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The epic story of the making of modern economics, and of how economics rescued mankind from squalor and deprivation by placing its material fate in its own hands rather than in fate. Nasar's account begins with Charles Dickens and Henry Mayhew observing the condition of the poor majority in mid-nineteenth-century London, the richest place in the world. She describes the often heroic efforts of Marx and others to put those insights into action, with revolutionary consequences. From John Maynard Keynes to India's Nobel Prize winner Amartya Sen, she shows how the insights of these activist thinkers transformed the world--from one city, London, to the developed nations in Europe and America, and now the entire planet. In Nasar's dramatic narrative we witness men and women responding to personal crises, world wars, revolutions, economic upheavals, and each other's ideas to turn back Malthus and transform the "dismal science" into a triumph over mankind's hitherto age-old destiny of misery.… (more)
User reviews
Don't be put off by the size of the book, it really reads quickly and Ms. Nasar ties the economic times to famous people of the age. As I read the beginning chapters and her references to Charles Dickens it put a whole new spin on "A Christmas Carol." I had always considered the novella to be a social commentary but if you stop and think a bit it is truly an economic commentary. The two are hand in fist of course but the book does open your eyes to seeing situations in a new light.
Economic terms and philosophies are explained in an easy way without condescending to the reader which is a remarkable skill and shows Ms. Nasar's talent as a writer. She makes economics fun - really.
Beyond adressing the broad issue of the worth of economics as a discipline, this is a great read. I may well find it more interesting than most, since I am a retired economist, and studied the theories of most of the people she discusses. But she turns the discussion from pure theory (which bores even retired economists) to a fascinating story about the evolution of the discipline, and to many fascinating stories about some very interesting people. This book is a worthy successor to Robert Heilbroner's "The Worldly Philosophers".
The strongest impression I took away from this book wasn't about economic theory, but about economic fact. For 10,000 years, most people spent their lives in misery, caught in the Malthusian trap of limited resources and population pressure. Over the last 200 years, however, most of humanity has escaped the Malthusian trap. Ms. Nadler points out that the average Chinese now lives better than the average English person did in 1950, while her book demonstrates over and over again that the average English person lived many times better in 1950 than they did in 1840. This isn't new news, and it doesn't mean that this is the best of all possible worlds -- far from it. It is, however, a good reminder that our world is a long way from the worst.
The blurbs of praise inside the cover run the gamut from the far-left Mother Jones and more moderate left The Nation to center-right publications such as the Economist and the Wall Street Journal, promising a balanced view of modern economics. I’d say more “middle-of-the-road.” Nasar tips her hand to her own biases fairly early on, when for instance she claimed that Mother-of-the-Welfare-State Beatrice Webb “showed” that the welfare state could cure poverty and was “more likely to raise than be a drag to economic growth.” (Not claimed or argued but showed.) Nasar’s no fan of the free market, but no fan of Soviet-style central planning either. Her triumphalist narrative and blue skies epilogue can sometimes sound downright Candide-like, and certainly marks her as a champion of the status quo--from reviews seemingly the cause of annoyance to both socialists and libertarians alike who’d challenge her assumptions. I’ve also read complaints in the (few) negative reviews about this being a popular economics book, one not deep enough to merit the attention of an economics major.
Well, except how many of us can say that? I took one course in Macroeconomics in college, and have read some books, and some excerpts of the works, of some of the thinkers listed above. As a general reader interested in history, economics and politics, I found the book valuable and fascinating. Especially given Nasar wasn’t shy about giving us the sweep of history as a whole, including literary figures from Jane Austen to Virginia Woof when they tied into the story. Certainly I’d heard of Marx, Keynes and Hayek, and knew something of their lives and ideas, but I’d never known about Beatrice Webb, for instance, who Nasar credits as tremendously important in creating the modern Welfare State. Nobel-prize winner in Economics Robert Solow called Grand Pursuit a “colorful, even exciting series of vignettes involving important protagonists in the history of economic thought.” Well, economic thought between 1850 and 1950, primarily, but I do think the book enormously entertaining and well worth the read.