In this concise yet comprehensive history, Heinz D. Kurz traces the
long arc of economic thought from its emergence in ancient Greece
to its systematic presentation among the classical thinkers of the
late eighteenth and early nineteenth centuries to the influential
work of scholars such as Paul Samuelson and Kenneth J. Arrow. With
a keen eye for how economic insights are acquired, lost, and
reborn, Kurz focuses on the dynamic individuals who give old ideas
new life and the historical events that provoke different
approaches and theories. Over the course of this journey, Kurz
explains what Adam Smith meant by the "invisible hand"; how Karl
Marx's "law of motion" works in capitalist economies; the roots of
the Austrian economists' emphasis on the problems of information,
incomplete knowledge, and uncertainty; John Maynard Keynes's
principle of effective demand and economic stabilization; and the
insights and challenges offered by growth theory, welfare
economics, game theory, and more. He concludes with a deft
summation of world economists' major concerns today and their
critical relation to world events.
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