Making of Economics: The Radical Assault - Vol. 3

This book is the first in the field to cover exclusively the modern radical economists. Science has always had its radicals; economics is unexceptional in this regard. The book begins with the persona of Karl Marx and his soulmate Friedrich Engels, the most radical of all, continuing with the central ideas of Marx, including his theory of capitalism and an understanding of why, in Marx’s view, capitalism is doomed. Thereafter, Thorstein Veblen fills the role as the USA radical who founded the only uniquely American school of economics — the institutionalist school. This is followed by Joseph Schumpeter and his theory of capitalist motion. According to Schumpeter, the demise of capitalism is self-inflicted through creative destruction. The bestselling authors, Robert Heilbroner and John Kenneth Galbraith, straddle both the insitutionalist and Post Keynesian schools. The new left radicals emanated from Galbraith’s Harvard University and are still around today. The heyday of the new right came during the administration of Ronald Reagan and was led by the neo-Austrians. Finally, the book concludes by analyzing the Post Keynesians’ claim to be the legitimate heirs to Keynesianism. Thus far, they fall into the radical camp.

Canterbery has been a productive and versatile economist, writing prolifically in a large number of fields. Whatever the subject and the audience, he writes clear and interesting prose. He is independent in his views, often heterodox but always worth considering. -- James Tobin "Nobel Laureate in Economic Sciences, 1981"

This new version of The Making of Economics is from one of the most thoughtful and literate scholars of our day. Reading it is a true pleasure, something not often offered by economic volumes. I urge the attention of all with an interest in this subject that so embraces our lives. -- John Kenneth Galbraith "Harvard University"

The Making of Economics is a highly original treatment of both the history of economic thought and of methodology. This is a contribution to the sociology of knowledge for which the author has been widely acclaimed. At a time when economics needs boldly critical self-appraisal his penetrative stance seems to me of central importance. -- Robert Heilbroner "Author of The Worldly Philosophers"

Canterbery's The Making of Economics is a major breakthrough in texts for History of Economics courses. It consistently views Economics as a developing discipline -a discipline that is seeking new formulations and this is responsive to real world problems. It will help students understand both history and current problems and will prepare them for the future. It will not put blinders on their minds. -- Hyman P Minsky "Washington University"