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     * EconoPower: How a New Generation of Economists Is Transforming the World
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You are here: Home / Economics Books / The Making of Modern Economics


THE MAKING OF MODERN ECONOMICS

New! The Making of Modern Economics:
The Lives and Ideas of the Great Thinkers
The NEW 4the Edition, Routledge, 2022, 495 pages

For a special rate of ONLY $37 (38% off the $59.95 full price) with FREE
SHIPPING in the U.S. go to:  SkousenBooks.

The previous edition of The Making of Modern Economics is available also on
Amazon Kindle.


The book is award-winning. It has won the Choice Book Award for Academic
Excellence, and it was ranked #2 Best Libertarian Books in Economics by the Ayn
Rand Institute (behind Henry Hazlitt’s “Economics in One Lesson”).

Here is a bold, new account of the lives and ideas of the great economists–Adam
Smith, Karl Marx, John Maynard Keynes, Ludwig von Mises, Milton Friedman, and
many others–all written by a top free-market economist. Presented in an
entertaining and persuasive style, Professor Mark Skousen tells a powerful story
of economics, with dozens of anecdotes, illustrations and photographs of the
great economic thinkers.

“A story rarely told….It’s unputdownable!”
— Mark Blaug (University of Amsterdam), author of Economic Theory in Retrospect

“One of the most original books ever published in economics.”
— Richard Swedberg (University of Stockholm), author of Schumpeter: A Biography

“Provocative, engaging, anything but dismal!”
— N. Gregory Mankiw (Harvard University)

“Irreverent, passionate, entertaining, sometimes mischievous, like the author
himself!”
— David Colander (Middlebury College), coauthor of The Making of an Economist

“I loved the book–spectacular!”
— Arthur B. Laffer

“The most interesting and lively book on the history of economic thought ever
written.”
— Douglas A. Irwin, Dartmouth College, UK.

“All histories of economics at BS — Before Skousen! Live and accurate, a sure
bestseller.”
—Milton Friedman

“Mark’s book is fun to read on every page. I have read it three times. I love
this book and have recommended it to dozens of my friends.”
— John Mackey (CEO, Whole Foods Market)

“Mark Skousen is a great economist, great entrepreneur and great friend. His
book brings history to life, with concise and incisive sketches of flesh and
blood individuals. Read it!”
— Steve Forbes

THE MAKING OF MODERN ECONOMICS IS DIFFERENT FROM ALL OTHER HISTORIES OF
ECONOMICS.

A Rarely-Told Story of High Drama

First and foremost, Professor Skousen tells the remarkable untold story of
free-market capitalism’s long-running battle against Keynesianism, Marxism,
socialism and other isms. It is an account of high drama with a singular heroic
figure, Adam Smith and his celebrated “system of natural liberty.” The running
plot involves many unexpected twists and turns; sometimes our hero is left for
dead, only to be resuscitated by his free-market friends; the story even has a
surprise ending.

A Full-Scale Critique of All Major Doctrines

All previous histories tend to give a dry, disjointed, and helter-skelter
account of economists and their contradictory theories. But Skousen unifies the
story of economics by ranking all major economic thinkers either for or against
the invisible hand doctrine of Adam Smith. Thus, Marx, Veblen and Keynes are
viewed as critics of Smith’s doctrine, while Marshall, Hayek and Friedman are
seen as supporters.

Using this ranking system, The Making of Modern Economics offers a full-scale
review and critique of every major school and their theories, including
classical, Keynesian, monetary, Austrian, institutionalist and Marxist.

A Complete History

Skousen’s history is comprehensive. He makes a point of discussing all schools
of economics and not just the ones he agrees with. Too many economists have
omitted major characters from the history of economics, a practice bordering on
intellectual dishonesty. Robert Heilbroner’s popular book, The Worldly
Philosophers, for example, virtually ignores the laissez-faire French, Austrian
and Chicago traditions. (His latest edition does not even mention Milton
Friedman by name!)

Think of The Making of Modern Economics as a contra-Heilbroner history.

It’s a perfect antidote to all those biased, inaccurate attacks on the free
market and its proponents.

Skousen records the lives and ideas of important economists often ignored in
other histories, such as Montesquieu, Ben Franklin, J. B. Say, Frederic Bastiat,
Friedrich List, Herbert Spencer, Ludwig von Mises, Knut Wicksell, Philip
Wicksteed, Max Weber, Irving Fisher, Roger Babson, Frederick Taylor, A. C.
Pigou, Joan Robinson, Paul Sweezy, Paul Samuelson and Murray Rothbard.

Skousen’s book also restores the vital role of the Austrian and Swedish schools
in the marginalist revolution and the development of monetary economics. It
emphasizes the impact of other disciplines on economics, such as evolution,
sociology, and religion.

“Tell All” Biographies

Skousen’s book brings history alive with exciting new insights into the lives of
the great economists through in-depth biographies and the author’s own research,
revealing an amazing tale of idle dreamers, academic scribblers, occasional
quacks and madmen in authority.

The Making of Modern Economics does its best to entertain, with provocative
sidebars, humorous anecdotes, even music selections reflecting the spirit of
each major economist. Samples:

Why Adam Smith burned his clothes…and then burned his papers.

The “satanic verses” of the poet Karl Marx.

Were Malthus, Ricardo, Marshall and Keynes anti-female?

The infamous grading technique of Chicago’s Jacob Viner (he regularly flunked a
third of his class).

The sexual scandals of Karl Marx, Carl Menger, Joseph Schumpeter and Friedrich
Hayek.

The story behind Marx the phrenologist, Jevons the astrologer, Keynes the palm
reader, and Friedman the amateur hand-writing analyst.

Which famous economist is buried next to rock star Jim Morrison in Paris?

How Darwin and Wallace discover their theory of evolution after reading Malthus.

Why Malthus and the doomsdayers have been proven wrong about overpopulation and
environmental crises.

The strange case of David Ricardo: Why Schumpeter, Keynes, and Samuelson admired
him–and deplored him.

Why Malthus refused to have his portrait made until age 67.

Why Hayek blames John Stuart Mill, a hero of classical liberalism, for
popularizing socialism among intellectuals in the 19th century.

The real origin of the epithet “dismal science,” and why critics are now calling
economics the “imperial” science, with ever-increasing applications in law,
finance, history, and politics.

How John Stuart Mill and the disciples of David Ricardo became hostage to the
Marxists, and how Carl Menger and the Austrians revived the laissez faire model
of Adam Smith from oblivion.

The inside story of three multi-millionaire economists–David Ricardo, Irving
Fisher and John Maynard Keynes.

The bizarre story of Jeremy Bentham: from democratic reformist to utilitarian
fascist.

The socialist origins of the American Economic Association and the London School
of Economics.

Veblen’s incredible prophecies about World War I and II.

Thorstein Veblen versus Max Weber: Who had a better vision of capitalism?

How Irving Fisher became an advisor to the fascist Mussolini.

The little-known story of how the economics establishment in the West (including
economists at Cambridge, Harvard and Yale) failed to forecast the 1929-32
economic collapse.

How Austrian economists Ludwig von Mises and Friedrich Hayek were able to
predict the 1929-33 crisis, yet failed to convince the world of their theories.

How the 1929 crash served as a catalyst for Keynes’s “general theory.”

How Keynes saved the world from Marxism in the 1930s.

The truth about Keynes’s homosexuality and the rumor that his Cambridge
colleague, A. C. Pigou, was a Soviet spy.

Gross Domestic Product (GDP)–how a Keynesian statistic was invented by a
Russian.

How Irving Fisher’s misinterpretation of his quantity theory of money led to his
losing a fortune on Wall Street, and how Milton Friedman avoided repeating
Fisher’s blunder.

Why Friedman and the Chicago school triumphed over Mises and the Austrian school
in discrediting Keynesianism and restoring the Adam Smith model of market
capitalism.

Fully Illustrated with Over 100 Photos, Portraits and Graphs

Finally, The Making of Modern Economics is the first fully-illustrated history
of economics, with over 100 charts, portraits, and photographs, including a
picture of….

…Keynes in bed (where he made his millions),

…Eugen Boehm-Bawerk in official regalia as finance minister of Austria,

…Alfred Marshall trying to hide his oversized left hand,

…the preserved body of Jeremy Benthem in London,

…the only known photograph of Irving Fisher smiling (before he lost millions in
the stock market), and

…over 75 rare and unusual photos and portraits of famous economists.

Provocative Chapter Titles

Here are the titles of each chapter of The Making of Modern Economics:

1. It All Started with Adam (Adam Smith, that is)

2. The French Revolution: Laissez Faire Avance!

3. The Irreverent Malthus Challenges the New Model of Prosperity

4. Tricky Ricardo Takes Economics Down a Dangerous Road

5. Milling Around: John Stuart Mill and the Socialists Search for Utopia

6. Marx Madness Plunges Economics into a New Dark Age

7. Out of the Blue Danube: Menger and the Austrians Reverse the Tide

8. Marshalling the Troops: Scientific Economics Comes of Age

9. Go West, Young Man: Americans Solve the Distribution Problem in Economics

10. The Conspicuous Veblen Versus the Protesting Weber: Two Critics Debate the
Meaning of Capitalism

11. The Fisher King Tries to Catch the Missing Link in Macroeconomics

12. The Missing Mises: Mises (and Wicksell) Make a Major Breakthrough

13. The Keynes Mutiny: Capitalism Faces its Greatest Challenge

14. Paul Raises the Keynesian Cross: Samuelson and Modern Economics

15. Milton’s Paradise: Friedman Leads a Monetary Counterrevolution

16. The Creative Destruction of Socialism: The Dark Vision of Joseph Schumpeter

17. Dr. Smith Goes to Washington: Market Economies Face New Challenges

 

“ESSENTIAL” FOR YOUR LIBRARY! A “MUST-READ!”

For a special rate of ONLY $35 (36% off the $54.95 full price) with FREE
SHIPPING in the U.S. go to:  SkousenBooks.

The previous edition of The Making of Modern Economics is available also on
Amazon Kindle.


For More Information on The Making of Modern Economics:


The Making of Modern Economics makes #2 on Ayn Rand Institute of top economics
books!

The Making of Modern Economics Chosen for Choice Book award.

Three Uses for The Making of Modern Economics.

Adam Smith and The Making of Modern Economics.

CONNECT WITH MARK SKOUSEN

 * Email
 * Facebook
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 * Twitter

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JO ANN SKOUSEN’S ODDS & TRENDS

Movie reviews, theater reviews, and commentaries by Jo Ann Skousen, author,
editor, professor and Mark's wife of 41 years. She is the Festival Director for
the Anthem Libertarian Film Festival and the entertainment editor for Liberty
Magazine.

MARK SKOUSEN’S INVESTOR’S CAFE

Skousen Investor CAFÉ is a weekly electronic newsletter written by Dr. Mark
Skousen. Mark offers commentary on the markets, the economy, politics and other
topics of interest and what they mean to individual investors. Sign up for FREE
here.

FREEDOMFEST CONFERENCE


FreedomFest is an annual festival in Las Vegas where free minds meet to
celebrate “great books, great ideas, and great thinkers” in an open-minded
society. It is independent, non-partisan, and not affiliated with any
organization or think tank.

ANTHEM FILM FESTIVAL

Anthem is the only film festival in the country devoted to promoting libertarian
ideals. Anthem shows films and documentaries that celebrate self-reliance,
innovation, commerce, individual rights, and the power of persuasion over force.
We are looking for the year's best films about personal and civil liberty.

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