Economic philosophy

By Joan Robinson

Book Overview

Joan Robinson was one of the greatest economists of the twentieth century and a fearless critic of free-market capitalism. Here she reveals the battle between economics as science and economics as... This description may be from another edition of this product.

• Format: Hardcover
• Language: English
• ISBN: B0007G2J3S
• Release Date: January 1963
• Publisher: Aldine
• Length: 150 Pages
• Weight: 0.80 lbs.

Customer Reviews

I did't get too much out of the second half

Another reviewer recommends the book for the first chapter alone. I found chapter one very difficult to read, mostly because Robinson uses a lot of difficult-to-decipher quotes in that chapter, and she fails to explain them well. Perhaps there is significant insight in the chapter, but if you're not in the habit of reading Adam Smith, it will take you at least two reads to find it. I admit that I have a very libertarian ideology, but I found a few of Robinson's critiques to be very nitpicky. For example, she takes issue with the claim that observable market behavior "reveals preferences" because it is impossible to make measurements independent of time, even though I would not think it is unreasonable to assume that people's preferences don't change drastically over short periods without the presence of factors that might cause that. The second and third chapters have the most substance. Robinson does a good job of shedding light on the ideologies that pervades many economics concepts. Her critiques of value theory and utility theory are especially poignant. I was a little disappointed with the second half of the book because she seems to praise Keynes more than is due and extends her discussion of ideology less than I would have liked. Robinson also never really describes what she thinks should replace value or utility theory, or what she thinks economists should do differently. Anyone with a serious, long lasting interest in economics should read this book, because the issues she discusses in the first half of the book are very important. I have a feeling that people who have read a lot of primary sources in economics (Adam Smith, Marx, Marshall) will get more out of the book than people who have not (I haven't).

Read at your own risk

Most people find something to dislike about Joan Robinson whether they are from the right or the left. She is one of the few people who managed to live a life of intellectual chit-chat without hooking up with any of the reigning orthodoxies. What could be more refreshing? What's more, she is a master theoretician and wordsmith. The first chapter, about economics and ideology, is worth the price of the book. Unless your brain has become numbed by modern life and 21st century economics, read this book. You are certain to be stimulated and any annoyance you experience is probably deserved.