The Worldly Philosophers Summary - Deepstash
The Worldly Philosophers Summary

The Worldly Philosophers Summary

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The Worldly Philosophers Summary

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The Worldly Philosophers – Book Summary

The Worldly Philosophers is your hands-on guide to economics, how the world works overall but especially from a financial point of view, what are the social and economic systems that existed throughout history, and how certain people’s concepts got to shape the world we know today.

The Worldly Philosophers is a comprehensive and engaging book that provides readers with a thorough understanding of the development of modern economic philosophy. The book received favorable reviews from the New York Times. And it has received praise from various other publications as well.

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  • All economists sought to understand one common concept: how society works.
  • A market ruled by tradition, coercion, and rules of the past is deemed to crash.
  • Adam Smith is considered the father of modern economics due to his invaluable theory presented in 1776.

Economics is not complicated. But it’s fun and relevant. Don’t believe me? Let’s explore these three lessons in detail and you’ll see for yourself!

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Regardless of the theories they produced, every economist wanted to find out how to organize a society in the best way, economically and socially speaking.

The economists’ quest for this holy grail underlies their seemingly disparate approaches and theories. Yet their shared desire has led them to develop numerous similar ideas.

We can broadly divide economic theory into two categories: microeconomics and macroeconomics. Microeconomics focuses on individual markets and how changes in prices, supply and demand affect them.

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History proves once again to be the teller of our present and future. And the best metric to analyze our actions and their consequences today. Actions of the past show how rulers who enforce their visions upon citizens and interfere with the economy and deemed to fall.

The 5-year economic plans in the Soviet Union, the forced labor in Egypt, or the enforced traditions and customs in China or India over the economic systems show that states are better left outside the economic machine. People should have freedom of choice in their economic endeavors.

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Many consider Adam Smith as the father of modern economics. That’s because he popularized a highly relevant piece of writing in 1776 titled “The Wealth of Nations”. This paper created a theory that provides a simple answer for how markets are highly efficient. And they regulate themselves through supply and demand.

The theory advocates for the Invisible Hand Mechanism, a concept that popularized the idea of a market determined by supply and demand in which states must not interfere. But only regulate what needs to be regulated, legally speaking.

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The Worldly Philosophers covers the lives and works of many of the most influential economists in history, providing detailed biographical information about each one and explaining what their contributions were.

It also provides an overview of how economic thought has developed over time and how it has affected our world. This book would be excellent for anyone who wants to learn more about how modern economics has evolved over time.

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The 30-year-old person who is passionate about economics and the biographies of major influential figures in the economy, the 22-year-old student who wants to study outside their curricula, or the 34-year-old stock market investor who wants to gain a deeper understanding of the field by studying macroeconomics from its fundamentals.

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Author Quote

“As long as custom and command ruled the world, the problem of riches and poverty hardly struck the earlier philosophers at all, other than to be accepted with a sign or railed at as another sign of man’s inner worthlessness”

-Robert L. Heilbroner

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