Ten Great Economists: From Marx to Keynes

Ten Great Economists: From Marx to Keynes presents biographical profiles and economic analyses of influential figures who shaped modern economic thought. The collection features Schumpeter's writings on Marx, Walras, Menger, Marshall, Pareto, Böhm-Bawerk, Taussig, Fisher, Mitchell, and Keynes. Each chapter combines personal history with detailed examination of the economist's key theories and contributions to the field. Schumpeter draws from his extensive knowledge and personal interactions with several of these figures to provide both academic insight and firsthand observations. The book spans multiple schools of economic thought, from Marxian socialism to neoclassical theory to early Keynesian macroeconomics. The chronological arrangement of the profiles traces the evolution of economic ideas from the late 19th through early 20th centuries. Schumpeter's work serves as both a historical document and an analysis of how individual thinkers and their circumstances influenced the development of modern economics. The profiles reveal the interconnected nature of economic thought and the ongoing dialogue between competing theories and methods.

Readers describe this as a detailed academic analysis that requires prior economics knowledge to fully appreciate. Many note it provides unique biographical insights into the economists' personalities and how their life experiences shaped their theories. Likes: - Deep analysis of each economist's methodology and contributions - Personal anecdotes and historical context - Strong chapters on Marx and Keynes Dislikes: - Dense academic prose challenging for non-economists - Some biographical sections feel too brief - Translation from German creates occasional awkward phrasing Ratings: Goodreads: 4.1/5 (189 ratings) Amazon: 4.3/5 (12 ratings) Notable reader comments: "The Marshall chapter alone justifies the book's purchase" - Goodreads reviewer "Expect an academic tone, not a casual introduction" - Amazon reviewer "His personal interactions with some subjects add unique value" - LibraryThing review "Complex concepts explained without oversimplification" - Goodreads reviewer

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🔹 Though published in 1951, most of the essays in this book were written in the 1930s and 1940s as separate pieces, compiled after Schumpeter's death by his wife Elizabeth Boody Schumpeter. 🔹 Joseph Schumpeter personally knew several of the economists he wrote about, including Eugen von Böhm-Bawerk, who was not only his teacher but also later became his colleague at the University of Vienna. 🔹 The book includes Schumpeter's famous analysis of Karl Marx, where he praises Marx's economic theories while disagreeing with his political conclusions—a nuanced view that was quite rare during the Cold War era. 🔹 Despite being one of the most influential economists of the 20th century, Schumpeter considered himself a failure because he never achieved his three life goals: becoming the greatest economist in the world, the best horseman in Austria, and Vienna's most sought-after lover. 🔹 The final essay on John Maynard Keynes was written shortly after Keynes's death in 1946, and despite their theoretical disagreements, Schumpeter's portrait of Keynes is considered one of the most insightful contemporary accounts of the British economist.