4th Edition

The Making of Modern Economics The Lives and Ideas of the Great Thinkers

By Mark Skousen Copyright 2022
    510 Pages 121 B/W Illustrations
    by Routledge

    510 Pages 121 B/W Illustrations
    by Routledge

    The Making of Modern Economics presents a bold and engaging history of economics—the dramatic story of how the great economic thinkers built today's rigorous social science.

    This comprehensive yet accessible introduction to the major economic philosophers begins with Adam Smith and continues through to the present day. It examines the contributions each one made to our understanding of the role of the economist, the science of economics and economic theory. Boxes in each chapter highlight little-known and entertaining facts about the economists' personal lives that had an influence on their work.

    The fourth edition adds coverage of modern monetary theory, the COVID-19 pandemic, climate change, minimum wage debates, Schumpeter and socialism, Malthus and immigration, and more.

    The Making of Modern Economics is a valuable, engaging text for courses in the history of economic thought and political economy.

    1. It all started with Adam

    2. The French Connection: Laissez Faire Advance!

    3. The Irreverent Malthus Challenges the New Model of Prosperity

    4. Tricky Ricardo Takes Economics Down a Dangerous Road

    5. Milling Around: John Stuart Mill and the Socialists Search for Utopia

    6. Marx Madness Plunges Economics into a New Dark Age

    7. Out of the Blue Danube: Menger and the Austrians Reverse the Tide

    8. Marshalling the Troops: Scientific Economics Comes of Age

    9. Go West, Young Man: Americans Solve the Distribution Problem in Economics

    10. The Conspicuous Veblen Versus the Protesting Weber: Two Critics Debate the Meaning of Capitalism

    11. The Fisher King tried to Catch the Missing Link in Macroeconomics

    12. The Missing Mises: Mises (and Wicksell) Make a Major Breakthrough

    13. The Keynes Mutiny: Capitalism Faces Its Greatest Challenge

    14. Paul Raises the Keynesian Cross: Samuelson and Modern Economics

    15. Milton's Paradise: Friedman Leads a Monetary Counterrevolution

    16. The Creative Destruction of Socialism: The Dark Vision of Joseph Schumpeter

    17. Dr Smith Goes to Washington: Market Economies Face New Challenges


    Mark Skousen is an investment expert, economist, university professor, and author of more than 25 books. He earned his Ph.D. in monetary economics at George Washington University in 1977. He has taught economics and finance at Columbia Business School, Columbia University, Grantham University, Barnard College, Mercy College, Rollins College and is a Presidential Fellow and Doti-Spogli Endowed Chair of Free Enterprise at Chapman University.

    "The most interesting and lively book on the history of economic thought ever written." - Douglas A. Irwin, Dartmouth College, UK.

    "My students love it. Skousen makes the history of economics come alive like no other textbook." - Roger W. Garrison, Auburn University, USA.

    Praise for previous editions

    "A story rarely told….It’s unputdownable!" - Mark Blaug, University of Amsterdam, The Netherlands

    "One of the most original books ever published in economics." - Richard Swedberg, Cornell University, USA

    "Provocative, engaging, anything but dismal!" - N. Gregory Mankiw, Harvard University, USA

    "Irreverent, passionate, entertaining, sometimes mischievous, like the author himself!" - David Colander, Middlebury College, USA

    "Mark Skousen's history is brilliant." - Brad DeLong, Berkeley, USA