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"Hesiod defined the basic economic problem as one of scarce resources, a view still held by economists today. Diocletian tried to save the Roman Empire with wage and price fixes--a strategy that has not gone entirely out of style. Roger Backhouse takes readers from the ancient world to the frontiers of game theory, mechanism design, and engagements with climate science, presenting an essential history of a discipline that economist Alfred Marshall called "the study of mankind in the ordinary business of life." Backhouse introduces the many fascinating figures who have thought about money and markets down through the centuries--from philosophers and theologians to politicians and poets--and shows how today's economic ideas have their origins in antiquity. This updated edition of The Ordinary Business of Life includes a new chapter on contemporary economics and the rest of the book has been thoroughly revised"--
The 2008 recession restored Keynes to prominence. This account elaborates the misinformation that led to his repeated resurrection and interment since his death in 1946. Keynes was more open-minded about capitalism than is commonly believed, and his nuanced views offer an alternative to the polarized rhetoric evoked by the word "capitalism" today.
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