“The revised and updated version of this classic text embeds economic theory into its social, economic, political, and intellectual context.” (*)

The new edition of this classroom classic retains the organizing theme of the original text, presenting the development of thought within the context of economic history. Economic ideas are framed in terms of the spheres of production and circulation, with a critical analysis of how past theorists presented their ideas.

The authors have made the new edition more accessible to undergraduate and graduate students with the placement of more formal presentations within appendices. The new edition develops more fully the ideas of some of the early post-Keynesians, such as Joan Robinson, Nicholas Kaldor, and Roy Harrod, and the last three chapters are brought up to date to include the Great Recession of 2007-2009.

Endorsements:
“Typical textbooks are ‘free’ of any significant introduction to either economic context or intellectual history. As a result, students and professors learn theory as though it were an intellectual exercise independent of economic conditions or the rich tradition of earlier economists. Fortunately, E.K. Hunt and Mark Lautzenheiser’s revised and updated version of this classic text embeds economic theory into its social, economic, political, and intellectual context. Readers are able to more fully understand how economic conditions give rise to particular political economic ideas. The text can serve as the core for a course in the history of economic thought or as a companion text to a one or two semester sequence in either principles or intermediate economics.” —Reynold F. Nesiba, Augustana College

“Economic ideas and policies exert a major influence on the lives of most people on the planet. But where do economic ideas come from? The text has long stood as a clear, original, provocative, and highly engaging exploration of what economists have thought over the centuries and the social forces that have shaped their thinking. This updated edition delivers fresh material and perspectives with the same punch that we have come to expect from this important book.” —Robert Pollin, University of Massachusetts-Amherst
“Brilliant and concise, this text sets the gold standard for critical narrative in economics. They make the evolution of economic thought come alive as an integral part of the human saga. Their mature scholarship and profound human solidarity give the reader a deep appreciation of social context and historical experience.” —William M. Dugger, University of Tulsa