A Little History of Economics (Little Histories)

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A whistle-stop introduction to the great works and thinkers of each age, this is a clear and accessible primer."--Laura Garmeson, Financial Times 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. 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 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. In his book, Kishtainy literally relegates women to the margins: he puts most of the female thinkers in a single chapter towards the end. It’s easy for readers to feel like this section was an afterthought or an attempt to appease readers. Moreover, this ‘women’ chapter is all about feminist economics. While this is an interesting and important area of study, it seems to suggest that all female economists pursue feminist economics, which is simply not true.

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. 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. The title is misleading. If you are looking for a book about the history of economic systems, from the command economies of the Bronze Age to how the pursuit of Spice drove how the Persian, Ottoman, and Portuguese managed their economies throughout the centuries, then this book is NOT for you. I would highly recommend this book to people interested in the topic but also to all university students whichever their field as economics study all of our economic relationships.

A Little History of Economics

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. A deft, highly readable history of economics, full of humanity. You'll learn a lot— I did."—Tim Harford, author of Messyand The Undercover Economist

You might think you know what economics is about. Input-output, supply and demand, etcetera, etcetera. In a way, you’d be right. The word economics comes from the ancient Greek – oikos for house, and nomos for law. For the Greeks, economics was about managing households. 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. Enters this book and it has such a great structure to start an economics journey. Each chapter has a very narrative, intriguing name, a couple of interesting characters who lead the topic and ALWAYS a narrative introduction. Outstanding. Indeed a little history/story of Economics.

My Book Notes

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.

But money also opens dangerous doors. If an olive farmer, say, realizes that he can make money from selling olives, he might begin to grow them purely for profit, rather than only growing enough to support his family. Aristotle called this commerce, and he found it wholly unnatural. Even worse were those who used money to make more money – the moneylenders, who lent money to people for a price. We now call this interest.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 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. The key message here is: The first question for early economists was the role of money and merchants. A great introduction to economics for beginners. This book is punchy and fun, and yet thorough in explaining what economists have contributed to our understanding of the world.”—Robert Shiller, Nobel Laureate in Economics

This book is primarily about economic ideas, especially as related to the economic life and policies of their times. Often, this historical context promotes greater appreciation of old ideas that otherwise might be dismissed lightly. Conversely, when an economist published predictions, Kishtainy may remind readers of subsequent history; some economists, say, Malthus, don’t fare so well by this measure. However, Kishtainy is not heavy handed, and tends to leave criticism implicit. The audiobook reader Stephen Crossley is fine: clear, personable, committed, without drawing attention to himself. Sometimes while listening to the audiobook, I wished I were reading the physical book so I could dip in and out of earlier or later chapters to firm up an understanding of points where Kishtainy says something like, “As we saw in chapter 29,” or “As we’ll see in chapter 36,” so I several times listened to chapters over again after finishing them once. The book is well-written and well-read enough that re-listening to chapters was interesting rather than a chore. 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? 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 The first two of these elements are standard in textbooks (i.e., scarcity, positive/normative); and they are stated here in an unexceptional way. The third element (capitalist/non-capitalist economies) reflects Kishtainy’s selection of topics, apparently with an eye to giving pre-capitalist and non-capitalist thought its due. The fourth element (critical eyes) is good advice for readers of economics. (Economists, however, tend to have critical eyes only for the work of other economists.)

Customer reviews

A pleasurable and easy way to become familiar with important economic ideas such as comparative advantage, unemployment, aggregate demand, inflation, and income inequality."—Foreign Affairs 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 A few centuries later, as European ships began exploring the world, they came upon civilizations rich in silver and gold. European merchant-explorers looted them, delivering vast wealth to European rulers who bought ever-fancier castles and outfits, among other things. So began mercantilism: the alliance between merchants and European rulers. Like Aristotle, early Christian thinkers didn’t much care for moneylenders. In the thirteenth century, St. Thomas of Aquinas detested moneylending, which he called “usury.” The only proper, Christian use for money, he believed, was buying and selling. Economist use mostly fiction as mirrors, fragmented ones, to better interpret or analyze real world. I have started an Economics course on Coursera, but I couldn't pursue it further due to some 'externalities' and also due to the fact that the teacher was sort of conservative in his approach. My girlfriend gave me as a present a one year suscription to the economist and it has been an interesting view of the many nations around the globe.