The Founding Texts of Economics: Reading Smith’s Wealth of Nations, Marx’s Capital and Keynes’s General Theory

Smith’s Wealth of Nations, Marx’s Capital, and Keynes’s General Theory are three paradigmatic texts which are foundational to any study of economics or political economy. Although they have long been abundantly quoted and commented on, these “Great Books” paradoxically are being read less and less, as the price of their success. The aim of this book is to encourage the reader to re-read these Texts, by providing “theoretical and conceptual entries” in the spirit of a reasoned dictionary. Hence the return to these works in the text, in statu nascendi, to shed light on their complexities, to loosen the imperialism of received ideas, and to underline their topicality from a theoretical point of view and to understand contemporary economic issues. For example, Adam Smith’s view of the need to add a liberal state to the “system of natural liberty,” Marx’s view of the ability of the capitalist system to overcome temporarily but periodically its contradictions, or Keynes’ view of the essential role of psychology in the decisions and behaviour of men in society.

This book is vital reading for anyone interested in the history of economic thought, the founding theories of political economy and the history of ideas more broadly.

Philippe Gilles is currently Professor of Economics and Dean of the Faculty of Economics, University of Toulon, France.