Table of Contents (53k)
Preface (52k)
Chapter 1: The Ethics of Adam Smith and for Economic Systems (125k)

A classic returns. The third edition of The Making of Economics appeared in 1987. Now, in a major revision, Ray Canterbery brings the book right up to date with new chapters on the "casino economy" (a term the author invented to describe an economy driven by making money with money rather than focusing on real production, now overtaken by reality), Joseph Schumpeter, globalization, and general equilibrium. Canterbery retains the engaging flavor of the earlier editions by covering the times and ideas of the major economists, such as Smith, Ricardo, Malthus, Mill, and Marshall, while giving ample ink to the remarkable dissidents — Marx, Veblen, Galbraith, Heilbroner, and other "radicals". Canterbery again unmasks a traditional economics eschewing value judgements but itself standing on hidden ones even as he traces its origins to Isaac Newton's idea of an orderly universe. Personal references relate the great economists' ideas to the societies in which they lived, making the historical figures really come alive. Economics is displayed as a developing discipline, a discipline still evolving.

Contents:

• The Ethics of Adam Smith and for Economic Systems
• The Feudal Order
• The Slow Evolution of the Market Economy
• Isaac Newton and the Economics Paradigm
• Adam Smith and the Market Economy
• The Industrial Revolution: Caught Between Hedonism (Bentham) and the Clerical View (Malthus)
• David Ricardo Engages Malthus in a Memorable Debate
• John Stuart Mill: The Last of the Classicals
• Alfred Marshall and Victorian Virtue
• The "American Dream" and Other "Optimal Conditions"
• John Maynard Keynes and the Bloomsbury Group Confront the Aftermath of the Great War
• John Maynard Keynes Takes on the Great Depression
• The Founding of Political Economy

"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."

"There are few scholars who have more consistently elicited my respect and admiration. Canterbery has his own position in the world of economics, and a wonderful ability to make it clear. Reading this new edition of The Making of Economics is a true pleasure. I urge the attention of all with an interest in this subject."

"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."

"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."