The bestselling classic that examines the history of economic thought from Adam Smith to Karl Marx—“all the economic lore most general readers conceivably could want to know, served up with a flourish” ( The New York Times ). The Worldly Philosophers not only enables us to see more deeply into our history but helps us better understand our own times. In this seventh edition, Robert L. Heilbroner provides a new theme that connects thinkers as diverse as Adam Smith and Karl Marx. The theme is the common focus of their highly varied ideas—namely, the search to understand how a capitalist society works. It is a focus never more needed than in this age of confusing economic headlines. In a bold new concluding chapter entitled “The End of the Worldly Philosophy?” Heilbroner reminds us that the word “end” refers to both the purpose and limits of economics. This chapter conveys a concern that today’s increasingly “scientific” economics may overlook fundamental social and political issues that are central to economics. Thus, unlike its predecessors, this new edition provides not just an indispensable illumination of our past but a call to action for our future.

Recommended on 2 episodes:

Why Trump’s Tariffs Won’t Work

Wall Street thought Donald Trump was bluffing about his tariff plans. The stock market rallied after his election. But the reality has started setting in. Trump is doubling down on tariffs, even as he warned Americans that the economy may experience a “period of transition,” insisting this is just short-term pain. So what exactly is Trump’s theory here? And how much pain should we expect? Answering those questions requires a bit of a tariffs primer. And the economist Kimberly Clausing kindly agreed to come on the show, walk through the basics, and help me make sense of what Trump is doing here. Clausing has modeled the possible costs and consequences of the tariffs Trump has proposed, and she breaks down how much you and I might end up paying. Clausing is a senior fellow at the Peterson Institute for International Economics, a professor at U.C.L.A. and the author of “Open: The Progressive Case for Free Trade, Immigration, and Global Capital.” This conversation contains strong language. Note: This conversation was recorded on Wednesday, March 5.

Books recommended:

• 📕  The Undoing Project: A Friendship That Changed Our Minds by Michael Lewis
• 📘  Mountains Beyond Mountains: The Quest of Dr. Paul Farmer, a Man Who Would Cure the World (Random House Reader's Circle) by Tracy Kidder
• 📗  The Worldly Philosophers: The Lives, Times And Ideas Of The Great Economic Thinkers, Seventh Edition by Robert L. Heilbroner

Kimberly Clausing March 12, 2025 3 books recommended

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Why should we care about deficits?

Books recommended:

• 📙  Thick: And Other Essays by Tressie McMillan Cottom
• 📕  Saving Capitalism from the Capitalists: Unleashing the Power of Financial Markets to Create Wealth and Spread Opportunity by Raghuram G. Rajan, Luigi Zingales
• 📘  Understanding Modern Money: The Key to Full Employment and Price Stability by L. Randall Wray
• 📗  The Worldly Philosophers: The Lives, Times And Ideas Of The Great Economic Thinkers, Seventh Edition by Robert L. Heilbroner

Feb. 21, 2019 4 books recommended

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