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The Great Courses #528
Legacies of Great Economists
From The Great Courses Series, this one titled "Legacies of Great Economists," taught by Professor Timothy Taylor of Macalester College; includes 5 cassette tapes in a slip cover case, 10 lectures/45 minutes per lecture, and an accompanying text booklet.
10 Lectures
45 minutes / lecture
1- Before Economics—Mercantilists and Physiocrats.
2- Adam Smith and the Birth of Economics.
3- The Dismal Science—Thomas Robert Malthus and David Ricardo.
4- John Stuart Mill and Utilitarianism.
5- Karl Marx and Socialism.
6- Alfred Marshall and Marginalist Thought.
7- The Socialist Calculation Debate.
8- Joseph Schumpeter and Entrepreneurialism.
9- John Maynard Keynes and the Keynesian Revolution.
10- Milton Friedman and the Rebirth of Classical Economics.
10 Lectures
45 minutes / lecture
1- Before Economics—Mercantilists and Physiocrats.
2- Adam Smith and the Birth of Economics.
3- The Dismal Science—Thomas Robert Malthus and David Ricardo.
4- John Stuart Mill and Utilitarianism.
5- Karl Marx and Socialism.
6- Alfred Marshall and Marginalist Thought.
7- The Socialist Calculation Debate.
8- Joseph Schumpeter and Entrepreneurialism.
9- John Maynard Keynes and the Keynesian Revolution.
10- Milton Friedman and the Rebirth of Classical Economics.
Audio Cassette
First published January 1, 1996
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Displaying 1 - 21 of 21 reviews
December 7, 2018
A must listen for anyone who needs an overall primer on the great thinkers in the history of economic theory from Adam Smith through Marx and Milton Friedman all the big ones are here.
Most fascinating to me was Joseph Schumpeter whose prediction of the rise of what he called "intellectual complainers" was eerily prescient.
The lecturer keeps it lively and conversational and you won't be bored to death with dry incomprehensible data or terminology.
I've listened to this twice in succession -it's that good.
Most fascinating to me was Joseph Schumpeter whose prediction of the rise of what he called "intellectual complainers" was eerily prescient.
The lecturer keeps it lively and conversational and you won't be bored to death with dry incomprehensible data or terminology.
I've listened to this twice in succession -it's that good.
August 15, 2024
I listened to this course when it was on tape. So glad it has finally made it to digital. This is the best introduction to Economics I've found. It's only about a 7-hour listen, requires no references to charts or graphs, and includes the stories of the economists' backgrounds, historical context and friendships with other economists, etc. As of this round, I've listened to it at least 4 times - during at least 3 different presidential administrations, and was rewarded with new insights every time.
Although published in 1998, the course covers everything from the Mercantilists of the 1600s, through Adam Smith, Malthus & Ricardo, John Stuart Mill and Utilitarianism, Karl Marx, Alfred Marshall and the Marginalists, Schumpeter, Keynes, and finally Milton Friedman, who was still living at the time the lectures were composed. (That kind of span is probably more than enough for one course.)
The Mercantilists (of the 1600s) were "pre-economists", without a coherent vocabulary to discuss economic objects and events. They viewed trade as a kind of warfare (pitting one country against another) and had more of a "balance-of-trade" focus (sell lots to and buy little from your neighbors, hoard gold, etc.). This was criticized by the contemporary philosopher David Hume as having inflationary (and other) impacts. Unlike modern conservatives, Mercantilists sometimes coupled this with oppressive regulation. (Side notes: Mercantilism has not completely disappeared -- China and some other Asian countries can today be considered mercantilist. President Trump's focus on US-skewed balance of trade was a 17th century mercantilist attitude. Regulation in France today still reflects the some of the legacy of Mercantilist thinking. Neal Stephenson's fictional trilogy, "The Baroque Cycle" is set in this Mercantilist period and gives you a great flavor of the times. )
Adam Smith's project, at least from my viewpoint, was analogous to Plato's. Modern philosophers consider the history of philosophy as a string of footnotes to Plato's dialogues. Modern economists view the evolution of economics as a series of footnotes to "The Wealth of Nations." Taylor points out that "Wealth..." still rewards a careful reading because Smith was analytical, careful, and was seldom wrong.
Malthus (known for his "Malthusian" view of population growth) and Ricardo argued continuously -- over such things as the mechanisms of supply and demand -- but were great friends, and their debates laid the foundation for the much more clarifying language introduced by John Stuart Mill and the economists that followed.
John Stuart Mill was raised to be a brilliant economist. He pulled together and formalized classical economics's key lessons and foundations, adding his own brilliant clarifications and insights. He was of the Utilitarian school, which viewed "value" as directly related to "utility".
The "Industrial Revolution" sets the stage for the evolution of the socialist thinking of Karl Marx. It lays the foundation for the great debates of Socialism vs Capitalism (covered by an entire lecture later), how they evolved as gaps in thinking were filled and as the experiments of the Soviet Union, and of socialist-leaning government policy played out. (Taylor treats Marx as he does all of his economists, with respect and sympathy.)
Alfred Marshall focused on human behavior as the primary force that drove the engine of economics, and as something that some economists had ignored at their peril. Marshall, Jevins and the Marginalists increased the application of mathematics and science to economics and established coherent challenges to the "labor theory of value". Marshall systematized Supply and Demand and effectively ended the dispute over value.
Joseph Schumpeter focused on entrepreneurs as the fundamental drivers of economic growth. He coined the term "Creative Destruction", a concept still alive and well in the idea of "Disruptive Technology", coined by Christensen in his "The Innovator's Dilemma", and illustrated all around us -- Walmart, Amazon, fintech companies, EV vehicles, etc.
John Maynard Keynes was a brilliant investor, writer, and teacher who lived through the great depression and WWI. He was optimistic about the long-run, but warned "In the long run we are all dead." He believed that short-run issues should be confronted with action and not simply regarded as the natural working of the markets. Keynes held that the government should be responsible for managing the economy, with a focus on demand, interest rates, and credit.
Milton Friedman was a statistician and Nobel Prize-winning economist. Friedman developed the quantity theory of money that indicated that additional money led to economic growth, inflation or a change in consumer behavior. (Recall David Hume's warning to the Mercantilists that building up gold stores could lead to inflation.) Friedman also demonstrated that unemployment tended toward a natural level (about 5.5% or so) and that inflation and unemployment were not as directly related as many people thought.
Absolutely worth your money and your time.
Although published in 1998, the course covers everything from the Mercantilists of the 1600s, through Adam Smith, Malthus & Ricardo, John Stuart Mill and Utilitarianism, Karl Marx, Alfred Marshall and the Marginalists, Schumpeter, Keynes, and finally Milton Friedman, who was still living at the time the lectures were composed. (That kind of span is probably more than enough for one course.)
The Mercantilists (of the 1600s) were "pre-economists", without a coherent vocabulary to discuss economic objects and events. They viewed trade as a kind of warfare (pitting one country against another) and had more of a "balance-of-trade" focus (sell lots to and buy little from your neighbors, hoard gold, etc.). This was criticized by the contemporary philosopher David Hume as having inflationary (and other) impacts. Unlike modern conservatives, Mercantilists sometimes coupled this with oppressive regulation. (Side notes: Mercantilism has not completely disappeared -- China and some other Asian countries can today be considered mercantilist. President Trump's focus on US-skewed balance of trade was a 17th century mercantilist attitude. Regulation in France today still reflects the some of the legacy of Mercantilist thinking. Neal Stephenson's fictional trilogy, "The Baroque Cycle" is set in this Mercantilist period and gives you a great flavor of the times. )
Adam Smith's project, at least from my viewpoint, was analogous to Plato's. Modern philosophers consider the history of philosophy as a string of footnotes to Plato's dialogues. Modern economists view the evolution of economics as a series of footnotes to "The Wealth of Nations." Taylor points out that "Wealth..." still rewards a careful reading because Smith was analytical, careful, and was seldom wrong.
Malthus (known for his "Malthusian" view of population growth) and Ricardo argued continuously -- over such things as the mechanisms of supply and demand -- but were great friends, and their debates laid the foundation for the much more clarifying language introduced by John Stuart Mill and the economists that followed.
John Stuart Mill was raised to be a brilliant economist. He pulled together and formalized classical economics's key lessons and foundations, adding his own brilliant clarifications and insights. He was of the Utilitarian school, which viewed "value" as directly related to "utility".
The "Industrial Revolution" sets the stage for the evolution of the socialist thinking of Karl Marx. It lays the foundation for the great debates of Socialism vs Capitalism (covered by an entire lecture later), how they evolved as gaps in thinking were filled and as the experiments of the Soviet Union, and of socialist-leaning government policy played out. (Taylor treats Marx as he does all of his economists, with respect and sympathy.)
Alfred Marshall focused on human behavior as the primary force that drove the engine of economics, and as something that some economists had ignored at their peril. Marshall, Jevins and the Marginalists increased the application of mathematics and science to economics and established coherent challenges to the "labor theory of value". Marshall systematized Supply and Demand and effectively ended the dispute over value.
Joseph Schumpeter focused on entrepreneurs as the fundamental drivers of economic growth. He coined the term "Creative Destruction", a concept still alive and well in the idea of "Disruptive Technology", coined by Christensen in his "The Innovator's Dilemma", and illustrated all around us -- Walmart, Amazon, fintech companies, EV vehicles, etc.
John Maynard Keynes was a brilliant investor, writer, and teacher who lived through the great depression and WWI. He was optimistic about the long-run, but warned "In the long run we are all dead." He believed that short-run issues should be confronted with action and not simply regarded as the natural working of the markets. Keynes held that the government should be responsible for managing the economy, with a focus on demand, interest rates, and credit.
Milton Friedman was a statistician and Nobel Prize-winning economist. Friedman developed the quantity theory of money that indicated that additional money led to economic growth, inflation or a change in consumer behavior. (Recall David Hume's warning to the Mercantilists that building up gold stores could lead to inflation.) Friedman also demonstrated that unemployment tended toward a natural level (about 5.5% or so) and that inflation and unemployment were not as directly related as many people thought.
Absolutely worth your money and your time.
September 3, 2021
I really enjoyed this course — the lecturer is energetic, passionate, and entertaining to listen to, while also providing solid backgrounds on many of the great economists. But NOTE!!! This book was published in 1996, so some elements are out of date. For example, behavioral economics is never mentioned. Milton Friedman is the only economist mentioned from the Chicago School of Economics, and there were many influential thinkers from the school who could have been discussed/included.
The lecturer's critique that Marx’s predictions for capitalism had not proved out/come to pass… In 2021, given advances in technology, AI, robotics, and the soon-to-be significant displacement of jobs across multiple industries (e.g. logistics, hospitality, finance) coupled with the trend of mega technology companies (I’m looking at you, Amazon, Microsoft, Apple, Facebook, and Google) I wonder if he would have a more favorable and/or tempered view on how accurate Marx’s predictions are.
I found it interesting that Andrew Yang’s 2020 presidential campaign platform included 'Marxist' talking points about concerns for the future of employment over the next decade (and also included a universal basic income concept not dissimilar from Milton Friedman’s negative income tax) that now, to me, seem prescient, fully reasonable, and are consistent with Marx’s predictions. I guess only time will tell!
The lecturer's critique that Marx’s predictions for capitalism had not proved out/come to pass… In 2021, given advances in technology, AI, robotics, and the soon-to-be significant displacement of jobs across multiple industries (e.g. logistics, hospitality, finance) coupled with the trend of mega technology companies (I’m looking at you, Amazon, Microsoft, Apple, Facebook, and Google) I wonder if he would have a more favorable and/or tempered view on how accurate Marx’s predictions are.
I found it interesting that Andrew Yang’s 2020 presidential campaign platform included 'Marxist' talking points about concerns for the future of employment over the next decade (and also included a universal basic income concept not dissimilar from Milton Friedman’s negative income tax) that now, to me, seem prescient, fully reasonable, and are consistent with Marx’s predictions. I guess only time will tell!
August 22, 2024
Legacies of Great Economists by Timothy Taylor is a wonderful course, taking us through a tour of the lives of 11-ish or so of the greatest economic thinkers of the past two hundred and fifty years. There's a ton to like in Taylor's brief survey, with snippets of the Economist's life serving as the scaffolding to understand their ideas and contributions. I'm left wondering how he would do this course over now that there's thirty years distance between its initial publication and now, just as much as I wonder how he might approach it if given more room. Its almost tragic how little time the course has to breath and impart its subject matter given how good it is. Well worth some time and attention, even if it may be showing some of its age.
December 17, 2023
This was a brilliant summary and synopsis of ten major schools of economic thought, starting with the mercantilists and the physiocrats, all the way down to Milton Friedman. Each thinker is given an introductory biography, followed by their major writings and ideas. Professor Taylor was also lively, and at the end did a great job of explaining what economists still debate about today and what arguments have since been dispensed of. If you’re looking for an excellent summary of economic thought from the 1700s down to the late 1900s, then this course is for you.
December 4, 2024
A very good highlight of the major economists and their theorys. That being said I hate economics. Hate it. But I realize a huge chunk of society is run on it so you should at least understand the major sects of it, much like you should understand the Bible in its historical context, like it or not it they are foundations of western thought.
My biggest complaint is the lecturer falls into the trap he blames on his fellow economists. He too is a victim of his time. This was a lecture series in 1996. A lot has changed since then.
Still a good primer
My biggest complaint is the lecturer falls into the trap he blames on his fellow economists. He too is a victim of his time. This was a lecture series in 1996. A lot has changed since then.
Still a good primer
April 26, 2022
The field of economics is largely a field of sloppy apologetics. Timothy Taylor loves "Radical Moderates", and I hate them. I can't say I didn't learn something about economists from listening to this. I hate rightoid liberals and fanboys of the status quo, and I think what comes out of their mouths has very little value, in general (I'd say it to your face in front of your family while I poured your drink in your lap--what would you do?).
July 28, 2022
This was absolutely fantastic. The best set of lectures I’ve heard on the great economists, and I’ve read and heard a few now. I don’t know how Professor Taylor managed to cram so much into just 7.5 hours whilst still managing to make it so entertaining.
He’s very balanced at puts forwards the best arguments for the ideas of even those he disagrees with.
He’s very balanced at puts forwards the best arguments for the ideas of even those he disagrees with.
December 15, 2024
If you're interested in economics it's a really great book. And if you're just curious about in employment, productivity and government policy you should read it or listen.
I was lucky enough it was available through Audible Plus catalog but that ends 12/31/24.
Highly recommended as an audio book as these are originally lectures.
I was lucky enough it was available through Audible Plus catalog but that ends 12/31/24.
Highly recommended as an audio book as these are originally lectures.
August 12, 2018
The lectures are conversational and the content engaging (for those interested in the history of economics). It's fascinating how some the famous economists have crossed paths and refined their theories through letters and lively debate.
February 19, 2022
Magnificent and concise basic introduction to the history of economic thought. Great place to start for people who want to try and get a grasp on the ideas and words the talking heads on the news are always screaming about.
March 31, 2020
Economist (not economy) 101
Must-read for everyone. Professor Taylor is very good.
Must-read for everyone. Professor Taylor is very good.
November 22, 2020
Got my picture with the Edinburgh, Scotland statue of Adam Smith. I listened to this book afterwards.
May 25, 2022
Excellent perspective on the hisrory of economics.
May 8, 2015
A very interesting overview of economic thought and how the thoughts evolved over the past couple of centuries. Some long quoted passages included, but overall presented in a conversational manner.
The course did not address some more current thoughts, such as behavioral economics
The course did not address some more current thoughts, such as behavioral economics
October 5, 2008
Superb. And the lecturer manages to be fair to everyone, from Marx to Friedman, even though he admits he disagrees with some of their policy prescriptions.
July 24, 2011
I loved it! It's interesting and thought provoking and the lecturer keep the content alive
June 2, 2016
I loved this audiobook! The professor talks fast and with enthusiasm regarding the subject. You can tell he loves Economics as much as I do.
September 24, 2016
My favorite thus far.
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March 19, 2015A helpful, though rather naïvely utilitarian overview of economic thought.
Displaying 1 - 21 of 21 reviews