How to Think Like an Economist: Great Economists Who Shaped the World and What They Can Teach Us

by Robbie Mochrie

An entertaining collection of biographical portraits of history's most influential and inspiring economists – from Aristotle to Keynes, and Karl Marx to Friedrich Hayek – and what they can teach us about the world today. We all live in the economy, whether we know it or not. The current cost-of-living crisis is an economic problem. Brexit might be a political project, but it has already changed how much money we have to spend and which products we can buy. Climate change may seem to be an ecological, or a social, or a technological problem, but it is also an economic problem, because its solution will transform the structure of the global economy.

This book provides a readable and entertaining guide to the great thinkers who help us understand how economics works. It looks at how Aristotle invented the household budget, why Adam Smith wanted to abolish rent, and how modern Nobel prize winners shape the world around us. From the Greeks and Romans to the thinkers behind Enron and the financial crash of 2008, this is the ultimate guide to the greatest economists of the human age, and what their extraordinary thinking can teach us about how to see the world.

Mochrie explores how the largely Western, White and male dominated field of economics is beginning to diversify, and shows how the great ideas of complex economics can be applied to our day-to-day existence.

Genres: Economics, History, Business

288 pages, Hardcover

Published August 20, 2024

About the author

Robbie Mochrie is an Associate Professor of Economics at Heriot-Watt University, and the Director of the Economics Teaching Programme. He is the author of How to Think Like an Economist. He is a former director of the Association for the Study of Religion, Economics and Culture, where his efforts concentrated on understanding the economic structure of the market for religious services in nineteenth century Scotland. A Chartered Banker, he has worked with the Global Ethical Finance Initiative and the Market Mind Hypothesis research group on the application of virtue ethics in finance markets.

Reviews

[Patrick Van Oorschot · Rating 4 out of 5]

Als voormalig economie­student bood 'How to Think Like an Economist: The Great Economists Who Shaped the World and What We Can Learn from Them Today' weinig echt nieuwe inzichten, maar wel een boeiende recapitulatie van invloedrijke economen en hun betekenis voor het vakgebied. Voor kenners van de economische geschiedenis is het een prettig leesbare opfrisser, terwijl het boek ook zeer geschikt is voor geïnteresseerden zonder economische achtergrond.

Doordat het boek in chronologische volgorde langs de belangrijkste economen van de afgelopen eeuwen voert, en daarbij niet te diep ingaat op complexe theorieën en modellen, biedt het een helder en toegankelijk overzicht van de ontwikkeling die het vakgebied door de tijd heeft doorgemaakt. Een kanttekening is dat de auteur zich voornamelijk richt op de (Angelsaksische) mainstream binnen de economie. Zijstromingen zoals de German Historical School (e.g., List en Schmoller), de American Institutionalists (e.g., Veblen en Galbraith), Welfare economics (e.g., Pareto en Pigou) en andere minder dominante denkrichtingen komen nauwelijks aan bod.

Desondanks is het boek zeker een aanrader – zowel voor economen die op zoek zijn naar een toegankelijke herhaling van hun bachelorstof, als voor leken die een globaal beeld willen krijgen van de grote lijnen in het economisch denken.

[Safira Mayasti · Rating 3 out of 5]

Title: How to Think Like an Economist
Author: Robbie Mochrie
Publisher: Bloomsbury
Pages: 288

This book tells a short biography of 24 figures who influenced the development of economic theory.

The sub-chapters of this book are divided based on the figures. In each sub-chapter, a brief description of the figure's life is told, such as family life, economic conditions, and education. Furthermore, the author also tells what economic theories or sciences were discovered or influenced by the thoughts of the figures along with how the thoughts originated and spread.

Interestingly, many of these figures have started their interests and ideas since they were in college. One thing I can learn: Great thoughts are not just born like that, everything has a learning process.

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[Lisa Preußler · Rating 3 out of 5]

I would give the book a 3.5 star rating. In the beginning it was a bit too shallow, but from chapter 5 on I really enjoyed it and it was a nice recap through economic history, while getting to know different economist than during your undergrad courses.

[Santiago · Rating 4 out of 5]

This book offers a compendium of economists, spanning from ancient Greece to more contemporary figures. It provides insights into their biographies, academic careers, the theories they developed, and the applications of those theories. Additionally, it gives a brief overview of the historical contexts in which these economists operated.

Although I am not an economist myself, I found the book to be quite interesting, even if somewhat challenging to keep track of the various models and the discussions surrounding them. After finishing the book, I’m not sure if I am capable of thinking like an economist—or even if I want to—but I am certainly left with a deeper understanding of this field.

[Hai Pham · Rating 5 out of 5]

"How to Think Like an Economist" is quite remarkable in its historical and analytical approach, guiding readers through the evolution of economic thought from ancient times to the modern era. Starting with ancient philosophers like Aristotle, the book explores how resources were managed and how those ideas transformed over time. Each chapter introduces prominent economic thinkers—from Aquinas, Smith, and Malthus to Keynes and modern economists such as Lucas, Becker, and Duflo. The work centers on the relationship between economic theory and social change, emphasizing how economic thinking responds to new challenges and shapes the world’s development.

However, for me personally, the beginning of the book at times felt like falling into a series of biographical sketches of economists, especially those before the 18th century. The narrative seemed to slow down here, perhaps because the context of these figures feels too distant and there are too few representatives from that era. Overall, I felt a bit like I was being “carpet-bombed” with technical terms—occasionally overwhelming, since I’m not from an economics background. That said, the author interweaves real-world examples to illustrate the economists’ thinking, especially from the 19th century onward, with clear links to global economic development and the influence reflected in the Nobel Prizes in Economics. These examples made it easier for me to grasp the context and understand the paths that led to breakthroughs in economic thought over time.

The book feels like a flowing stream—with a continuous narrative, few diversions, but strong momentum. Readers are like kayakers being guided through the swirling currents of economic thought, reaching the final destination: a panoramic view of today’s dominant economic thinking. It’s a challenging yet fascinating journey, requiring one to navigate the twists and turns of theory while also experiencing practical perspectives on how schools of economic thought have shaped—and continue to shape—the world.

[Mike · Rating 4 out of 5]

I picked this book to read because it was highly rated in an area I did not think I knew much about. In college I took one undergraduate class in economics to check a box for taking a class outside the hard sciences where I was majoring. In graduate school I studied game theory and did a paper on an aspect of it for a computer science degree. I never thought of my research as associated with economics. To me it was all game theory. After reading this book I now see how many of these people, whom I knew of, were doing similar things to my work for this modeling of economics.

For me this was and interesting and fun read. I would recommend this book for anyone interested in learning more about modern economics and the history of it.

[Rolf · Rating 3 out of 5]

Basically another twist on the applied philosophy genre, in which an author takes big thinkers in a given tradition (in this case, economics) and tries to make their thought relevant to our world today.

It’s an important and useful thought exercise, though if I were writing this book, there are economists I would want to see discussed at length who weren’t in this, whose work feels very pertinent to our contemporary world (like Amartya Sen, Thomas Piketty, and Joseph Stiglitz, among others).

[Ari Kyle · Rating 3 out of 5]

Not at all a bad read, not my favorite, can be used a basic starting point for someone interested in economic theory.

[Steven C. · Rating 3 out of 5]

This book is excellent for a history of economists. I thought it would be more about the views and less about their lives. This is more a history book than an economics book., but a solid read.

[Luther Manuel · Rating 4 out of 5]

Interesting survey introduction to great economic minds and their theories.

[Nadya A. · Rating 4 out of 5]

One thing that I like is how the author explicitly relates how one economist's thoughts differ from another. I wish the author had gone heavy on more economic thoughts instead of personal life (this is just a matter of preference tho). Anyway, I'm so locked in on the chapter of Gary Becker and Esther Duflo (honorable mention: Elinor Ostrom).