but also of interest to historians, philosophers and political scientists. Sowell clarifies important misconceptions about classical economics— especially regarding Marx, Malthus, and Sismondi. An impressive read."—Edward Stringham, San Jose State University

(Edward Stringham )

"Thomas Sowell has written a detailed, intellectual history of the Classical Economists, putting the various authors into a cohesive framework for the first time. A good solid enjoyable book."—Robert Lawson, Capital University School of Management

(Robert Lawson )

See all Editorial Reviews

Product Details

• Hardcover: 320 pages
• Publisher: Yale University Press (March 31, 2006)
• Language: English
• ISBN-10: 0300113161
• ISBN-13: 978-0300113167
• Product Dimensions: 8.9 x 6.1 x 1.2 inches
• Shipping Weight: 1.2 pounds
• Average Customer Review: 4.9 out of 5 stars  See all reviews (9 customer reviews)
• Amazon Best Sellers Rank: #1,142,898 in Books (See Top 100 in Books)

More About the Author

Thomas Sowell has taught economics at Cornell, UCLA, Amherst and other academic institutions, and his Basic Economics has been translated into six languages. He is currently a scholar in residence at the Hoover Institution, Stanford University. He has published in both academic journals in such popular media as the Wall Street Journal, Forbes magazine and Fortune, and writes a syndicated column that appears in newspapers across the country.

Customer Reviews

Most Helpful Customer Reviews

56 of 58 people found the following review helpful:

5.0 out of 5 stars A Short Course in Economics History, June 5, 2006

By 

Monty Rainey (New Braunfels, TX) - See all my reviews
(TOP 1000 REVIEWER)    (VINE VOICE)    (REAL NAME)   

This review is from: On Classical Economics (Hardcover)

No other name today rivals that of Thomas Sowell in the arena of economic principles and history. Sowell once again delivers to us fortunate readers, a treatise on the history of economics during the "classical era" in his latest book, ON CLASSICAL ECONOMICS. The era when "intellectual thinking" gave such enormous contributions to modern history, few more so than in the field of economics, is thoroughly examined.

Though Sowell does examine many of the `giants' in the field, and you will certainly recognize Keynes, Hayek, von Mises and others, you may also, like me, find some you are not so familiar with such as Engel and Sismondi, whom Sowell so deftly explains why his work was so important and also why it has been so neglected. A rather large portion of the book also focuses on the boy genius, John Stuart Mill, as well as critical insight into Marxian economics and why liberal campuses are to this day, so enamored with Marxian economic theory despite its' total absence from today's economic theater.

Contrary to the book's title, this is not just a history of classical economics, but is also an analysis of the various theories to arise from that era. There is an enormous amount of knowledge to be gleaned here and I would think in the very near future, this book, like several others of Sowell's work, will take its rightful place as a fundamental text among economics students, as well as others simply seeking to broaden their knowledge of economics.

For those of us who are not "in" the field of economics, Sowell lucidly explains such otherwise difficult economic issues such as the law of diminishing returns and why it was so critical to the economic minds of the classical era, the flaws of Malthus' doomsday theories on population growth, why Marx incorrectly thought capitalism would destroy the standard of living of workers, and much more. As always, Sowell's writing style flows extremely well, reducing complex theories and problems into comprehendible solutions.

Monty Rainey
www.juntosociety.com

17 of 19 people found the following review helpful:

4.0 out of 5 stars On Classical Economics - by Thomas Sowell, January 9, 2007

By 

Dale R. Custer (Little Rock, AR USA) - See all my reviews
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This review is from: On Classical Economics (Hardcover)

This book is more for the trained economist then Dr. Sowell's previous books, Basic Economics and Advanced Economics. While some terms will be unfamiliar to the general reader, with care it is still possible to follow his analysis. I especially found his assessment of Marx to be useful. And not to be found anywhere else.

9 of 10 people found the following review helpful:

5.0 out of 5 stars On Classical Economics, September 9, 2007

By 

Gary L. Wells (Middle East) - See all my reviews
(REAL NAME)   

This review is from: On Classical Economics (Hardcover)

This book is essential reading for anyone aspiring to understand more fully the field of economics in general and classical economics in particular. As often as Dr. Sowell has mentioned one particular author, a first or fifth reading of F. Hayek's, The Road to Serfdom, would make an excellent preface, or addendum, to this book.