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The Making of Modern Economics : the Lives and Ideas of the Great Thinkers / Mark Skousen

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The Making of Modern Economics : the Lives and Ideas of the Great Thinkers / Mark Skousen The MAKING of MODERN ECONOMICS 000Pre-pages.qxd 10/08/2003 09:40 PM Page ii OTHER ACADEMIC BOOKS BY MARK SKOUSEN Playing the Price Controls Game The Structure of Production Economics on Trial Dissent on Keynes (editor) The Investor’s Bible: Mark Skousen’s Principles of Investment Puzzles and Paradoxes in Economics (coauthored with Kenna C. Taylor) Economic Logic THE MAKING OF MODERN ECONOMICS The Lives and Ideas of the Great Thinkers MARK SKOUSEN M.E.Sharpe Armonk, New York London, England Copyright © 2001 by Mark Skousen. All rights reserved. No part of this book may be reproduced in any form without written permission from the publisher, M.E. Sharpe, Inc., 80 Business Park Drive, Armonk, NY 10504 Library of Congress Cataloging-in-Publication Data Skousen, Mark The making of modern economics : the lives and ideas of the great thinkers / Mark Skousen. p. cm. Includes bibliographical references and index. ISBN 0-7656-0479-5 (cloth : alk. paper) ISBN 0-7656-0480-9 (pbk. : alk. paper) 1. Economics—History. 2. Economics—Philosophy. 3. Economists—Biography. I. Title. HB75.S545 2000 330’.09—dc21 00-059532 Printed in the United States of America Typeset by Pitts • LaVigne Associates. The paper used in this publication meets the minimum requirements of American National Standard for Information Sciences Permanence of Paper for Printed Library Materials, ANSI Z 39.48-1984. ~ BM (c)10987654321 BM (p) 10 9 8 7 6 5 4 3 2 1 000Pre-pages.qxd 10/08/2003 09:40 PM Page v Dedicated to my uncle, W. Cleon Skousen, who brings history to life This page intentionally left blank 000Pre-pages.qxd 10/08/2003 09:40 PM Page vii The pursuit of wealth . is, to the mass of mankind, the greatest source of moral improvement. —Nassau Senior [T]he ideas of economists and political philosophers, both when they are right and when they are wrong, are more powerful than is commonly understood. Indeed the world is ruled by little else. —John Maynard Keynes Economics concerns itself with the greatest of all human dramas . the struggle of humanity to escape from want. —John M. Ferguson This page intentionally left blank 000Pre-pages.qxd 10/08/2003 09:40 PM Page ix CONTENTS LIST OF FIGURES, ILLUSTRATIONS, PHOTOGRAPHS, AND TABLES xi ACKNOWLEDGMENTS xv INTRODUCTION 1 1. It All Started with Adam 13 2. The French Connection: Laissez Faire Avance! 45 3. The Irreverent Malthus Challenges the New Model of Prosperity 67 4. Tricky Ricardo Takes Economics Down a Dangerous Road 91 5. Milling Around: John Stuart Mill and the Socialists Search for Utopia 115 6. Marx Madness Plunges Economics into a New Dark Age 131 7. Out of the Blue Danube: Menger and the Austrians Reverse the Tide 167 8. Marshalling the Troops: Scientific Economics Comes of Age 193 9. Go West, Young Man: Americans Solve the Distribution Problem in Economics 223 10. The Conspicuous Veblen Versus the Protesting Weber: Two Critics Debate the Meaning of Capitalism 243 11. The Fisher King Tries to Catch the Missing Link in Macroeconomics 267 12. The Missing Mises: Mises (and Wicksell) Make a Major Breakthrough 285 13. The Keynes Mutiny: Capitalism Faces Its Greatest Challenge 319 14. Paul Raises the Keynesian Cross: Samuelson and Modern Economics 351 15. Milton’s Paradise: Friedman Leads a Monetary Counterrevolution 379 16. The Creative Destruction of Socialism: The Dark Vision of Joseph Schumpeter 413 17. Dr. Smith Goes to Washington: The Triumph of Market Economics 431 INDEX 459 ABOUT THE AUTHOR 487 ix This page intentionally left blank 000Pre-pages.qxd 10/08/2003 09:40 PM Page xi LIST OF FIGURES, ILLUSTRATIONS, PHOTOGRAPHS, AND TABLES Figures A The Pendulum Approach to Competing Economic Theories 7 B The Totem Pole Approach: The Ranking of Three Economists (Smith, Keynes, and Marx) According to Economic Freedom and Growth 8 1.1 The Rise in Real per Capita Income, United Kingdom, 1100–1995 15 1.2 Relationship Between Economic Freedom and per Capita GDP, 1994–95 25 1.3 Church Attendance and Religious Concentration in Selected Countries 27 3.1 Growth of Population, Resources, and Subsistence 75 3.2 Estimated World Population, 1600 B.C. to A.D. 2000 76 3.3 Falling Mortality Rates in Various Countries, 1860–1960 77 3.4 Per Capita Income and Birthrates for Selected Nations 78 3.5 U.S. Farm Labor Productivity in Corn, Wheat, and Cotton, 1800–1967 84 3.6 Relationship of Scientific Activity to Population Size, After per Capita Income is Allowed, 1970s 87 4.1 The Gradual Decline in U.S. Tariffs, 1820–2000: Duties Calculated as a Percentage of Dutiable Imports 103 4.2 The Adam Smith “Harmony of Interest” Model: Workers, Capitalists, and Landlords Work Together to Produce Goods and Services 105 4.3 The Ricardo “Class Conflict” Model: Workers, Capitalists, and Landlords Compete with Each Other for a Share of the Goods and Services Produced 105 6.1 A Phrenological Chart Shows the Supposed Relation of Personal Abilities, Talents, and Emotions to the Shape of the Head 144 6.2 The Hegelian Dialectic Used to Describe the Course of History 152 8.1 The Fabian Window 196 8.2 Jevons’s Demonstration of the Law of Diminishing Marginal Utility 200 8.3 Supply and Demand in Marshall’s Principles of Economics 207 8.4 Marshall’s Consumer’s Surplus Concept 209 9.1 Samuelson’s Defense of Henry George’s Land Tax 228 9.2 Clark’s Marginal Theory of Wages 232 12.1 Hayek’s Triangle—A Time-Structural Model of the Economy 294 12.2 Conditions Under Which the Government Pushes the Market Rate Below the Natural Rate of Interest 309 13.1 An Illustration of Keynes’s Theory of Unemployed Equilibrium: General and Classical Models 337 14.1 The Keynesian Cross of National Income Determination: How Saving and Investment Determine Income 358 14.2 Samuelson’s “Paradox of Thrift” 362 14.3 Saving Leaks Out of the System While the Hydraulic Investment Press Pumps Up the Economy 363 xi 000Pre-pages.qxd 10/08/2003 09:40 PM Page xii xii LIST OF FIGURES, ILLUSTRATIONS, PHOTOGRAPHS, AND TABLES 14.4 Saving and Growth Go Hand in Hand: Growth Rates and Saving Rates in Select Countries 368 14.5 How Saving Is Invested into the Economic System 369 14.6 The Phillips Curve: Trade-Off Between Inflation and Full Employment 374 14.7 Effects of Supply Shocks—Aggregate Supply Shifts Backward, Raising Prices and Cutting Output, Characteristics of an Inflationary Recession 375 15.1 Four Famous Economists’ Signatures: Can You Tell Which One is the Pessimist? 389 15.2 The Dramatic Decline in the Money Stock, 1929–33 402 15.3 The Gradual Increase in Monetary Metal Under a Gold Standard, 1800–1932 406 16.1 Positive Correlation Between Economic Freedom and per Capita Income, 1995–97 424 17.1 The Laffer Curve 437 17.2 Aggregate Supply (AS) and Demand (AD) at Less Than Full Employment 440 17.3 Wicksell’s Natural Interest Rate Model 441 17.4 The Growth of Government in Five Industrial Nations 449 Illustrations 1.1 Memorial Print of Adam Smith, 1790 14 2.1 Charles Louis de Montesquieu 48 2.2 Jean-Baptiste Say 49 2.3 Alexis de Tocqueville 57 2.4 Frédéric Bastiat 59 3.1 Thomas Robert Malthus 72 4.1 David Ricardo 92 4.2 Friedrich List 104 5.1 Harriet Taylor 119 5.2 Jeremy Bentham 120 5.3 Robert Owen 127 6.1 G.W.F. Hegel 137 6.2 Friedrich Engels 140 6.3 Marx’s Statue of Zeus 146 7.1 Austrian 100 Schilling Note 186 8.1 Marshall’s Patron Saint 206 Photographs 1.1 Portrait of George Stigler Holding His Favorite Book, Adam Smith’s Wealth of Nations 29 1.2 Mark Skousen and Friend, Paul Terhorst, Visit Adam Smith’s Gravesite in Edinburgh, Scotland 31 2.1 J.-B. Say Resurrected! 50 000Pre-pages.qxd 10/08/2003 09:40 PM Page xiii LIST OF FIGURES, ILLUSTRATIONS, PHOTOGRAPHS, AND TABLES xiii 2.2 Henry Hazlitt 63 3.1 Charles Darwin 71 3.2 Thomas Carlyle 81 5.1 John Stuart Mill 117 5.2 Author Next to the Preserved Body of Jeremy Bentham 122 6.1 Karl Marx as Chief Editor 132 6.2 Karl Marx 146 6.3 Author Views Karl Marx’s Tomb in Highgate Cemetery, London 147 6.4 Paul Sweezy 159 7.1 Carl Menger 175 7.2 Archduke Rudolf and Princess Stephanie 177 7.3 Eugen Böhm-Bawerk 185 8.1 William Stanley Jevons 195 8.2 Alfred Marshall 203 8.3 Herbert Spencer 211 8.4 Léon Walras 216 8.5 Vilfredo Pareto 218 8.6 Francis Ysidro Edgeworth 220 9.1 Henry George 225 9.2 John Bates Clark 230 9.3 Richard Theodore Ely 234 9.4 Frank A. Fetter 237 9.5 Wesley Clair Mitchell 239 10.1 Thorstein Veblen 244 10.2 Frederick Winslow Taylor 252 10.3 John Kenneth Galbraith and His Wife in India 255 10.4 Max Weber 259 11.1 Irving Fisher 270 11.2 Benito Mussolini Entertains Irving Fisher and His Monetary Proposals 273 11.3 A Rich and Happy Irving Fisher in 1927—Before the Stock Market Crash 274 11.4 Roger Babson Dictating to His Secretary 275 12.1 Ludwig von Mises 288 12.2 Richard von Mises 290 12.3 Ludwig von Mises 290 12.4 Friedrich von Hayek 295 12.5 Knut Wicksell 310 13.1 Joan Robinson 320 13.2 Edward Chamberlin 320 13.3 John Maynard Keynes 323 13.4 The Shocking News: Lydia Lopokova Marries Keynes! 326 13.5 John Maynard Keynes in Bed! 328 13.6 Arthur C.
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