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Legacies of Great Economists

Discover the thoughts, theories, and lives of great economists, ranging from the predecessors of Adam Smith in the eighteenth century to twentieth century giants like John Maynard Keynes and Milton Friedman.
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Before Economics—Mercantilists and Physiocrats

01: Before Economics—Mercantilists and Physiocrats

Political figures, businessmen, and philosophers of the 16th and 17th centuries sought to harness economic forces to assure national strength. Their understanding of the issues was generally incomplete, and sometimes wrong-headed, but it formed the foundation for later economic thinking.

46 min
Adam Smith and the Birth of Economics

02: Adam Smith and the Birth of Economics

Adam Smith saw the free market as an interlocking system in which the selfish behavior of individuals is transformed by an "invisible hand" into social productivity. But Smith was no ideologue; in fact, he saw some limitations of free markets more clearly than many of his current admirers.

42 min
The Dismal Science—Thomas Robert Malthus and David Ricardo

03: The Dismal Science—Thomas Robert Malthus and David Ricardo

Robert Malthus is perhaps best known for his prediction that population would outstrip economic growth; David Ricardo for his theory of comparative advantage and trade. These two men, though best friends, completely disagreed on certain economic theories.

45 min
John Stuart Mill and Utilitarianism

04: John Stuart Mill and Utilitarianism

John Stuart Mill summarized and extended much of the economic thinking up to this time, including a nearly-modern theory of supply and demand. Even more important, he argued that while economics may be a necessary guide to the harsh realities of efficient production, society might choose to redistribute the fruits of that production in line with some conception of social justice.

45 min
Karl Marx and Socialism

05: Karl Marx and Socialism

Karl Marx gave voice to many fears about capitalism that still persist today: It will result in huge corporations, mass unemployment, inequality and poverty, technology that displaces jobs, swings into depression, and more. Although the flaws in his economic theories have become apparent with time, he set the groundwork for much of economic discussion over nearly a century.

44 min
Alfred Marshall and Marginalist Thought

06: Alfred Marshall and Marginalist Thought

The marginalists and Alfred Marshall brought mathematical rigor and clarity to economics. This helped clarify the meaning and strengths of economic theories—along with their limitations.

45 min
The Socialist Calculation Debate

07: The Socialist Calculation Debate

In the first half of the 20th century, a debate raged between market socialists who argued that the principles of economics could best be implemented through an interventionist government, and Austrian economists who felt that an undisturbed market was a key to efficiency. The debate is echoed in current arguments over intervening in markets.

44 min
Joseph Schumpeter and Entrepreneurialism

08: Joseph Schumpeter and Entrepreneurialism

Joseph Schumpeter emphasized the importance of entrepreneurs in a modern economy and offered a theory of business cycles. Unlike Marx, who believed capitalism would collapse because of its failures, Schumpeter believed capitalism would collapse from its successes.

45 min
John Maynard Keynes and the Keynesian Revolution

09: John Maynard Keynes and the Keynesian Revolution

John Maynard Keynes offered a systematic description of why the market as a whole might break down into depression. But he also offered a set of policy tools and guidelines for letting the government intervene in the market, but only in dire straits.

43 min
Milton Friedman and the Rebirth of Classical Economics

10: Milton Friedman and the Rebirth of Classical Economics

Milton Friedman defends markets fiercely. In both microeconomic and macroeconomic arenas, he explained why, even when omniscient and instantaneous government intervention might theoretically help the economy, in the real world markets can have both practical and ethical advantages.

45 min

Overview Course No. 528

When it comes to economics and economic theory, a few thinkers dominate the landscape. Adam Smith, Karl Marx, Alfred Marshall, John Maynard Keynes, and a handful of others have shaped the world of economics and influenced our lives. These 10 lectures acquaint you with the thoughts, theories, and lives of these great economists. You'll grasp the guiding principles of economics through a better understanding of the economists who developed them. In this broad span of time since these thinkers first presented their ideas, economic issues and concerns have changed greatly - but core economic doctrine remains. These lectures provide a fresh take on how various economic theories were formed and how subsequent economists fine-tuned those theories. They show that there are valuable lessons to be learned from history's great economists, whether their theories have held up over time, required revision, or been discredited in practice. And as Professor Taylor leads you through those theories, you'll come away with insight about why some current disputes over economic policy have been continual sources of argument over the last several centuries. By providing a glimpse into the minds of the geniuses who laid the foundations of modern economics, Professor Taylor offers new ideas and perspectives to enhance your understanding of the subject. More than dull numbers and graphs, this series focuses on personalities and brings economics to life.

About

Timothy Taylor

My wife says that I am an evangelist, with economics as my religion. I'm not sure this is altogether a good thing! But maybe it explains my enthusiasm for prepping and giving these lectures.

INSTITUTION

Macalester College

Professor Timothy Taylor is Managing Editor of the prominent Journal of Economic Perspectives, published by the American Economic Association. He earned his Master's degree in Economics from Stanford University.

Professor Taylor has won student-voted teaching awards for his Introductory Economics classes at Stanford University. At the University of Minnesota, he was named a Distinguished Lecturer by the Department of Economics and voted Teacher of the Year by the Master's degree students at the Hubert H. Humphrey Institute of Public Affairs.

In 2007, Professor Taylor published the first Principles of Economics textbook, available as a free download from Freeload Press. He has also edited a wide range of books and reports and published articles on globalization, the new economy, and outsourcing. From 1989 to 1997, Professor Taylor wrote an economics opinion column for the San Jose Mercury-News.

By This Professor

Unexpected Economics
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