A Little History of Economics (Little Histories)

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There is, however, a significant oversight in the book: Kishtainy focuses almost exclusively on the contributions of white, western men. Shouldn’t a history of economics—however ‘little’—include reference to the economic ideas that developed in ancient China and India? The Arthashastra, for instance, was an ancient Indian text that informed economic policy in the empires of South Asia for centuries. Or what about Islamic economics, which flourished as early as the eighth century and still influences much of the banking world today? Kishtainy is rather balanced and unbiased in his history, presenting the ideas of key figures like Keynes and Friedman while showing opposing points of view or theories to demonstrate how complex the field is and how many different ways there are of understanding economics. Some figures he covers are really neat, like the Indian economist-philosopher Amartya Sen, who started looking at different ways to be poor or wealthy than traditional money/food ones, focused on “capabilities” rather than on mere freedoms, and also cast a light on gender inequality. Solid state physics Quantum theory Chemical bonds SCIENCE Physics Condensed Matter Física do estado sólido Mecânica quântica But economics also seeks to explain the differences between societies. Why does Britain have state-of-the-art buildings, teachers, and books to educate its young people, and Burkina Faso doesn’t? No one knows the full answer. But economists are the ones asking the questions.

What causes poverty? Are economic crises inevitable under capitalism? Is government intervention in an economy a helpful approach or a disastrous idea? The answers to such basic economic questions matter to everyone, yet the unfamiliar jargon and math of economics can seem daunting. This clear, accessible, and even humorous book is ideal for young readers new to economics and for all readers who seek a better understanding of the full sweep of economic history and ideas. Economic historian Niall Kishtainy organizes short, chronological chapters that center on big ideas and events. He recounts the contributions of key thinkers including Adam Smith, David Ricardo, Karl Marx, John Maynard Keynes, and others, while examining topics ranging from the invention of money and the rise of agrarianism to the Great Depression, entrepreneurship, environmental destruction, inequality, and behavioral economics. The result is a uniquely enjoyable volume that succeeds in illuminating the economic ideas and forces that shape our world. In A Little History of Economics , Niall Kishtainy details the complex trajectory of economics from ancient Greece to the present, drawing on a wealth of historical knowledge, illuminating anecdotes and examples as well as imaginative metaphors to trace the evolution of economic thinking. But, asks Madeline McSherry , where are the women in this history? A pleasurable and easy way to become familiar with important economic ideas such as comparative advantage, unemployment, aggregate demand, inflation, and income inequality."—Foreign AffairsThe book is chronological, from early Greek philosophers to twenty-first century economic psychologists, inequality researchers, and others, who are clearly different from the mid-twentieth century mainstream. Overall, Kishtainy gives significant attention to economic thinkers who were outside the consensus of their time. In the early twentieth century, the Russian revolutionary Vladimir Lenin put Marx’s ideas into practice. He and other economists hypothesized that imperialism, the European practice of taking over foreign territories for profit, had propped up capitalism longer than its natural life cycle. When Lenin overthrew Tsarist Russia in 1917, he set up the world’s first communist state: the Soviet Union, also known as the USSR. It would be, Lenin proclaimed, the enemy of imperialism. A lively, inviting account of the history of economics, told through events from ancient to modern times and the ideas of great thinkers in the field.

A whistle-stop introduction to the great works and thinkers of each age, this is a clear and accessible primer."--Laura Garmeson, Financial Times If you want a book that is a history the different ways economists have understood markets and capitalism over the last 250 years, then this book is for you. There are a few detours here and there away from Capitalism, but capitalism makes up about 75% of this book.In these blinks, we’ll learn the history of the field, from the ancient Greeks to the cowboy (and girl) bankers who triggered the global financial collapse of 2007. Perhaps by considering how earlier economists sought to explain their own times, we can see our own more clearly. Kishtainy is guest teacher at the London School of Economics, and has advised UK and UN agencies on economic policy. His selection of topics and economists is broadly international, but with a definite Eurocentric tilt. He also employs an array of useful analogies and metaphors to explain various interpretations of the economy. For example, to understand John Maynard Keynes, remember that he rejected the idea that economies are like ‘round-bottomed roly-poly toys’ that, when pushed over, self-correct (108). To describe the limits of Say’s Law of Markets, think of a bathtub: the water level indicates spending, and savings are water leaking down the drain (106). What causes poverty? Are economic crises inevitable under capitalism? Is government intervention in an economy a helpful approach or a disastrous idea? The answers to such basic economic questions matter to everyone, yet the unfamiliar jargon and math of economics can seem daunting. This clear, accessible, and even humorous book is ideal for young readers new to economics and for all readers who seek a better understanding of the full sweep of economic history and ideas.

But when we write history books and do not include alternative voices, we perpetuate their exclusion. We may argue such voices are rare or difficult to find, but by failing to include them, we make it even more difficult for the next generation of readers and thinkers to find them. This is a serious concern, especially as men’s voices continue to dominate economics today. What causes poverty? Are economic crises inevitable under capitalism? Is government intervention in an economy a helpful approach or a disastrous idea? The answers to such basic economic questions matter to everyone, yet the unfamiliar jargon and math of economics can seem daunting. This clear, accessible, and even humorous book is ideal for young readers new to economics and for all readers who seek a better understanding of the full sweep of economic history and ideas. Economic historian Niall Kishtainy organizes short, chronological chapters that center on big ideas and events. He recounts the contributions of key thinkers including Adam Smith, David Ricardo, Karl Marx, John Maynard Keynes, and others, while examining topics ranging from the invention of money and the rise of agrarianism to the Great Depression, entrepreneurship, environmental destruction, inequality, and behavioral economics. The result is a uniquely enjoyable volume that succeeds in illuminating the economic ideas and forces that shape our world So, in theory, it’s supposed to be readable by a teenager who is interested in finding out about economics. In practice, the main readership is probably adults. A lively, inviting account of the history of economics, told through events from ancient to modern times and through the ideas of great thinkers in the field Peasants began abandoning their farms, where they toiled under feudal lords, to work for themselves in cities in exchange for money. Soon even the Catholic church began softening its stance on usury: in the twelfth century, the pope even made an Italian merchant called Homobonus a saint.

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Attracts the reader’s attention from the very beginning. Niall Kishtainy writes with accessible language, dealing with his subject with great simplicity, with daily examples that make reading even more enjoyable. The reader cannot be bored.”—Maurizio Lanfranchi, Journal of Environmental Studies A lively, inviting account of the history of economics, told through events from ancient to modern times and the ideas of great thinkers in the field Those who refuse to learn from the past are doomed to repeat it. Economics can help guide policy in a sensible direction; but the misuse of economics has also left individuals, companies, and countries in ruin.To understand what economics has got right—and to avoid repeating its mistakes—read this book."—Simon Johnson, Professor at MIT Sloan and author of 13 Bankers

Among many other things, the ancient Greek philosopher Aristotle was probably the first economist. Aristotle thought deeply about the concept of money, in the fourth century BCE. Money, of course, can be incredibly useful: it measures what something is worth, and allows things to easily pass from one person to another. The intended audience seems to be high school students in advanced-placement courses or undergraduates in introductory economics or history-of-ideas courses. Perhaps elders, reading for enrichment, would also like this book. Kishtainy does an excellent job for this audience. The writing is crisp, to the point, and almost journalistic. Although brevity and simplicity risk omission or oversimplification, there seem to be no blatant errors. In England, economists such as Thomas Mun began thinking about how their country could become richer than its rivals. He believed that what was good for merchants was good for the nation. Countries set up special companies allowing investors to pool their money and share in the profits, like the East India Company, in which Mun was an official.I got a lot of nourishment from Niall Kishtainy’s A Little History of Economics (2017). His history begins with the first philosopher-economists like Plato, moves through economist giants like Adam Smith, and finishes with contemporary figures like Thomas Piketty. Along the way it concisely references historical events like revolutions, wars, famines, bubbles, depressions, recessions, and so on. I like Kishtainy’s accounts of things like normative economics, Marxism, exploitation, free trade vs. protected trade, conspicuous consumption, game theory, creative destruction, speculators, “pegged” currencies, externalities, feminist economics, behavioral economics, rational expectations, auction theory, and so on. He explains difficult concepts clearly and uses helpful analogies (some from the economic theorists he’s referring to), like the bathtub, the parade, the football (soccer) team, the pineapple island, and the noisy trumpeter. He uses simple language to explain complex concepts. As an economics tyro, I learned a lot from his book (although I also feel that, because it’s a short book and I’m not good at retaining complex information, I will probably forget much of what I learned). But the practice of moneylending was becoming very convenient for the merchants of Venice and Genoa, who were beginning to trade with other cities in Europe and the Mediterranean. The first banks emerged here to let merchants store their money and easily settle debts. A deft, highly readable history of economics, full of humanity. You'll learn a lot — I did."—Tim Harford, author of Messy and The Undercover Economist Many people wish they knew more about economic ideas—but not enough, apparently, to endure the discomfort they imagine that reading about them would entail. Niall Kishtainy’s A Little History of Economicssolves their problem: its brief, charming vignettes read effortlessly, yet faithfully capture the deep insights that have so profoundly transformed how we think about our world."—Robert H. Frank, author of The Economic Naturalist This book is an intellectual treasure trove for anyone interested in history, big ideas, and the role that economic thinking has played in both for more than 2000 years."—Charles Wheelan, author of Naked Economics