New Ideas from Dead Economists: An Introduction to Modern Economic Thought

Buchholz surveys and critiques economic thought from Adam Smith's invisible hand of the 18th century to the depression-fighting ideas of the Keynesians and money-supply concepts of the 20th-century monetarists. He also relates classic economic principles to such modern-day events as the fall of communism, the Asian financial meltdown, and global warming. Buchholz includes plenty of anecdotes about the lives of the great economists: Karl Marx, for instance, was an unkempt slob; David Ricardo, the early-19th-century English politician and economist, was among the rare economists to get rich trading stocks; and Maynard Keynes was so homely his friends called him "Snout." Here's a lively and authoritative read for those interested in the past, present, and future of economics. --Dan Ring

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All Customer Reviews
Average Customer Review:
2 of 3 people found the following review helpful:

Much humor from a "dismal scientist", 2007-08-26
Luckily, economics got that "dismal science" label a long time ago, because this book is quite the opposite. Written in both lively style and learned content, the reader will want to go through each chapter wondering "who's next on the chopping block?" And who would have expected to find this gem in a normally dry-sounding field (economics), or a self-serving field (biography). Lest anyone be turned off by the relatively un-recent publication date (1989), the author has updates covering fairly recent events.

This book adds a nice thought just by itself: humor and economists. Marx and laughter. Adam Smith and mirth, etcetera. The story covers the really big names in the field in chronological order, and you just know that each personality coming up will get the same fair treatment: a description of the old economists' philosophies and systems, the good parts, the bad parts, the dumb parts, and what they said about each other. At the end, just as we figure out what the author REALLY thinks is the best economic structure, we find the answer is more along the line, "it depends." How can you not like a work like this!

Dead economists. Some books are not that good, but have a great title (e.g., "Blink" or "Feel the Fear but Do It Anyway"). Many, many are the other way around, such as "Rise & Fall of the Roman Empire." "Dead Economists" is both. Do read it.



10 of 10 people found the following review helpful:

A Mixed Bag, 2006-12-06
This books generally delivers what it promises, a review of major thoughts from economists evaluated (somewhat) in a modern context. If that's what you are looking for, it's probably worth reading. However I had three problems with the book. First, he says some incredibly, bizarrely wrong things (quantum mechanics is not a hard science, the internet was invented by private industry, California may float away into the ocean). Even though they are topics outside of economics, they made me generally suspicious of his knowledge. Second, from some of his comments it is clear his writing has a political/philosophical bias but he never comes out and states what it is. Since I'm not an economist (after all, that's why I'm reading this book), it seems impossible to figure out what his bias is and how to correct for it. Third, perhaps a minor point, but he keeps drifting slightly off-topic in order to include a cute saying or clever remark. I mostly found this annoying, but other readers might find it helps keep the book light and fun.


14 of 23 people found the following review helpful:

Great Title -- Trivial Contents, 2006-11-23
When I first saw this book, I thought this sounds really interesting. It is, if you like to read trivia about economists, most of whom are dead. There are loose connections made to miscellaneous events in modern times, but the bulk of the book combines jokes that have been around for decades (as dead as the economists) with mini-biographies more suited to a fan magazine, focusing on John Stuart Mill's dysfunctional childhood, John Maynard Keynes' marriage to a ballerina, John Kenneth Galbraith's height, Thorstein Veblen's odd mode of dress and his lecture on cannibalism, and similar delicacies.

My impression is that the author found no use for this information when he was studying economics, but hated to throw out his boxes of notes. So he came up with a great, if dishonest, title and packaged the miscellany for sale. If you have no real interest in economics, but love gossip columns and want to sound like you know something about famous economists, this is the book for you.


7 of 9 people found the following review helpful:

A pretty good introduction to economic theory, 2006-09-15
This book would make an excellent pre-100 level textbook for students interested in economics. Buchholz covers all major economic theories and their proponents from Adam Smith's Invisible Hand to the most currently vocal Rational Expectations theory. The detail never gets so deep as to actually present charts and diagrams, but is solid enough that the reader comes away with a general understanding of each theory.

The book suffers a little in the beginning as Buchholz seems uncomfortable simply presenting the dry facts and ends up regaling the reader with anecdotes and economist in-jokes that may play in the classroom but fall flat in textual form.

Buchholz really hits his stride when he starts talking about Keynes, though. Perhaps it is the benefit of having multiple economic theories at odds with each other by the early 20th century that make writing about it so easy. Whatever the case, his coverage from Keynes to the modern day is exceptionally well done. Focusing less on the character of the men and more on the value of their theories, Buchholz clearly describes Keynesian, Monetary, and Rational economic theories. He proceeds to play them off each other to the delight of the reader. Where the first part of the book failed to be dynamic, the latter half is exceedingly entertaining and informative.

The problem is that I'm not interested to know that Smith was a klutz or that Malthus was well-polished. Those things are only used by Buchholz to bring life to these dead economists. He could have brought them more to life with more focus on what keeps them alive than the things buried with them.

I recommend this book to anyone with an interest in getting an overview of economic thought. It will introduce you to just about all the important economic theories that have made an impact as well as the latest 'cutting edge' theories that present alternatives to the existing body of work. I hope to find a book that can replicate Buchholz's success with the modern era theories for those economists that I feel he short-shrifted in this one.


4 of 7 people found the following review helpful:

I Can spot a great BOok when i read oNe, 2006-08-20
Economics is a very interesting subject. For many it is very confusing. Economics itself is confusing because its not very concrete. Its hard to predict things in real life using economics because there are MANNYYY variables in real life that cannot all be taken into account by specialists, so i have always wondered, how can economists spot cause and effect relationships.
This book explains many things, in simple words, starting from the 12th hundreds, from mercantalism, to Adam Smiths oposition to it with "free trade" as a response, to economists of today. This book takes ideas from dead economists (and some living ones, as the author himself states apologetically to them) and analyzes them now, in simple situations that will make the simpleton understand it.
I hate reading didactic books. But this one is not boring, mind-boggling or annoying. Its easy to read, and fun.
I recommend to anyone who wants to learn a few things that affect the lives of people.

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