The Worldly Philosophers — The Lives, Times, and Ideas of the Great EconomicThinkers by Robert L. Heilbroner
Heilbroner presents a riveting journey into the past, offering a bird’s-eye view of major economic philosophers from Adam Smith to Joseph Schumpeter. Heilbroner asserts that it was not their personal characteristics, careers, biases, or even their individual ideas that bound these figures together; instead, it was their shared curiosity about the world. He aptly names them “the worldly philosophers” , “for they sought to embrace in a scheme of philosophy the most worldly of all of man’s activities-his drive for wealth”.
Heilbroner doesn’t immediately delve into the works of Adam Smith but instead lays a historical context by discussing the Economic Revolution that ignited the field of economics. As societies developed and tasks became specialized, societies’ coexistence became a delicate balance, potentially at risk if any community ceased to perform its duties. He proposes three solutions to this issue. One, “by organising the society around traditions, by handing down the varied and necessary tasks from generation to generation according to custom and usage. Two, “use the whip of authoritarian rule to see that its task gets done”. However, a third, transformative system emerged: the "Market System," which advocated the principle of each individual acting in their best monetary interest. This marked a revolutionary shift. But how could a society function without designated tasks for its members? This very problem paved the way for economists.
The author argues that the market system is more than a platform for exchanging goods; it’s a mechanism for supporting and managing an entire society. Previous social philosophers primarily focused on politics, rather than the economic aspects of life. He attributes the shift towards economic thinking to four significant factors: the emergence of political units, the gradual decay of the religious spirit during the Renaissance, the increasing use of money, and the rise of scientific curiosity. By the 18th century, innovative schools of thought began to surface, and countries started managing treasuries to facilitate foreign trade at larger scales. Everything began to be measured and quantified. The book then embarks on a detailed exploration into the lives, theories, teachings, and inspirations of renowned economists, including Adam Smith, Malthus, Ricardo, Robert Owen, Saint-Simon, John Stuart Mill, Karl Marx, Friedrich Engels, John A. Hobson, Alfred Marshall, Thorstein Veblen, John Maynard Keynes, and Joseph Schumpeter. Heilbroner doesn’t only discuss their theories; he also touches upon their personal lives, academic careers, and influences, offering a well-rounded portrayal of these influential figures.
In this text, the author not only contextualizes these economists’ theories within the world events that shaped their lives and work but also examines how these theories stand today. He offers a comparative study of these economic philosophers’ theories, highlighting the interplay between their work and historical contexts.
One critique is the notable absence of any female economists in his narrative, leaving the reader with an incomplete picture of the field. Furthermore, while the simplification of each economist’s theories may make the book more accessible to the general reader, those seeking in-depth exploration may find this approach somewhat lacking.
The book serves as an enriching historical journey through the evolution of economic thought, piquing the reader’s interest in individual theories. In the end, he offers an extensive list of suggested readings for those interested in delving deeper. “The Worldly Philosophers” is an enlightening read for both students of economics and individuals keen on understanding the subject from a historical perspective.
