The Big Three in Economics

Adam Smith, Karl Marx, and John Maynard Keynes

By: Mark Skousen

Narrated by: Jeff Riggenbach

Length: 9 hrs and 6 mins

Publisher's summary

The Big Three in Economics reveals the battle of ideas among the three most influential economists in world history: Adam Smith, representing laissez faire; Karl Marx, reflecting the radical socialist model; and John Maynard Keynes, symbolizing big government and the welfare state. History comes alive in this fascinating story of opposing views that continue to play a fundamental role in today's politics and economics.

In the 21st century, Adam Smith's "invisible hand" model has gained the upper hand, and capitalism has ultimately won the ideological battle over socialism and interventionism. But even in the era of globalization and privatization, Keynesian and Marxist ideas continue to play a significant role in economic policy in the public and private sectors.

©2007 Mark Skousen (P)2007 Blackstone Audio Inc.

Critic reviews

"Thoughtful, acutely observed and profoundly moving....Barker mixes brilliantly observed contemporary realism and mystical overtones with dazzling skill. The book has the grip of a superior thriller while introducing, with no sense of strain, a sense of sorrowful mortality that lingers long after the last page." (Publishers Weekly)

Newbies of economic thought, start here

Over the past couple years I have been increasingly interested in economics. my first taste of it was a basic economics book written by Thomas Sowell. since listen to that book, I have taken a deep dive into all things economics. I wish I would have leaned about this book sooner as it provides a great historic overview of economics. I enjoyed listening to the speaker and found myself taking lots of notes and a bit anxious about what to read next after so many economists were introduced to me through this book.

I don't agree with but appreciated this book

I am definitely not a Marx fan, but I felt that this author is a bit too conservative for my taste. Yet, I actually appreciated the way he explained, summarized, and contrasted these three men's ideas. The reality is that, I think, these three men's ideas were shaped by the political and social environment of the times each experienced as well as by their social backgrounds. I recently read (listened to) both Adam Smith's The Wealth of Nations and Joseph Stiglitz's The Price of Inequality and was amazed by how the world has changed between 1776 and 2012. I would not be surprised if Smith were alive now as an economist, he would have agreed with Stiglitz's viewpoint (though I am positive that the author of this book would not agree with me!). Anyway, I enjoyed listening to this book.

A great introduction to economics!

I really enjoyed this book. I’ve been taught in the doctrines of all 3 theorists. I didn’t quite get why the ideas of Keynes and Marx were so different (I thought it’s quite similar) until this book helps me to understand the distinction. I recommend this book to everyone who’s interested in economics. It’s a great intro to economics — probably the only one you’d need to jumpstart your quest to learn more about the working of the world in which we all live.

Fascinating, entertaining.

This book, the history and stories, is by far both fascinating and entertaining. I really enyojed and might listen more than once.
I recommend it both for new comers to this science as well as for economists.

Provides indispensable context for the 250 year journey from Adam Smith to Milton Friedman

I am so pleased to have selected this book at a time where I read the works of the three authors discussed plus some of the other economist who labored between their times to move economic theory forward. I highly recommend Ludwig Mrs. human action to anyone’s reading list Delp understand the Austrian school. Frederick Hayek‘s road to serfdom is also indispensable. I’m not going to focus on Milton Friedman starting with his 1960s study of the reasons for the economic upheavals of the previous 200 years.

Great review!

great review of both the biography and the economic works of the 3 biggest names in economics.

Excellent

Great explanation of Adam Smith, Karl Marx, and John Maynard Keynes, their different economic philosophies, how they came about, and their impact. Interesting how Marxism is based entirely on the labor theory of value, or the idea that the value of something is based entirely on how much labor was put into it, and therefore those who perform the labor should be entitled to the entire profit. Marx completely ignores the value that entrepreneurs add through the organization and running of businesses, the risks involved, and investment to get it going and continue growing. Not to mention the obvious notion that the value of something is based not primarily on its labor, but on its utility, or its tendency to improve a person’s life or enjoyment, regardless of how many hours it took to make.
And it’s surprising that Keynes still holds so much influence. His emphasis on “full employment” being the primary goal is still voiced by politicians and central banks, but ignores the impact of inflation and deficits. The argument that “we owe it to ourselves” which is taught so much in schools is directly from Keynes; it’s interesting to learn more about the source of these financial and economic fallacies.
Marx has been proved wrong time and time again throughout history. Keynes has also been proved wrong repeatedly, but not in as devastating a manner as Marxism. However, governments can’t spend and increase deficits indefinitely. Ultimately, Adam Smith will once again be proven correct in a dramatic way - not only in his description of the most successful economic theory, but in its consistency with human nature and fundamental and eternal principles. As Smith put it, “What is prudence in the conduct of every private family can scarce be folly in that of a great kingdom.”

The big three

Tina of information and history to chew on as you listen to the three big ideas of economics and how they affect the world economy. Interesting how time reveals the truth.

Fantastic

A full course of history of economic thought in just 9 hours. Excellent. Economics students should really read this.

Cut and paste

This book is ok. Unfortunately it is pretty much a "cut and paste" book assembeled from his earlier works. Instead of this one, buy "The history of modern economics" by the same author.