In this concise and strategic history, Heinz D. Kurz selects major
moments in the development of economic ideas to portray the growth
of the field and how economic insights are acquired, lost, and
reborn. His timeline focuses on the dynamic individuals who give
old ideas new life and the historical events that provoke the
combination and recombination of different approaches and theories.
Kurz takes the reader from ancient Greece to classical economics to
the visionary work of Kenneth J. Arrow and Amartya Sen. Among many
other topics, he explains what Adam Smith meant by an "invisible
hand"; how Karl Marx's "law of motion" works in capitalist
economies; the roots of Austrian economists' emphasis on the
problems of information, incomplete knowledge, and uncertainty; and
John Maynard Keynes's principle of effective demand and economic
stabilization. A final chapter sums up the major concerns of
economists today and their relation to world events.