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Teachings from the Worldly Philosophy

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Some people may have met Robert Heilbroner through his first (1953) book, an introduction to economic thought, The Worldly Philosophers, still used in many economics courses. He has returned after more than twenty other books and over forty years of active participation in the public debate to the task of rekindling "...a new interest in political economy...a mode of economic inquiry whose analytical conclusions started from an effort to take full cognizance of the sociopolitical realities of our time, whatever the difficulties they may pose for the construction of elegant models."(p.336) His approach in Teachings is a combination of excellent "reviews" and "annotations" with long excerpts from the political economists of the past who he feels have contributed the most to our understanding of society. With little apology he has included only Thorstein Veblen, John Maynard Keynes and Joseph Schumpeter from the twentieth century. This "deficiency" is more than made up by his critical appraisal (with William Milberg) of the economics profession since the early 1960s in his recent book, The Crisis of Vision in Modern Economic Thought (Cambridge University Press, 1995, 128 pages) Robert Heilbroner states one of his objectives as "presenting an overview... a book that could actually be read, and not one destined for more or less permanent shelving". He has certainly accomplished this by first picking the "pivotal figures" that set the "historic trajectory" of what today we call economics. By placing each of the twenty in context with cogent comments he then uses their own words to highlight their contributions. (This book will do a lot for the reading and re-reading of the original classics as well.) Of equal interest is the unfolding of the evolution of political economy, concerned about the fate of the sociopolitical strata in the eighteenth century (landowners, labourers, and employers) to the science-like discipline of economics, focused on faceless individual behavior and sterile firms in the nineteenth century. Only with the Great Depression did we see with Keynes a return to the pressing social concerns of the day. Who should read this book? € Anyone thinking about becoming an economist. If you find this book interesting and challenging, join up since we need more like you. € Students and teachers of economics. This book will help broaden your vision, as well as providing many topics for discussion. € Harried bureaucrats. Here is a book that recognizes the value of government, with each of the greats holding forth on the key roles of government, lest we forget. € Citizens and voters. Don't believe that nothing can be done and that policy makers are impotent, in spite of their claims. When you review the challenges of the past and the manner in which we moved forward in economic policy then you will demand better policy now. Teachings from the Worldly Philosophy is divided into seven parts, with the Bible, Aristotle, and St.Thomas Aquinas covered in the short first part, Earliest Economic Thought. The second part, The Commercial Revolution, examines the contributions of Mandeville, Mun, Cantillon, Quesnay, and Turgot during the seventeenth and eighteenth centuries. The Classical Economists-- Adam Smith, Thomas Malthus, David Ricardo, and John Stuart Mill -- constitute the lengthy third part. Heilbroner delights in introducing the "real" Adam Smith, not the one so revered by the right-wing demagogues today. Karl Marx has a section of his own, appropriately without a label. Heilbroner holds him high among the worldly philosophers and comments on the recent apparent demise of socialism with this thought; " If socialism failed, it was for political, more than economic reasons; and if capitalism is to succeed it will be because it finds the political will and means to tame its economic forces."(p.195) The fifth part, The Marginalists, focuses on the nineteenth century economists Jeremy Bentham, William Stanley Jevons, Léon Walras, and Alfred Marshall. All turn away from the broad social issues to the specifics of price determination or microeconomics. In the sixth part Thorstein Veblen, John Maynard Keynes, and Joseph Schumpeter "speak" for the twentieth century: Veblen with some derision of the foibles of economics, Schumpeter with his insights on the processes of innovation, and Keynes with his new vision of income determination, the role of saving and investment, and the potential for government action to restore full employment. The final part develops Heilbroner's concern that today's economics is not up to the challenge of dealing with the emerging pressures from technology, international financial markets, ecological threats, and political instability. He calls for a re-invigoration of economics by adopting a vision that recognizes the full social and political realities of our time. The Teachings helps by showing what political economy has been in the past, while The Crisis... explains more specifically what needs to be done now. Mike McCracken is an Ottawa political economist and econometrician. he can be reached at mccracken@informetrica.com or thier Web page at www/informetrica.com

With a few excerpts from the works of the most important economic thinkers in history, Robert Heilbroner gives his readers a perfect overview of the evolution in economic thought, from theorization to calculation and from prices to employment.

The excerpts are superb. Even for those who read some or most of the quoted works, there is the flavour of the author's own concise and highly perceptive comments.
Hereafter a few excerpts of the excerpts:
B. Mandeville: Thus every Part was full of Vice, Yet the whole Mass was Paradise.
A. Smith: Civil government is in reality instituted for the defence of the rich against the poor.
and the author himself: Wealth has always been a proxy for power.

Heilbroner is always also focused on the 'Veil of Economics' (the title of one of his highly recommendable books), because for him economics is inextricably socio-political.
His comments show us that 'the engines of history do not draw all their energies from economic drives and institutions'.
He regrets the actual sorry state of the economic profession dominated by abstract-minded theorists without social concern.
His last plea is for a rekindling of the tradition of political economy.

This book contains a perfect and highly useful index.
A great book composed and written by a superb free mind.

Heilbroner takes us through the entire world of economics from beginning to end, and he acts as our procter. He allows us to read the original words of the economists, along with his own helpful commentaries, and this leads to a clear understanding of the entire history of economics.

Robert Heilbroner has managed to expand upon his seemingly perfect masterpiece, The Worldly Philosophers. This volume highlights some of the texts written by the great ones, as well as providing some insight into the mind of one of our modern day greats. This instructive text is a must for anyone wishing to expand his knowledge of the great economists

What can I say about Robert Heilbroner, this man is one of the best at disecting the giants of economics and putting his deep well of knowledge to the test. These top economists are tough reads but Dr. Heilbroner does a wonderful job of bringing out their top ideas and his style of writing is appreciated. I can't recommend him enough for those out there who enjoy economics (strange group, I know). I've found his summaries valuable since many of the economists he refers to would take thousands of pages of research to find their important points. Well done

A great advantage of this anthology is its low cost and availability in comparison to buying other anthologies, let alone buying two dozen original sources. Despite Heilbroner's fine style and many opinions and biases with which I agree, I was surprised at some of the absences in the selections. These, I believe, reflect Heilbroner's own social views, many of which I support. However, in an anthology surveying the history of economic thought, some views and topics ought to be included, whether one agrees with them or not. For instance on Adam Smith, Heilbroner limits his selection to 'Theory of Moral Sentiments." (Ironically the blurb on the back says it includes "The Wealth of Nations," which it does not). Now, it is important to counteract the caricature of Adam Smith by contemporary Ayn Randers and libertarians, and to show the other side of Smith's views, but a few of the most central and striking paragraphs of "Wealth of Nations" should have been included. (Perhaps Heilbroner expects the reader or student to also purchase his abridgement of Adam Smith's "Wealth"). Similarly Ricardo's page or so on justification of free trade in terms of comparative advantage is also central to the history of economic thought, whether one is a free trader of protectionist. In the neo-classicals or marginalists no representative of the early Austrians in included. Menger is wordy, but some selection of Menger of Bohm Bawerk should have accompanied those of Jevons, Marhall, and Walras. Perhaps Heilbroner would have preferred von Wieser, since the latter considered socialism a serious option and advocated government intervention in capitalist economies, unlike other Austrians. The commentary and selection are generally excellent, but the historically central figures should have been included, even if Heilbroner disagrees with their conclusions.

This is a very fine selection of excerpts from Adam Smith and Karl Marx. The Smith section has both discussions of sympathy and ambition from the Theory of Moral Sentiments (1759), as well as excerpts from Wealth of Nations (1776) on division of labor and that pin factory. Perhaps best are the more subtle excerpts from Smith, where for example he argues that the division of labor 'makes a man as stupid as a man can be,' which is not as well known as the invisible hand! A great benefit of Heilbroner's texts is his introductions. Students find everything 100% more accessible with these. The first few pages on the Bible and Aristotle also set a moral tone that really engages students. The Keynes section is not so good. Heilbroner studied with Schumpeter at Harvard, and Schumpeter saw Keynes as undeserving of all the attention that should have gone to Schumpeter. Heilbroner really doesn't "get" Keynes, and I always turn to Skidelsky's biography when we get to that section of the course. (I use this text for History of Economic Thought for upper level undergraduates who may or may not be econ majors).

Heilbroner's elemental approach makes this book a must-read for students looking for foundation study in macroeconomics. It is well written and concise, giving the reader a wonderful historical background in the progression of economic thinking since the beginnings of business and trade.

"A good book to give a quick overview of the philosophies of the leading economists at different periods, from early Greek to current times. "

I received the book earlier than expected and in perfect condition. It was for my college son and he is very satisfied with the contents of the book.