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The Worldly Philosophers

by Robert L. Heilbroner

4.02 · rating details · 974 ratings · 137 reviews

s/t: The Lives, Times & Ideas of the Great Economic Thinkers
The final and most profound revision of this classic bestseller defines the common thread linking the world's greatest economic thinkers and explores the philosophies that motivate them.

Paperback, 368 pages

Published January 11th 2011 by Touchstone/Simon & Schuster (NY) (first published 1953)

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Nov 12, 2011

Erik rated it

Shelves: economics

My estimation of economic science lies somewhere between where I rate astrology and phlogiston, but I'm giving this a chance to convince me otherwise...

Update: A little breezy, but so far it is interesting to read that Adam Smith was a lot brighter than his latter day followers. He recognized that the division of labor did not create economic growth by any sort of magic, but by the systematic exploitation of available resources including labor. He thought that eventually wages would ...moreMy estimation of economic science lies somewhere between where I rate astrology and phlogiston, but I'm giving this a chance to convince me otherwise...

Update: A little breezy, but so far it is interesting to read that Adam Smith was a lot brighter than his latter day followers. He recognized that the division of labor did not create economic growth by any sort of magic, but by the systematic exploitation of available resources including labor. He thought that eventually wages would either rise so high that profit was impossible or wages would fall with a rising population of workers competing their way to the bottom. He even predicted that eventually capitalism would expand to exploit every available resource and then reach an equilibrium where wages are as low as possible and profits are impossible because there are no inefficiencies left, the market is as perfect as it can be. No more growth after that. He thought this would take about 200 years, so I guess TIME'S UP!

His treatment of Mill is good, never someone I would have otherwise considered a great political philosopher, but I changed my mind. Mill is the intellectual father of the modern welfare state compromise, because he admits the power of politics to control distribution through tax policy.

The treatment of Marx is however too breezy. He does a good job with the surplus value argument against capitalism--Marx's one trump card it seems to me, and still one that has extraordinary power, but only if you overlook Marx's labor theory of value and its weaknesses. Labor power was to Marx a fact of nature to be integrated in his faulty edifice of Hegelian inspired metaphysics-rubbish. But labor power makes no sense in economics unless we say what the labor produces and whether or not it has any social value. I once met a woman who made Goblin head flower vases for a living. They're all different, she said, I never make two alike. While that may be a fascinating fact about the amount of labor power and thought and creativity she put into these Goblin heads, I did not feel inclined to value them for that reason.

Probably the nicest chapter is about Thorstein Veblen. His second book about the rise of the Engineers is even more interesting than his Theory of the Leisure Class. The chapter on Keynes is more focused on his personality, but I got the point. I did not see what merits Schrumpter a place in the pantheon however. Some catchy words, entrepreneurship, the swarm, scientific rational socialism etc.

I did however come to appreciate Heilbroner's point that economics should be seen as a foster child of philosophy rather than a dismal science of numbers and data crunching. Ultimately it is about the structure of society and human relationships in a practical way to their environment and each other. Probably for our own time period this is also far too simple an analysis of the toxic and volatile mixture of economic, political and social forces currently twisting and churning out of control, and by no means headed toward greater human enlightenment.(less)

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Sep 09, 2008

Bruce rated it

Recommends it for: everyone

If you're a Goodreader (or a Virtual Bookshelfer?), you may have come to know and enjoy particular reviewers' reviews. For example, I've become something of a fan of the reviews of fellow Goodreaders Trevor McCandless and Ginnie Jones. I mean it as the height of compliments to say that reading Heilbroner is like reading McCandless and Jones. In a nutshell, Heilbroner surveys and summarizes the major ideas/writings and lives of economists beginning with Adam Smith and culminating in John Kenne...moreIf you're a Goodreader (or a Virtual Bookshelfer?), you may have come to know and enjoy particular reviewers' reviews. For example, I've become something of a fan of the reviews of fellow Goodreaders Trevor McCandless and Ginnie Jones. I mean it as the height of compliments to say that reading Heilbroner is like reading McCandless and Jones. In a nutshell, Heilbroner surveys and summarizes the major ideas/writings and lives of economists beginning with Adam Smith and culminating in John Kenneth Galbraith. Malthus, Mill, and Marx all put in an appearance, among others, and the tone is always light, easy to read, thought-provoking, and entertaining.

This book is apparently in its 7th edition, which I'll have to pick up, as the copy I read was the "Revised" (2nd edition) from 1961, thanks in no small part to my spouse's real (as opposed to virtual) bookshelf. That said, it's remarkable how current and applicable this historical review remains. There’s something prophetic in Heilbroner’s devoting 32 riveting (I’m serious) pages to Thorstein Veblen’s Vanderbilt/JP Morgan-era beliefs that (a) venal, corrupt CEOs serve more as parasites that suck the productivity of otherwise well-oiled industrial businesses (Halliburton, Enron, step right up), while cautioning against Veblen’s fascist-leaning desires to (b) place the salvation of corporate mores in the hands of its engineers/technocrats (hello, Gates-led Microsoft, Google, Apple, and every other innovation-driven corporation whose original vision gets corrupted into monolithic, monopolistic, make-‘em-buy-schlock attitudes, which “may stifle and frustrate our imaginations and emotions” a la Charlie Chaplin in Modern Times). (p. 212)

I find myself greatly intrigued by the ideas of John Maynard Keynes, that ongoing investment (whether public or private) and the flow of currency from hand to hand to hand is what drives a capitalist economy (in which case, thank goodness for global markets and the communal stimulus of wikinomics). Since I can’t intellectually hold the hem of Keynes’ trousers, I don’t doubt for a minute that this is true – at least, I have no reason and insufficient math to rationally dispute it, but is that all? (I guess Galbraith, with his segregation of public and private activity into separate economies might say no, or at least not quite.) It sounds to me like a great shell game. Just keep hopes high and everything in motion and prosperity will follow.

But if defense spending ultimately got us out of the Depression, we know it bankrupted the Soviet state. War is hell on both people and economies. Indulge me a one-paragraph rant/digression and excuse me for asking, but why must we squander so much taxpayer money on engines of destruction instead of promoting agents of understanding? Outreach? The arts? Education? Heck, I’d settle for more equitable distribution of good homes, food, and social welfare. America seems to have a preference for indulging millions of individual cruelties over running the risk of collective incompetence. Doesn’t seem to gibe with the Constitutional concept of check-and-balance, but perhaps I’m conflating two unrelated bases of policy. In any case, I feel strongly that economic and social policy (public or private) should promote in some positive way one or more of the essentials for life (food, shelter, clothing, personal safety, and mutual tolerance) without sacrificing one or more of another. In our mutually inconsistent priorities and definitions, there the devil lies.

Rant over. Two more 'what I learned from this book' observations. First, I wonder if Heilbroner has evolved from his position of almost half a century ago that in (occasionally) regulating market forces to promote moral ends (for example, favoring the tyranny of oligopoly over that of outright monopoly, investing in social security, workfare, or unemployment plans, health and safety regulations, etc.) “society no longer obeys its economic impulse alone.” (p. 283, emphasis in Heilbroner) Why should economics restrict its definition of value to those that can be monetized (raw materials, labor, capital, goods)? Rather, why can we not include in our calculus the value of improving the lot of our neighbor, or less altruistically, just simply enjoying Life-on-Earth, the Ride? I know I’ve read this idea recently, though I don’t think I’ve been exposed to any philosopher’s application of it. It would seem to throw wide open the realm of economics into an impossible-to-predict iterative complex like the weather, as wholly incompatible individual value systems are understood to influence communal activity. (Case in point, as this Goodreader indulges in, er… invests his time in… his passion for online blather, an activity that in conjunction with the like activity of millions of others around the world presumably helps drive the engine of the internet as a whole. And thanks again to the McCandlesses and Joneses whose shared passion adds tremendously to my weekly literary consumption.)

Second, I note that Heilbroner ends the Revised Edition (pp. 290-292) by classifying the spectrum of economic philosophy from the Marxists (“at the extreme left;” dooming capitalism in the long run, when as Keynes would have it, “we are all dead”) through the socialists, the “advocates of managed capitalism” (distinguished from socialists since these advocates “do not believe that capitalism must disappear, and… do not want to displace the institution of private ownership with public ownership”), and ending with the “Right-of-Center” laissez-faire capitalists (like Adam Smith?) who believe that good things (or at least no worse things) come simply of leaving God to sort out the mess however it may unspool. I’ve always been flummoxed at how this spectrum was arbitrarily laid out in a metaphoric left-to-right axis (surely not Heilbroner’s concern), and more puzzled still by what seem to me to be pointless distinctions.

Here I find myself with John Stuart Mill, who (Heilbroner has taught me) wrote that, “The things are there, [we:], individually or collectively, can do with them as [we:] please…. The distribution of wealth, therefore, depends on the laws and customs of society.” (quoted at p. 108) In other words, our lives do not depend on economics defined as the laws of production, but on politics defined as the laws we establish and effort we exert to spread material joy irrespective of geography and immediate self-interest. So Heilbroner appears inconsistent between restricting economists’ purview to worldly (material) philosophy on the one hand and allowing this purview a spectrum defined by the level of tolerance for political (immaterial) intervention on the other. This is a red herring; Heilbroner illustrates throughout the book how the output of these major thinkers was of their time and yet resonates still. I’m happy to testify to this, as I’ve felt my horizons expand for the pleasure of their temporary company. A Goodreads proof -- check the consensus -- good books make a reader verbose.
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Mar 30, 2008

Holly Goguen rated it

Recommended to Holly by: jarrod

Shelves: nonfiction

So interesting and what an introduction! The idea that has most stuck with me in the book, I felt, is that in a group of non-industrialized peoples, increasing wages will result in a voluntary decrease of hours instead of an increase or no change. The concept of accumulating wealth while sacrificing free time is not inherent! Imagine that....we are so tied into this system of living that we forget alternatives are possible sometimes. I would never even think of cutting my hours if I got a raise ...more

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Mar 21, 2011

Naxa rated it

Shelves: economics

A nice romp through some of the major names in economics, though I had a few problems with it which I thought weighed the book down. First lets talk about the good. If you don't know anything about economics at all this book will be very easy for you to understand and you will come away with at least a conversational understanding of at least some of the major figureheads he talks about in this book. So as an introduction which this is not intended to be, it works pretty well.

That b...more

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Mar 02, 2011

Megan McDowell rated it

Something about reading a book on economics for dummies (my first!) while utterly broke and living in a hovel in Portugal seemed apt--I was thinking about money all the time anyway, I may as well enter into the philosophy behind it. And I wasn't disappointed--while I couldn't discuss Marx or Keynes at any great length now, I can feel pretty confident in my understanding of their general theories, of which before I only had dim, contradictory outlines. The way Heilbroner interweaves the men's l...more

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Feb 01, 2011

Peter rated it

Shelves: economics, history

I started to teach a general course, Global Issues. I am co-teaching it with a business teacher. We are using the course to provide the students with an introduction to economics in a global perspective. He provides the business knowledge, I provide the historical, philosophical knowledge. I used this book to develop lecture notes on several important economic thinkers - Adam Smith, Karl Marx, Alfred Keynes, Joseph Schumpeter, etc. They students enjoyed the discussion on Smith. I am becom...more

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May 05, 2010

Jack rated it

Shelves: nonfiction, history, biography

I'm no economist, but this seems like a must-read for those who aren't, but want to know more about the great thinkers in economics. Also a nice starting point for anyone wanting to get into that field. Each chapter is readable without being too basic. And each chapter covers a major figure in the field of economics, starting with - if I remember correctly - Adam Smith, going through to Ricardo, Mill, Marx, Schumpeter, and Keynes (lots of others in there too). Each chapter is part bio, part ...more

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Nov 22, 2010

Will rated it

This book is a decent introduction to the history of economics for the layman. But it has a number of idiosyncrasies and shortcomings. Or so I found.

*Hume and Turgot are missing from the lineup. This preserves the legend of Adam Smith as sui generis, but does a disservice to the subject matter. A comparison of Smith's conclusions with those of Hume and Turgot would be much more interesting than considering Smith's ideas in a vacuum.

*The subject of trade is completely absent. ...moreThis book is a decent introduction to the history of economics for the layman. But it has a number of idiosyncrasies and shortcomings. Or so I found.

*Hume and Turgot are missing from the lineup. This preserves the legend of Adam Smith as sui generis, but does a disservice to the subject matter. A comparison of Smith's conclusions with those of Hume and Turgot would be much more interesting than considering Smith's ideas in a vacuum.

*The subject of trade is completely absent. David Ricardo makes many an appearance without his theory of Comparative Advantage ever showing up. Smith's refutation of mercantilism is likewise nowhere to be found. The long debate over protection never comes up.

*The chapter on Marx seems overly eager to present the most plausible possible reading of Capital, rather than to frankly share what that work actually says. It lets such dubious notions slip by as the labor theory of value and the idea that technology reduces productivity, and it also ignores such strange arguments as Marx's criticism of the division of labor and of commodity fetishism. All in all, I don't think the chapter paints a fully informative picture of the subject.

*The chapter on Keynes at several points quotes the young Keynes and fails to note that he later reversed himself completely on the same question.

*Where's Pigou? Where's Milton Friedman? Where is the substantive thinking of Friedrich Hayek? Where is public choice theory? Why does Schumpeter get a long, ponderous chapter, when the conclusion of that chapter seems to be that Schumpeter was not really an economist at all?

All in all, I found this book interesting mainly for its biographical sketches of the main players, particularly Smith, Veblen, and Schumpeter. But its concerns are more narrow than it lets on: Heilbroner is mainly interested in whether capitalism and growth can go on indefinitely, or even survive. I suppose that is what laypeople want to learn from economics as well. But there's a lot of other thought that gets left out along the way. (less)

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Jul 22, 2011

Mark Nenadov rated it

Shelves: economics

One reader of this book has noted that this book is a "mixed bag". I think he/she is exactly right.

Obviously, this author has done something pretty remarkable, and has compiled a unique treatment of the history of economics. And the writing style is engaging and entertaining. In many areas, too, the author is very balanced and accurate. In other areas, not very balanced at all nor accurate.

The author resorts often to equivocation and the adoration of Keyenes is some...more

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Oct 26, 2011

Brandon Peele rated it

Entertaining exploration of the key players in economic thought. Heilbroner uses layman's terms and easy prose to illuminate the biographical, historical, cultural, scientific and economic context that comprised the fertile soil, from which each successive theory sprouted. I was amazed that so many of the early economic theories are still relevant, e.g.: Malthus's concerns about the limits of the environment, Quesnay's physiocracy - likening economics to a living organism which must be mindful o...more

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Nov 09, 2011

Cameron rated it

Wow. What a book. It is essentially an economic world history as told by the economic philosophers. Heilbroner gives an excellent review of the development of capitalism during the last 250 years. He begins by setting the scene of the economic, social and political environments prior to the Industrial Age, then leads into the most famous economist of all time, Adam Smith. He develops the story of economic evolution and related challenges by analyzing the key economists of the period and their...more

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Sep 18, 2011

Karen rated it

Shelves: school-reading

The Worldly Philosophers was my AP Euro summer reading book and in some retrospects it's fairly interesting and filled with business basics, yet at the same time it was a pain to get through.

Heilbroner summarizes some of the great names in economic history - from Adam Smith to Thorstein Veblen, he covers some of the most prolific names in the shaping of economic policy and capitalitic/socialistic ventures. Heilbroner does a wonderful job at keeping the information simple, readable an...more

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May 24, 2009

Seth rated it

This book isn't really that terrible, but I found the writing style to be entirely obfuscating. Heilbroner spends so much time looking for his bon mots that he leaves behind a lot of elucidation. I found his approach to be tiring and displaying a lack of curiostity about the nitty-gritty of these thinkers' ideas. At least that was certainly the case for those of whom I've had significant experience reading their own works. The chapter on Keynes is bad, just bad. I'd only recommend this if you ne...more

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Jan 27, 2010

M rated it

Shelves: ppe, 2010, non-fiction

It seems that all famous economists are either ugly or lead depressing lives or both (possibly with the exception of Mill and Keynes). And were all rather mad.

Very good at explaining the basic concepts of economics, and providing a social/historical context to them. I never realised how revolutionary Adam Smith's work was, because up until that point, the market system didn't exist, and any kind of profit was deemed sinful. Then of course, there's the concept of profit itself, which...more

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Dec 28, 2008

Abdullah rated it

One of the best Economic books I have read to date. The book is definitely a page turner regardless of your like or dislike for the discipline of economics. I would recommend this book for any person who is concerned about the current economic plight of this country. The text will give the reader a better understanding of why certain economic systems succeed or fail.

The book covers both the history of economic systems and the lives of those who created or articulated the major compo...more

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May 04, 2010

Shawn rated it

Shelves: economics-business, philosophy

A good historical overview of the development of economics. The major fault is that it completely misses out on Austrian economics and public choice and thus misses vital pieces of understanding economics. He is dismissive of Hayek, in the brief mention he even gets, and doesn't even mention Mises or Friedman. The latter is understandable given his more contemporary timeline; nevertheless, Friedman is a central figure in 20th century economics and his absence is regrettable. Heilbroner is too Ke...more

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Dec 02, 2009

Keely rated it

Shelves: non-fiction, history, reviewed

Read as an audiobook.

As far as I know, this is an excellent and amusing introduction to economics. I certainly enjoyed the breadth and depth to which Heilbroner explored the topic, arguing intelligently for how, why, and when economics came about, and the tracing its strange, wavering history through the politics, war, and geography of the modern world.

The inclusion of not only scientists and revolutionaries but satirists, idealists, religious fanatics, armchair hobbyists...more

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May 04, 2008

Ronny rated it

Shelves: ekonomi-politik

Ini buku yang luar biasa, dan rada menyesal karena tahunya telat. Edisi aslinya tahun 1953, sementara yang aku baca ini edisi ke-7 tahun 1995. Kabarnya masih terus diterbitkan edisi barunya dengan pembaruan-pembaruan terkini.
Di tengah maraknya buku2 yg berusaha mempopulerkan ilmu ekonomi belakangan ("Freakonomics," "Undercover Economist" dlsb), dan juga setelah ilmu ekonomi itu sendiri kian hari kian teknis sifatnya, ada pentingnya kita menengok ke belakang saat ilmu ek...more

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Feb 20, 2008

matt rated it

Shelves: political-badassery, wisdom-philosophical-investigatons, historyonics-world

Well written doesn't do it justice. Lucid, pretty comprehensive, multi-faceted, learned, juicy, addictive.

Economics sucks, we all know why Carlyle called it "the dismal science"....because its bloody dismal.

But Heilbroner succeeds beautifully at writing it in such a way that its effortless. I felt like I grasped a little more about Smith and Marx and Schumpeter (!) than I would have if I had tried other means of getting myself aquainted with these suprem...more

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Nov 28, 2007

Sycamore rated it

beautiful history of economics. economic theory explained through the human beings that invented it. not ideological separation but the natural flow from Adam Smith to Karl Marx. This is about how human beings have decided to arrange themselves - how we as a group feed ourselves, relate to each other, how we built everything. thats what economics is. in some ways its awful of course, in some ways beautiful. Everyone ought to learn something about these things because if we dont we will not know ...more

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Dec 30, 2007

Nina rated it

I read this book to learn the basics of history's most influential economists so that I could put the bits and pieces that I did know into some sort of coherent framework - and I picked this particular book because I liked the book's title, which implied that it would treat these economists as great philosophers rather than scientists (it did) - but I was pleasantly surprised at how enjoyable this book was to read. The presentation of the economists' ideas was very clear, and I appreciated the ...more

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Mar 11, 2008

David rated it

· review of another edition

This book is about the short history of economic thought in the western world. A mildly interesting discussion of the progression from the very simple yet profound understanding of accumulation, the effects of population, labor as a resource, to utopias, laissez-faire, socialism, Marxism and communism, unbridled capitalism, imperialism, to the mysterious and dynamic modern business cycle, and the effects of socialist ideas or government intervention. The progression of thought is not as intere...more

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Jan 18, 2009

Michael rated it

I believe any reader can appreciate this book, regardless of his interest in or distaste for economics. It is definitely not a dull economic textbook. Instead, it summarizes the great economic thinkers of history. It describes how their ideas shaped their world and the world we live in today. It does a wonderful job of bringing theories to life through interesting narratives of the men who proposed them. Naturally, this is a great read for anyone who studies economics. However, it is equal...more

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Nov 17, 2011

Mac rated it

I've been reading a lot of books about the financial industry and/or various money-grubbing subjects, but didn't really have a solid background in economic theory. Heilbroner's book is perfect, in that regard - the major movements in economic thought are explained and commented upon, from Adam Smith to Keynes and Schumpeter in the 20th century (and a brief bit up to the 1990's), and I didn't have to re-learn algebra or parse any page-long sentences without subjects or verbs. As an introductory ...more

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Mar 23, 2010

Steven Peterson rated it

The subtitle of this book: "The lives, times & ideas of the great economic thinkers." Here, Robert Heilbroner, in an accessible manner, addresses the work of key economic thinkers. Among these: Adam Smith, Thomas Malthus, David Ricardo, Karl Marx, Thorstein Veblen, and John Maynard Keynes. For readers who wish to get a better sense of differing economic thinkers, this is a good entree to that world.

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Jun 29, 2009

Glenn Murphy rated it

Long, long ago around the beginning of the elder Bush's administration I read a previous addition of this book for a class in high school. I don't know if it was the quizzes, the class discussions with other ignorant teenagers, or if my interests have changed over the last couple of decades, but I certainly didn't enjoy reading it then, and found it quite interesting this time around.

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Jun 05, 2009

Drew Dickson rated it

A great survey of some of the most influential thinkers for about the last 300 years. It covers all those names you hear about in class, especially economics classes, but gets to the details that you never learn. These details definitely help fill in the gaps when it comes to understanding the breakthroughs these men offered to the world.

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Jan 12, 2008

Ellen rated it

· review of another edition

Shelves: non-fiction

FINALLY finished! :)

I read this book because I wanted to know more about economics. I want to be able to back up my bleeding heart liberal tendencies with actual knowledge of what makes capitalism tick.

I did enjoy this book. For an economics novice who's not crazy about history, this book has really managed to draw me in with its descriptions of economic thinkers and their times. I'm sure other books go into theory in more depth, but this was a good start for me. I l...more

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Sep 19, 2011

Tatiana rated it

I used this one in my Politics of the Environment class, but I don't know if I will use it again. While the topic of the history of political economy is helpful to my understanding of today's political landscape, I think these students would benefit more from more reading in environmental policy.

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Nov 11, 2011

Amblingbooks.com marked it as to-read · review of another edition

Shelves: available-on-audio, economics

"If ever a book answered a crying need, this one does....[Heilbroner] has a rare gift for simplifying complexities."-New York Times

Listen to The Worldly Philosophers on your smartphone.

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About Robert L. Heilbroner

Robert L. Heilbroner (March 24, 1919 – January 4, 2005) was an American economist and historian of economic thought. The author of some twenty books, Heilbroner was best known for The Worldly Philosophers, a survey of the lives and contributions of famous economists, notably Adam Smith, Karl Marx, and John Maynard Keynes.

Written in 1953, The Worldly Philosophers has sold nearly four ...more

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