From Adam Smith To Maynard Keynes

In this survey of the great exponents of the classical tradition, Vincent Bladen examines the thought and works of Adam Smith, T.R. Malthus, Henry Thornton, David Ricardo, J.S. Mill, Karl Marx, W.S. Jevons, Alfred Marshall, and John Maynard Keynes, and relates their views to modern situations. This is a personal introduction by one of Canada’s senior economists to some of the great books in the English literature of political economy. Vincent Bladen wrote it to induce an interest in and an understanding of the economic classics, in the belief that contemplation of those works will increase our understanding of current economic writing and current economic problems. For the purpose of discussing the development of ‘wealth’—the major concern of economists—Bladen defines four periods within the classical tradition, and demonstrates that in each there appeared a characteristic preoccupation with a particular area of economics. From Adam Smith to John Stuart Mill the principal concern was productivity and growth; the neoclassical economists represented by Jevons and Marshall emphasized the problems of allocation of given productive resources; depressions in the twenties and thirties and the impact of Keynesian theory led to a preoccupation with ‘employment,’ and after World War II attention shifted to ‘growth.’ Bladen is critical of previous histories of economic thought: ‘by isolating the treatment of one element in a complex and integrated system of thought they frequently misrepresent each author’s treatment of the particular element.’ In this work he attempts to show each aspect of the work of the economists he has selected in the context of an integrated whole.

History comes alive in this fascinating story of opposing views that continue to play a fundamental role in today's politics and economics. "The Big Three in Economics" traces the turbulent lives and battle of ideas of 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. Each view has had a significant influence on shaping the modern world, and the book traces the development of each philosophy through the eyes of its creator. In the twenty-first century, Adam Smith's "invisible hand" model has gained the upper hand, and capitalism appears to have won the battle of ideas over socialism and interventionism. But author Mark Skousen shows that, even in the era of globalization and privatization, Keynesian and Marxian ideas continue to play a significant role in economic policy.

History comes alive in this fascinating story of opposing views that continue to play a fundamental role in today's politics and economics. The Big Three in Economics traces the turbulent lives and battle of ideas of 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.

Adam Smiths original, path breaking work on decision making, uncertainty and public policies to minimize the impact of uncertainty in the economy has been overlooked for well over two hundred years. One need only peruse the badly analyzed work of Smith in this area as presented by Henry D MacLeod in his The Elements of Political Economy on pp.212-220 or Henry Sidgwicks The Principles of Political Economy on pp.359-361, as well as the misevaluations of Smiths contributions made by Jacob Viner in 1927, Joseph Schumpeter in 1954, Murray Rothbard in 1995, or Salim Rashid in 1998 to realize that Smiths important contributions were never recognized. The claim that Smith made no original contributions to economic theory or economics is simply false.

Adam Smith’s original path-breaking work on decision making, uncertainty, and public policies to minimize the impact of uncertainty in the economy has been overlooked for well over two hundred years. One need only peruse the badly analyzed work of Smith in this area, as presented by Henry D. MacLeod in his The Elements of Political Economy, on pages 212–220, or Henry Sidgwick’s The Principles of Political Economy, on pages 359–361, as well as the misevaluations of Smith’s contributions made by Jacob Viner in 1927, Joseph Schumpeter in 1954, Murray Rothbard in 1995, or Salim Rashid in 1998 to realize that Smith’s important contributions were never recognized. The claim that Smith made no original contributions to economic theory or economics is simply false.