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1-Page Summary of The Worldly Philosophers

Overall Summary

The Worldly Philosophers is a book written by an economist and historian. It describes the history of economics and how it has evolved over time. The author, Robert L. Heilbroner, was a professor at New School for Social Research in New York City, where he taught from 1964 until his retirement in 1990.

The Worldly Philosophers is an engaging book that explores the lives and works of eight economists. The author argues that these thinkers were united by their interest in capitalism, even though they had different theories about it. Heilbroner also discusses the history of economics and how it has evolved over time.

These great economists had different pasts and lived in different societies, but they all tried to understand how society meets its needs. They clarified things that seemed confusing or unclear about the economy, as well as interpreted the world for their contemporaries and modern readers. They also grappled with whether capitalism could be reformed or saved from itself, because unlike tradition and command systems of economies, the market system has allowed human society to accomplish tasks necessary for survival while providing individuals with freedom to do as they will.

Heilbroner criticizes the state of economics and argues that it should be more like philosophy. He believes that economists should ask big questions about society, rather than trying to make mathematical models or predict human behavior.

Chapter 1: “Introduction”

Economics is not a boring subject. It’s exciting, dangerous, and has the power to change people’s minds. Heilbroner writes about economists who changed history by challenging conventional economic wisdom. They were heretics in their time but are now considered great thinkers because of their unorthodox opinions that eventually became common sense.

The economists Heilbroner discussed were from various backgrounds and had opposing opinions on many topics, but they all shared a common trait: curiosity. They wanted to understand the world around them and why people behaved in certain ways. As such, he calls these economists worldly philosophers because of their desire to learn about humanity’s most worldly activity: the pursuit of wealth. Their search for order and meaning forms both the heart of economics and one central theme in this book.

People have always struggled with economic problems. The first economist of note, Adam Smith, didn’t live until the time of the American Revolution. Before that, no one really needed to think about economics because everyone was struggling just to survive and there wasn’t enough wealth around for anyone to worry about how it was being distributed or acquired. Therefore, we shouldn’t expect great economists before this period and can explain why they weren’t produced in earlier times by looking at these factors.

Chapter 2: “The Economic Revolution”

Humans have always had to deal with the issue of survival. It’s not just about surviving as an individual but also as a whole society. We’ve managed to balance our selfishness with social cooperation, but misery and want still exist.

Throughout history, people have come up with three main ways to organize themselves in order to survive. One is by following traditions that are passed down from generation to generation. Another way is through authoritarian governments where the leader forces his subjects to do what he wants them to do under threat of punishment. The third way is through systems based on free markets where there’s no government intervention and individuals make decisions for themselves.