The Making of Economics: The Foundation

THE MAKING OF ECONOMICS A classic returns. The third edition of The Making of Economics appeared in 1987. Now, in a major revision, Ray Canterbery brings the book right up to date with new chapters on the "casino economy" (a term the author invented to describe an economy driven by making money with money rather than focusing on real production, now overtaken by reality), Joseph Schumpeter, globalization, and general equilibrium. Canterbery retains the engaging flavor of the earlier editions by covering the times and ideas of the major economists, such as Smith, Ricardo, Malthus, Mill, and Marshall, while giving ample ink to the remarkable dissidents -- Marx, Veblen, Galbraith, Heilbroner, and other "radicals". Canterbery again unmasks a traditional economics eschewing value judgements but itself standing on hidden ones even as he traces its origins to Isaac Newton's idea of an orderly universe. Personal references relate the great economists' ideas to the societies in which they lived, making the historical figures really come alive. Economics is displayed as a developing discipline, a discipline still evolving.