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Title: New Ideas from Dead Economists: An Introduction to Modern Economic Thought by Todd G. Buchholz, Martin Feldstein ISBN: 0-452-28052-4 Publisher: Penguin USA (Paper) Pub. Date: April, 1999 Format: Paperback Volumes: 1 List Price(USD): $14.95 |
Average Customer Rating: 4.28 (18 reviews)
Rating: 5
Summary: A Must Have Economics 101
Comment: Buchholz gives the reader a lucid book on introductory economics. I call it introductory because this isnt a book written for advanced economic analysis. Its not for people who already did many courses in economics. Its definately not for economic teachers. This is a must have book for all those people who are interested in understanding or at least knowing about this complex subject. Its will more than enrich you, in case you started reading the book with no knowledge of economics.
Buchholtz starts with the father of modern economics, Adam Smith and follows with giving (almost biographical) details of Malthus, Ricardo, Marshal, Keynes. The chapter on Monetarist and their attack on Keynes follows and its worth reading twice. Then he gives a brief description of all other important economists of last century. This is followed by chapters on new methods such as Public Choice and Rational Expectations. All chapters are written in a very informal, witty style and this helps the reader keep interest. Economics, being a rather dry subject is taught well here, with good illustrations and in a very non-technical way.
The downside of the book is not being able to cover more economists. The author talks about Rational Expectations without mentioning anything about John Muth or much of Robert Lucas. This was missing, but I assume he did that because anyone reading or learning about economics for the first time (the intended audience of this book) might not have to know about these economists. Like wise, Veblen, Galbraith, Samuelson and new economists such as Paul Krugman, Joseph E. Stiglitz are not covered. But again, its not possible to cover so many and I guess also due to the fact that teh author wanted to cover schools of economic thought more than individual economists themselves.
All in all, this book is very interesting to read as it is very well written. If you have read this review and have no idea of economics but want to have one, here we go, just buy the book!
Rating: 5
Summary: Much Better Than Heilbroner's Worldly Philosophers
Comment: I've read both Worldly Philosophers by Robert Heilbroner and New Ideas From Dead Economists, by Todd Buchholz. I wanted to get a good rounded layperson introduction to great economists in the past.
First let me examine Heilbroner's book first since that's more widely known, has sold more, and more Economics 101 classes use it as a supplemental text. I'll then compare Heilbroner's book to Bucholz's and explain why I think Bucholz's book is far superior in every way.
I found Heilbroner's book to be neither useful to the layperson nor to people who have a good background in Economics. Let me explain.
Heilbroner spends a LOT of time in awe of these economists and spends a great deal of time explaining how great they were, how revolutionary, how brilliant, how much of a genius, how wonderful these men were, ad nauseum. Ok, I get the point. Unfortunately, all this fawning and fan worship clouds what should've been the more interesting and more important part of the book, which are the central economic ideas put forward by these thinkers. In fact, there's a lot of emphasis on putting their economic ideas in perspective to the prevailing moral philosophical thought at the time.
It's almost as if this books is written for people who have already taken Economics 101, and know all the basic economic principles and can nod, "yes, uh huh, I didn't know those personality quirks or their moral philosophical outlook about these economists - good to know. By the way, it's great that he didn't go over his economic ideas since I already know them."
For example, the entire chapter devoted to David Ricardo fails to mention the theory of Comparative Advantage anywhere in the chapter. Isn't that a MAJOR omission? That's just one example. Omissions such as this are everywhere.
So the layperson is stuck getting a vague feeling that these people were wonderful people, but that a little less fuzzy on their ecnomic ideas. It also leaves a person with economics background feeling like this is less a book about economics and more a book about Heilbroner's fan worship.
Neither audience is served. I can't recommend the Heilbroner book.
Right after I read this book, I read Todd Buchholz's New Ideas From Dead Economists.
Where Heilbroner failed, Buccholz succeeds in so many ways. He puts the central ideas of these economists as the main focus of each chapter. When talking about David Rircardo, the theory of Comparative Advantage is front-and-center. When talking about Marx, Heilbroner meanders and throws a lot of Marx's ideas around and you don't get a sense of how they all fit together in Marx's mind or why modern economists find fundamental flaws in his reasoning. In Buccholz's book, the central point is Marx's ideas, how they fit together and it's very clear why most economists (and the reader) will find Marx's basic premise wrong in light of emperical evidence. This goes on and on.
I initially thought Heilbroner would be a good read, since it was recommended by econ majors when I was in college and they'd never heard of Buccholz's book. I'm glad I read both.
Do yourself a favor - read the better book.
Rating: 5
Summary: New Ideas from Dead Economists: An Introduction to Modern Ec
Comment: In an introduction explaining the plight of the economist--having to convey to popular political and social forces that in a world of scarcity one must choose--Buchholz implicitly illustrates his own dilemma. He improves upon Heilbroner's classic nonponderous history of economic thought, The Worldly Philosophers (6th ed., 1986), albeit at some sacrifice of breadth and depth. Nevertheless, his highly entertaining look at 200 years of economic thought via contemporary issues has far more hits than misses. His treatment of the giants--Smith, Marx, Keynes, is good, and the coverage of Marx, even before the political upheavals of the last 12 months, is devastating; the other standard names--Ricardo, Malthus, Mill, Marshall, Friedman, are all included; and, taken together, chapters 9 through 12 offer an excellent review of contemporary macroeconomic theories and issues. In a few instances, Buchholz's use of numerical examples seems awkward; some of his facts and formulations are wrong; and, despite the muted, somewhat flip apology with respect to the title (i.e., many of the economists he cites are living not dead), it's still a poor choice. But, everything being equal, as economists are wont to say, it does not get any better than this, and Buchholz deserves, and will certainly get, much credit for this solid contribution to our understanding of both the economists and the issues. Academic and public library collections.
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Title: From Here to Economy: A Short Cut to Economic Literacy by Todd G. Buchholz ISBN: 0452274826 Publisher: Plume Pub. Date: May, 1996 List Price(USD): $16.00 |
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Title: Armchair Economist: Economics And Everyday Experience by Steven Landsburg ISBN: 0029177766 Publisher: Free Press Pub. Date: 01 March, 1995 List Price(USD): $13.00 |
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Title: The Worldly Philosophers : The Lives, Times And Ideas Of The Great Economic Thinkers by Robert L. Heilbroner ISBN: 068486214X Publisher: Touchstone Books Pub. Date: 10 August, 1999 List Price(USD): $16.00 |
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Title: Naked Economics: Undressing the Dismal Science by Charles Wheelan ISBN: 0393324869 Publisher: W.W. Norton & Company Pub. Date: September, 2003 List Price(USD): $15.95 |
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Title: Capitalism and Freedom by Milton Friedman, Rose D. Friedman ISBN: 0226264211 Publisher: University of Chicago Press Pub. Date: November, 2002 List Price(USD): $13.00 |
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