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Shortest History
The Shortest History of Economics
This small book tells a huge tale. From prehistory to the present day, Andrew Leigh unearths the hidden economic forces behind war, innovation and social change – always remembering that human beings rather than numbers are at the heart of the story.
From how the invention of the plough led to gender inequality to how certain diseases determined the patterns of colonialism and even how New York’s robber barons inspired the board game Monopoly, this is a fascinating journey from hunter-gatherers to the high tech world of today.
Always accessible, expertly written and highly illuminating, The Shortest History of Economics is a perfect introduction to the subject.
Never has economics seemed less dismal.
From how the invention of the plough led to gender inequality to how certain diseases determined the patterns of colonialism and even how New York’s robber barons inspired the board game Monopoly, this is a fascinating journey from hunter-gatherers to the high tech world of today.
Always accessible, expertly written and highly illuminating, The Shortest History of Economics is a perfect introduction to the subject.
Never has economics seemed less dismal.
228 pages, Paperback
First published March 12, 2024
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Displaying 1 - 30 of 309 reviews
June 4, 2025
Beginning in prehistoric times and ending in the 2020s, Andrew Leigh examines the rise of capitalism as the dominant global economic philosophy. However, capitalism is not the only economic philosophy in history. The Cold War, for instance, was partially underpinned by competing theories of economic governance—capitalism versus communism—yet this receives scant attention. Moreover, like many history books, most of this book focuses on the past century. Although this may reflect the rise of economics as an academic discipline, it diminishes the arguably greater intrigue of disparate economic systems of earlier civilisations compared to our neoliberal world order today.
Leigh concludes the second chapter by arguing that Europe's world-leading affluence by the 1400s "was rooted in luck." Leigh's statement relies on the geographic determinist argument espoused by Jared Diamond that Eurasia had more domesticable plants and animals. Leigh makes a sleight of hand by saying Eurasia when it was the Levant region where such domestication took place. Why was the Levant region also not affluent at this time? It is because Leigh conveniently ignores the gradual development of inclusive economic and political institutions in Western Europe following often bloody civil conflicts during the Middle Ages and incessant technological competition between proto-nation-states for regional power.
Leigh states that there were no decisive battles during World War II. Instead, it was economic capital that underpinned ultimate Allied victory. This is historically shallow. Take the Battle of Midway and the Battle of Stalingrad as examples. America's naval victory over Japan at the Battle of Midway was catastrophic for the Japanese Empire's capacity for offensive posturing for the remainder of the war and was decisive in the Allies' ultimate victory. Moreover, if the Soviets had lost the Battle of Stalingrad, Germany may have conquered Russian territory all the way to the Urals. They would have subsequently been able to free up millions of soldiers, potentially impeding the Allies' invasion of Normandy.
Leigh concludes the second chapter by arguing that Europe's world-leading affluence by the 1400s "was rooted in luck." Leigh's statement relies on the geographic determinist argument espoused by Jared Diamond that Eurasia had more domesticable plants and animals. Leigh makes a sleight of hand by saying Eurasia when it was the Levant region where such domestication took place. Why was the Levant region also not affluent at this time? It is because Leigh conveniently ignores the gradual development of inclusive economic and political institutions in Western Europe following often bloody civil conflicts during the Middle Ages and incessant technological competition between proto-nation-states for regional power.
Leigh states that there were no decisive battles during World War II. Instead, it was economic capital that underpinned ultimate Allied victory. This is historically shallow. Take the Battle of Midway and the Battle of Stalingrad as examples. America's naval victory over Japan at the Battle of Midway was catastrophic for the Japanese Empire's capacity for offensive posturing for the remainder of the war and was decisive in the Allies' ultimate victory. Moreover, if the Soviets had lost the Battle of Stalingrad, Germany may have conquered Russian territory all the way to the Urals. They would have subsequently been able to free up millions of soldiers, potentially impeding the Allies' invasion of Normandy.
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November 19, 2025بعد از خوندن حدود چهل درصد از کتاب، نیمه تمام گذاشتمش.به قدری نویسنده از این شاخه به اون شاخه میپرید که واقعا مطلب از دست من میپرید و احساس کردم ادامه دادن کتاب بیهوده است. نویسنده مثل یک پیرمرد پرحرفی بود که خوش صحبت هم نیست و فقط یه جفت گوش مفت واسه شنیدن میخواد.چون کتاب رو نتونستم تموم کنم امتیازی نمیدم.
May 5, 2024
Oh my goodness, the buzz you get ostentaciously reading this on public transport is like no other. People think you're clever but little do they know this is actually a very easy read and only 170 pages long. The font is also reassuringly large.
Fully recommend if you just wanna ground yourself in the absolute basics of economics (which is essentially everything).
To sweeten the deal, I'll throw this little story out there: My work sent me to Australia for three months... Forcing me to begrudgingly leave my wife with our 9-month baby in the UK. As she was navigating through long, scream-laden, rainy nights I was discovering flat whites during a wonderful kanageroo-filled southern hemisphere summer. I had loads of free time so I went to the book signing by Andrew Leigh, telling him about how terribly guilty I felt about having such a lovely time (whilst swigging on my coffee, obviously). He signed the book "Dear Sam, your wife is a wonderful woman". Lad.
Fully recommend if you just wanna ground yourself in the absolute basics of economics (which is essentially everything).
To sweeten the deal, I'll throw this little story out there: My work sent me to Australia for three months... Forcing me to begrudgingly leave my wife with our 9-month baby in the UK. As she was navigating through long, scream-laden, rainy nights I was discovering flat whites during a wonderful kanageroo-filled southern hemisphere summer. I had loads of free time so I went to the book signing by Andrew Leigh, telling him about how terribly guilty I felt about having such a lovely time (whilst swigging on my coffee, obviously). He signed the book "Dear Sam, your wife is a wonderful woman". Lad.
November 30, 2024
Claudia Goldin's blurb pretty much nails it, "If you read just one book about economics, make it Andrew Leigh's clear, insightful, and remarkable work."
Leigh's book sets out to "tell the story about how capitalism and the market system emerged; discuss the key ideas and people who shaped the discipline of economics; and outline how economic forces have affected world history" and succeeds at all three.
It is relatively short and easy reading, proceeding chronologically from the advent of agriculture to the present day. Underlying it is an immense wealth of scholarship and economic ideas about economic history, the process of growth, and economic concepts like opportunity cost and thinking on the margin that are almost invisibly woven into the fabric throughout the book.
The overarching theme is enthusiasm for the enormous progress we have made economically, the importance of economics in helping foster that progress, but also enthusiasm for a more robust social safety and appreciation of the role of government in addressing myriad market failures.
Most economists would benefit a little from the links it makes between different topics (and could read it quickly) but it is mostly written for--and I would guess enjoyable for--non specialists.
Leigh's book sets out to "tell the story about how capitalism and the market system emerged; discuss the key ideas and people who shaped the discipline of economics; and outline how economic forces have affected world history" and succeeds at all three.
It is relatively short and easy reading, proceeding chronologically from the advent of agriculture to the present day. Underlying it is an immense wealth of scholarship and economic ideas about economic history, the process of growth, and economic concepts like opportunity cost and thinking on the margin that are almost invisibly woven into the fabric throughout the book.
The overarching theme is enthusiasm for the enormous progress we have made economically, the importance of economics in helping foster that progress, but also enthusiasm for a more robust social safety and appreciation of the role of government in addressing myriad market failures.
Most economists would benefit a little from the links it makes between different topics (and could read it quickly) but it is mostly written for--and I would guess enjoyable for--non specialists.
August 24, 2024
In his book How Economics Explains the World, author Andrew Leigh describes events that affected the course of world history. These range widely from discussions on Slavery to Climate Change; from War to Artificial Intelligence. In each case the author tries to draw on economic theory to explain why historical events occurred the way they did. The result is a compendium of interesting titbits.
For example, Leigh discusses how items we consider trivial today – mirrors and clocks – changed society in their day; why gridded cities produced the first skyscrapers; how a slaughterhouse inspired the factory assembly line; how the imposition of import tariffs prolonged the Great Depression; why democracies with a free press are extremely unlikely to suffer a famine; and how the COVID pandemic caused our current bout of inflation.
Leigh’s book has the subtitle “A Short History of Humanity”. This claim makes it a hard book to characterize. It is part Freakonomics (subtitle: The Hidden Side of Everything, 268 pages), part Sapiens (subtitle: A Brief History of Humankind, 512 pages) and part Guns, Germs and Steel (subtitle: A Short History of Everybody for the last 13,000 years, 580 pages).
Compared to these ‘short’ books it is even shorter coming in at 240 pages. The result is a narrative that bounces around leaving the reader hanging at times, and with the economic and historical threads very thin on occasion.
So even though How Economics Explains the World is not the most cohesive of narratives, it does offer an easy-to-read, if incomplete, history. The book contains a multitude of anecdotes that may prompt the reader to embark on more complete readings if they wish to explore some events more fully.
Link to my full review: https://courtofthegrandchildren.com/a...
For example, Leigh discusses how items we consider trivial today – mirrors and clocks – changed society in their day; why gridded cities produced the first skyscrapers; how a slaughterhouse inspired the factory assembly line; how the imposition of import tariffs prolonged the Great Depression; why democracies with a free press are extremely unlikely to suffer a famine; and how the COVID pandemic caused our current bout of inflation.
Leigh’s book has the subtitle “A Short History of Humanity”. This claim makes it a hard book to characterize. It is part Freakonomics (subtitle: The Hidden Side of Everything, 268 pages), part Sapiens (subtitle: A Brief History of Humankind, 512 pages) and part Guns, Germs and Steel (subtitle: A Short History of Everybody for the last 13,000 years, 580 pages).
Compared to these ‘short’ books it is even shorter coming in at 240 pages. The result is a narrative that bounces around leaving the reader hanging at times, and with the economic and historical threads very thin on occasion.
So even though How Economics Explains the World is not the most cohesive of narratives, it does offer an easy-to-read, if incomplete, history. The book contains a multitude of anecdotes that may prompt the reader to embark on more complete readings if they wish to explore some events more fully.
Link to my full review: https://courtofthegrandchildren.com/a...
July 15, 2024
3.5. Pretty interesting but very euro centric. Better title would probably be a history of the capitalist economy, would have been interesting to incorporate Indigenous economies
January 16, 2024
[Disclosure: this review was written for publication in the Tasmanian Times, 2024]
Black Inc. books is releasing an engaging series of Short Histories, including Andrew Leigh’s slim volume on economics, The Shortest History of Economics.
The former Professor of Economics and current Assistant Treasurer writes superbly and distils an ocean of information into a paperback that’s just shy of 200 pages, making the ‘dismal science’ interesting and relevant to everything in our lives.
Andrew Leigh writes well, not just because he knows his subject, but because he’s on a mission – to reassure us that the evolution of a lightly-regulated market economy in a democratic state (arguably what we live in now) is the only rational path to achieve the ‘greatest good for the greatest number’.
He gives us a series of simple, cogent examples of how humans formed societies and economies (almost interchangeable terms in this context), how markets of trade formed and evolved, and how actions taken in and on those markets, according to theory and economic management, had (mostly) expected consequences.
Understanding the basics of economics allows us to distinguish how events in one period can resonate and have consequences that may last through the centuries. In the shorter term, we can see what worked and what didn’t, who is winning and who is losing.
Economics isn’t a science, nor a good predictor, but it is a useful lens to study data on how we live.
Though Leigh admits ‘Capitalism doesn’t guarantee the wellbeing of those who lack capital’, with a modest amount of active government intervention in ‘the market’, most economists suggest the ‘greatest good’ will eventuate, passively, through the mostly unseen mechanisms of that market.
While inequities occur, in sometimes unexpected ways, Leigh regards these as ‘market failures’ – glitches fixable by economic management that steers between totalitarian command and anarchic libertarian ‘small government’.
Leigh sees government itself in economic terms, as a ‘risk manager’, arbitrating wisely for both markets and people who live in and depend upon them.
This slim history illustrates how economic forces have affected global human societies, and convincingly argues that market economies have extended our lives from the medieval ‘nasty, brutish and short’, to the pleasant, extended and relatively wealthy existences we prize today.
Then, in the final chapter, which I hoped would present a cut-through summary of where our history has led us, Leigh disappoints.
After offering mild warnings about ‘market failures’ leading to increasing inequity, he naively catastrophises about AI, and downplays climate with references to uncertainties of outcomes where there are none.
We know what’s happening and what will happen with climate, and to hear an otherwise thoughtful voice like Leigh’s refer to the climate crisis as merely a ‘key vulnerability’ with a ‘chance of very bad outcomes’ is, frankly, shocking to hear from someone so central to critical decision-making.
Leigh is a solidly Centre-Right neoliberal, but declines to address corporate state-capture that blocks genuine action on the biggest ‘market failures’ – global warming and the extinction crisis. This perhaps explains why his government is widely regarded as failing on climate action in favour of economic management that acts to preserve, at all costs, the system that is itself failing to address climate.
Leigh has also failed to include feminist economics beyond references to the gender wage gap and unpaid labour undertaken by women. Nor does he reference ecological economics, and how dependent our economies are on our ecological life-support systems.
Neoliberal economics only sees the living world as an externality outside the area of study, the market.
Leigh wants us to address ‘market failures’ but appears to ignore that inequity is how the global economic system works – capitalism isn’t about maintaining a level playing field for buyer and seller but about seeking constant advantage; any imbalance of power will ratchet the entire system to favour the wealthy and powerful. To fix the ‘market failure’ on climate, for example, governments would need to change the system that has entrenched share-price and corporate control of government as more urgent than the survival of our species.
Whom the ‘market’ isn’t failing is the wealthy corporate investor sector, and billionaires like Kerry Stokes and the Murdochs who own our media. It isn’t failing politicians of the major parties across the world, who refer to ‘the homelessness crisis’ or the ‘cost of living crisis’ as transient local problems that just need the right ‘risk management’ by government.
While I recommend Leigh’s book to anyone wanting to quickly level-up on economic and social history, his dismaying final chapter inadvertently explains why Labor is failing us – not on the usual macro-economic scale (I understand they’re, broadly, doing well as economic managers in the most conservative sense), but on their failure to address a broken system – market economics itself.
Market economics won’t fix climate or biodiversity crises because market investors profit from them. Market economics won’t fix homelessness because it’s working perfectly for investors, and neither major party will stop prioritising the wealthy and powerful because they bankroll the major parties.
Andrew Leigh wisely advises us ‘[not to] forget externalities – the positive and negative impacts of [our] decisions on other people’, but just as his history of economics leads us to praise the market economy, no amount of just-so stories to support it can ultimately justify a system that no longer supports us.
Leigh’s defense of neoliberalism does not resist injustice and oppression in whatever forms they take, or offer a sustainable path forward.
Black Inc. books is releasing an engaging series of Short Histories, including Andrew Leigh’s slim volume on economics, The Shortest History of Economics.
The former Professor of Economics and current Assistant Treasurer writes superbly and distils an ocean of information into a paperback that’s just shy of 200 pages, making the ‘dismal science’ interesting and relevant to everything in our lives.
Andrew Leigh writes well, not just because he knows his subject, but because he’s on a mission – to reassure us that the evolution of a lightly-regulated market economy in a democratic state (arguably what we live in now) is the only rational path to achieve the ‘greatest good for the greatest number’.
He gives us a series of simple, cogent examples of how humans formed societies and economies (almost interchangeable terms in this context), how markets of trade formed and evolved, and how actions taken in and on those markets, according to theory and economic management, had (mostly) expected consequences.
Understanding the basics of economics allows us to distinguish how events in one period can resonate and have consequences that may last through the centuries. In the shorter term, we can see what worked and what didn’t, who is winning and who is losing.
Economics isn’t a science, nor a good predictor, but it is a useful lens to study data on how we live.
Though Leigh admits ‘Capitalism doesn’t guarantee the wellbeing of those who lack capital’, with a modest amount of active government intervention in ‘the market’, most economists suggest the ‘greatest good’ will eventuate, passively, through the mostly unseen mechanisms of that market.
While inequities occur, in sometimes unexpected ways, Leigh regards these as ‘market failures’ – glitches fixable by economic management that steers between totalitarian command and anarchic libertarian ‘small government’.
Leigh sees government itself in economic terms, as a ‘risk manager’, arbitrating wisely for both markets and people who live in and depend upon them.
This slim history illustrates how economic forces have affected global human societies, and convincingly argues that market economies have extended our lives from the medieval ‘nasty, brutish and short’, to the pleasant, extended and relatively wealthy existences we prize today.
Then, in the final chapter, which I hoped would present a cut-through summary of where our history has led us, Leigh disappoints.
After offering mild warnings about ‘market failures’ leading to increasing inequity, he naively catastrophises about AI, and downplays climate with references to uncertainties of outcomes where there are none.
We know what’s happening and what will happen with climate, and to hear an otherwise thoughtful voice like Leigh’s refer to the climate crisis as merely a ‘key vulnerability’ with a ‘chance of very bad outcomes’ is, frankly, shocking to hear from someone so central to critical decision-making.
Leigh is a solidly Centre-Right neoliberal, but declines to address corporate state-capture that blocks genuine action on the biggest ‘market failures’ – global warming and the extinction crisis. This perhaps explains why his government is widely regarded as failing on climate action in favour of economic management that acts to preserve, at all costs, the system that is itself failing to address climate.
Leigh has also failed to include feminist economics beyond references to the gender wage gap and unpaid labour undertaken by women. Nor does he reference ecological economics, and how dependent our economies are on our ecological life-support systems.
Neoliberal economics only sees the living world as an externality outside the area of study, the market.
Leigh wants us to address ‘market failures’ but appears to ignore that inequity is how the global economic system works – capitalism isn’t about maintaining a level playing field for buyer and seller but about seeking constant advantage; any imbalance of power will ratchet the entire system to favour the wealthy and powerful. To fix the ‘market failure’ on climate, for example, governments would need to change the system that has entrenched share-price and corporate control of government as more urgent than the survival of our species.
Whom the ‘market’ isn’t failing is the wealthy corporate investor sector, and billionaires like Kerry Stokes and the Murdochs who own our media. It isn’t failing politicians of the major parties across the world, who refer to ‘the homelessness crisis’ or the ‘cost of living crisis’ as transient local problems that just need the right ‘risk management’ by government.
While I recommend Leigh’s book to anyone wanting to quickly level-up on economic and social history, his dismaying final chapter inadvertently explains why Labor is failing us – not on the usual macro-economic scale (I understand they’re, broadly, doing well as economic managers in the most conservative sense), but on their failure to address a broken system – market economics itself.
Market economics won’t fix climate or biodiversity crises because market investors profit from them. Market economics won’t fix homelessness because it’s working perfectly for investors, and neither major party will stop prioritising the wealthy and powerful because they bankroll the major parties.
Andrew Leigh wisely advises us ‘[not to] forget externalities – the positive and negative impacts of [our] decisions on other people’, but just as his history of economics leads us to praise the market economy, no amount of just-so stories to support it can ultimately justify a system that no longer supports us.
Leigh’s defense of neoliberalism does not resist injustice and oppression in whatever forms they take, or offer a sustainable path forward.
January 28, 2025
a great starter book for those interested in economics. the ending quote "capitalism doesn’t guarantee the wellbeing of those who lack capital" made me do a double take. lots to think about.
September 26, 2025
1. Very accessible & engaging writing
Andrew Leigh has a knack for making big economic ideas digestible. He uses stories, concrete examples (lightbulbs vs wood fires vs LEDs, etc.), and timelines that carry you through ages without losing you.
2. Broad sweep of economic history
The book starts way back (agrarian societies, surplus, trade) and moves to modern issues. It ties economic history to innovations, trade, tech, inequality, public policy etc. You get both micro-concepts (markets, incentives, trade) and macro ones (industrial revolution, globalisation, inequality) in decent measure.
3. Balanced tone + optimism
Andrew Leigh often emphasises how markets, trade, and innovation have improved lives (living standards, health, longevity). He doesn’t act like economics is God’s path, but he makes a persuasive case for why some economic systems have brought huge gains, while also acknowledging failures and inequalities.
Overall verdict
It delivers a well-written, approachable tour through the evolution of economic systems and ideas, explaining why they matter and how they have shaped our world. It’s not the deepest or most scholarly, but it’s honest, engaging and informative.
Andrew Leigh has a knack for making big economic ideas digestible. He uses stories, concrete examples (lightbulbs vs wood fires vs LEDs, etc.), and timelines that carry you through ages without losing you.
2. Broad sweep of economic history
The book starts way back (agrarian societies, surplus, trade) and moves to modern issues. It ties economic history to innovations, trade, tech, inequality, public policy etc. You get both micro-concepts (markets, incentives, trade) and macro ones (industrial revolution, globalisation, inequality) in decent measure.
3. Balanced tone + optimism
Andrew Leigh often emphasises how markets, trade, and innovation have improved lives (living standards, health, longevity). He doesn’t act like economics is God’s path, but he makes a persuasive case for why some economic systems have brought huge gains, while also acknowledging failures and inequalities.
Overall verdict
It delivers a well-written, approachable tour through the evolution of economic systems and ideas, explaining why they matter and how they have shaped our world. It’s not the deepest or most scholarly, but it’s honest, engaging and informative.
December 3, 2024
How Economics Explains the World : A Short History of Humanity (2024) by Andrew Leigh is an impressively short economic history of the world. Dr Andrew Leigh is a former professor of economics at ANU who is now a member of the Australian parliament.
Leigh has written a number of books about economics and is clearly a very smart guy. It’s quite incredible that he doesn’t have a senior job as Treasurer of Finance Minister in the Australian government. However, he is from the Australian Capital Territory. He is not in a strong ALP faction. So, he writes books and hosts podcasts instead of being a major part of the government.
This is the sixth book by Leigh that I’ve read and it is the weakest. It tries to cover too much in too few words. Short books are usually better. But, in this case, a longer book would better suit the aim of writing a book of economic history.
The first five chapters cover economic history up until the twentieth century. This is somewhat typical of economic history books but this book takes it to extreme.
The nine or so chapters on the twentieth century are very quick. They reference everything under the sun. This shows Leigh’s remarkable breadth of knowledge and his understanding. It would be hard not to learn something from them. Leigh is firmly from the center left and the book reflects his opinions there.
How Economics Explains the World is quite a good book. It’s surprising that it was in the Economist’s list of the best books for 2024. It’s too short and Leigh has to move too quickly over the material. However, Leigh writes well, has great understanding and does reasonably well with it.
Leigh has written a number of books about economics and is clearly a very smart guy. It’s quite incredible that he doesn’t have a senior job as Treasurer of Finance Minister in the Australian government. However, he is from the Australian Capital Territory. He is not in a strong ALP faction. So, he writes books and hosts podcasts instead of being a major part of the government.
This is the sixth book by Leigh that I’ve read and it is the weakest. It tries to cover too much in too few words. Short books are usually better. But, in this case, a longer book would better suit the aim of writing a book of economic history.
The first five chapters cover economic history up until the twentieth century. This is somewhat typical of economic history books but this book takes it to extreme.
The nine or so chapters on the twentieth century are very quick. They reference everything under the sun. This shows Leigh’s remarkable breadth of knowledge and his understanding. It would be hard not to learn something from them. Leigh is firmly from the center left and the book reflects his opinions there.
How Economics Explains the World is quite a good book. It’s surprising that it was in the Economist’s list of the best books for 2024. It’s too short and Leigh has to move too quickly over the material. However, Leigh writes well, has great understanding and does reasonably well with it.
April 28, 2025
This is a comprehensive history of economics from prehistoric times to the current times. The book is full of useful information.
Some of the more fascinating information includes the derivation of the word money - the Romans started making silver coins in 269 BC near the temple of Juno Moneta.
The Austrian economist Friedrich von Hayek feared that democratic governments could erode liberty and believed that transitional dictatorships were sometimes necessary.
In 1958, Mao ordered people to scare away sparrows so that the birds wouldn't eat the grain harvest. Due to the absence of the sparrows, the locusts ate the grain instead. Mao had to import 250,000 sparrows from the Soviet Union to return some equilibrium to the ecosystem but this only led to a 40% loss in grain production, causing a famine that killed millions.
Malcolm McLean invented the shipping container in 1956 leading to huge reductions in the cost of shipping items around the world.
Some of the more fascinating information includes the derivation of the word money - the Romans started making silver coins in 269 BC near the temple of Juno Moneta.
The Austrian economist Friedrich von Hayek feared that democratic governments could erode liberty and believed that transitional dictatorships were sometimes necessary.
In 1958, Mao ordered people to scare away sparrows so that the birds wouldn't eat the grain harvest. Due to the absence of the sparrows, the locusts ate the grain instead. Mao had to import 250,000 sparrows from the Soviet Union to return some equilibrium to the ecosystem but this only led to a 40% loss in grain production, causing a famine that killed millions.
Malcolm McLean invented the shipping container in 1956 leading to huge reductions in the cost of shipping items around the world.
November 8, 2024
Оцінка як для книжки своєї категорії — мені сподобався тон книжки, автор пояснює все легко, розважально, на зрозумілих прикладах, використовує цікаві сторітелінги, а ще однозначно говорить про російське вторгнення в Україну без прикрас і спроб виправдати окупантів (вже за це я готова поставити всі зірочки автору). Єдиний момент — книжка локалізується переважно на європейській та американській економіках, але очікувати від найкоротшої історії охоплення всього наївно.
Хороша книжка для тих, хто прагне трішки краще зрозуміти що ж таке економіка і як вона вплинула на історію і розвиток людства, кому цікаво дізнатися як з'явилася гра «Монополія», коли почалася тюльпаноманія в Нідерландах і навіщо проводили екскурсії в паризькій каналізації. Все це з ілюстраціями, фотографіями та цікавими доповненнями.
Хороша книжка для тих, хто прагне трішки краще зрозуміти що ж таке економіка і як вона вплинула на історію і розвиток людства, кому цікаво дізнатися як з'явилася гра «Монополія», коли почалася тюльпаноманія в Нідерландах і навіщо проводили екскурсії в паризькій каналізації. Все це з ілюстраціями, фотографіями та цікавими доповненнями.
May 25, 2025
Lots of information in here; having never looked into economics before I feel like I now understand a lot more about the world’s monetary systems and how they came to be
December 15, 2024
While reading this book, you might wonder whether there was an error in the title, as it focuses more on economic history than on economics. The first part of the title is accurate - it is a very short book, which happens to be its main redeeming quality. It provides a general and economic history of Western societies, illustrating theories and the works of famous economists through their relevance in specific eras. However, an excessive amount of space is dedicated to history, leaving economic concepts mentioned only briefly rather than as the central focus. As it approaches the modern era, the book adopts an increasingly polemical and political tone. Written in line with contemporary American standards, it allocates more space to a barely known African American activist whose speeches were "rich in economic insights" than to Adam Smith. This is also the first book I've encountered that analyses the text of Fear the Boom and Bust: Keynes vs. Hayek rap battle. While the book primarily offers sound, mainstream economic theories, it also includes some questionable ideas about social development, tech regulation, and inequality, though they are not particularly radical. Overall, this is a boring and meandering book, filled with irrelevant digressions. The history of economics is covered briefly, but the excessive unrelated content makes for a tedious read.
August 26, 2024
So, Mr. Leigh, you're saying that the "Mayflower" sailed to the United States...? (He does, oh yes he does.) A VERY shallow run through... uh, history of the world rather than of economics, as the "science" gets rather short shrift here. And since the man is an economist, not a historian, he gets a lot of stuff only approximately right, if that. Simplifications galore, non sequiturs, some dubious anecdotes... no, I can't say this was a worthwhile reading experience. Stock photos add to the impression of a cheap hack job.
October 9, 2024
This was a book FULLL of information, but i dont think ill ever get to use any of that information, and also there sould be a more organized way to put all of these information together, i mean each chapter just jumps from insight to insight and from story to story all the time.
April 5, 2025
This is too superficial to be interesting. It's basically a sequence of fun facts.
October 19, 2025
5 зірочок, бо тут нема жодного доброго слова про росію. перша половина дууууже цікава. те, що ближче до нашого часу, сподобалося менше.
October 1, 2025
I like economics?!? Watch me read million more books about it…
“ I hope that, in reading it, you see the history of humanity a little differently. When you look at a map of the world, recall how the shape of continents helped determine who colonised who. When you see a mirror, think about how its invention created consumer culture. When you use a big tech platform, consider the way in which you are effectively paying with your data rather than with cash. Recognise your good fortune to live at a time when most of humanity has access to schools,”
“When making a tricky decision, weigh the costs and benefits. Consider the opportunity costs - what are you giving up? Think on the margin - asking whether one more of something is worth having. And don't forget externalities - the positive and negative impacts of your decisions on other people.”
“ I hope that, in reading it, you see the history of humanity a little differently. When you look at a map of the world, recall how the shape of continents helped determine who colonised who. When you see a mirror, think about how its invention created consumer culture. When you use a big tech platform, consider the way in which you are effectively paying with your data rather than with cash. Recognise your good fortune to live at a time when most of humanity has access to schools,”
“When making a tricky decision, weigh the costs and benefits. Consider the opportunity costs - what are you giving up? Think on the margin - asking whether one more of something is worth having. And don't forget externalities - the positive and negative impacts of your decisions on other people.”
January 6, 2025
A delightful little book that lives up to the title!
September 17, 2024
Andrew Leigh's "The Shortest History of Economics" provides a sweeping overview of economic development, starting from the earliest days of human civilization up to the present day. Leigh explores how innovations like agriculture, specialization, trade, and money laid the foundation for modern economies and helped transform nomadic hunter-gatherer societies into settled, complex civilizations. The book examines key economic turning points, such as the Industrial Revolution and the rise of central banks, offering insight into how these moments shaped the way economies function today.
The agricultural revolution around 10,000 BCE was the first major shift, allowing humans to produce food surpluses and smooth consumption over time. This development paved the way for specialization, which in turn led to trade. Early money systems emerged to facilitate trade, and the principle of comparative advantage became a key driver of economic efficiency, with people producing what they were best at.
The invention of the printing press in 1440 was another revolutionary moment, making knowledge accessible and fueling innovation. Leigh discusses how innovations like this are non-rival, meaning they can be shared without being depleted, unlike physical goods. The spread of knowledge boosted economic growth in Europe and introduced the challenge of how to incentivize creativity while sharing ideas. The printing press exemplified how ideas, unlike tangible goods, could change the economic landscape by fostering widespread innovation.
Leigh also delves into the Industrial Revolution, explaining how technological advancements, such as the steam engine, catalyzed industrialization and urbanization. This revolution, coupled with Adam Smith’s concept of the invisible hand and John Stuart Mill’s ideas of opportunity cost, provided a framework for understanding how individuals’ self-interest in competitive markets could lead to overall societal benefit. However, the darker side of industrialization—urban poverty and harsh working conditions—also required societal responses like the Poor Laws.
The book explores the impact of World War I and the Great Depression, leading to a significant divide between Keynesian economics, advocating for government intervention, and Hayek’s belief in the necessity of market corrections. Keynes’ vision of government spending during economic downturns contrasts with Hayek’s fear of overreach, illustrating ongoing debates about how best to manage economies.
The development of national income accounting and international institutions like the World Bank and International Monetary Fund in the post-World War II era laid the foundation for a new global economic order. Central banks, gaining independence in the 1980s, became central actors in managing national economies by controlling inflation through interest rate adjustments. As economies grew more interconnected, economic development theories from thinkers like Justin Yifu Lin and Mariana Mazzucato emerged, highlighting the role of governments in shaping innovation and growth.
Leigh also addresses the growing inequality that has accompanied globalization, particularly through the research of Branko Milanović, who found that while emerging economies like China and India saw significant gains, many lower-middle-income individuals in developed countries experienced stagnation or decline, while the wealthiest saw massive increases in income.
In conclusion, Leigh’s book outlines the continuous process of innovation, adaptation, and debate that has characterized economic history. From the agricultural revolution to modern monetary policy, human societies have constantly developed new ways to address scarcity and improve living standards. Central banks, trade, and technological innovation continue to shape the global economy, while debates over interventionist versus free-market approaches remain at the forefront of policy discussions. The story of economics, as Leigh presents it, is one of ongoing transformation, with each era building on the innovations and challenges of the past.
The agricultural revolution around 10,000 BCE was the first major shift, allowing humans to produce food surpluses and smooth consumption over time. This development paved the way for specialization, which in turn led to trade. Early money systems emerged to facilitate trade, and the principle of comparative advantage became a key driver of economic efficiency, with people producing what they were best at.
The invention of the printing press in 1440 was another revolutionary moment, making knowledge accessible and fueling innovation. Leigh discusses how innovations like this are non-rival, meaning they can be shared without being depleted, unlike physical goods. The spread of knowledge boosted economic growth in Europe and introduced the challenge of how to incentivize creativity while sharing ideas. The printing press exemplified how ideas, unlike tangible goods, could change the economic landscape by fostering widespread innovation.
Leigh also delves into the Industrial Revolution, explaining how technological advancements, such as the steam engine, catalyzed industrialization and urbanization. This revolution, coupled with Adam Smith’s concept of the invisible hand and John Stuart Mill’s ideas of opportunity cost, provided a framework for understanding how individuals’ self-interest in competitive markets could lead to overall societal benefit. However, the darker side of industrialization—urban poverty and harsh working conditions—also required societal responses like the Poor Laws.
The book explores the impact of World War I and the Great Depression, leading to a significant divide between Keynesian economics, advocating for government intervention, and Hayek’s belief in the necessity of market corrections. Keynes’ vision of government spending during economic downturns contrasts with Hayek’s fear of overreach, illustrating ongoing debates about how best to manage economies.
The development of national income accounting and international institutions like the World Bank and International Monetary Fund in the post-World War II era laid the foundation for a new global economic order. Central banks, gaining independence in the 1980s, became central actors in managing national economies by controlling inflation through interest rate adjustments. As economies grew more interconnected, economic development theories from thinkers like Justin Yifu Lin and Mariana Mazzucato emerged, highlighting the role of governments in shaping innovation and growth.
Leigh also addresses the growing inequality that has accompanied globalization, particularly through the research of Branko Milanović, who found that while emerging economies like China and India saw significant gains, many lower-middle-income individuals in developed countries experienced stagnation or decline, while the wealthiest saw massive increases in income.
In conclusion, Leigh’s book outlines the continuous process of innovation, adaptation, and debate that has characterized economic history. From the agricultural revolution to modern monetary policy, human societies have constantly developed new ways to address scarcity and improve living standards. Central banks, trade, and technological innovation continue to shape the global economy, while debates over interventionist versus free-market approaches remain at the forefront of policy discussions. The story of economics, as Leigh presents it, is one of ongoing transformation, with each era building on the innovations and challenges of the past.
February 22, 2026
An EA Australian politician? Gasp!
Great to get an overview of economic history, although a lot of the terms I've already encountered from online reading and intro micro and macro economics. The changes in paradigm shifts in thinking is good to remember that what is current dogma is probably not forever.
I liked the final call for introspection on the role of money and governments. Leigh is pro jobs as he thinks the identity of your job has a positive impact on people beyond the money. I think I tend to agree but tbh humans are adaptable.
Great to get an overview of economic history, although a lot of the terms I've already encountered from online reading and intro micro and macro economics. The changes in paradigm shifts in thinking is good to remember that what is current dogma is probably not forever.
I liked the final call for introspection on the role of money and governments. Leigh is pro jobs as he thinks the identity of your job has a positive impact on people beyond the money. I think I tend to agree but tbh humans are adaptable.
October 23, 2024
This is a great, great book, the best single session book about economics for a lay audience that I have ever read (and I've even written one, Trillion Dollar Economists, aimed primarily at a business audience). Leigh has gift for distilling the essence of difficult concepts into short digestible sentences. He covers the waterfront in economics in a thoroughly enjoyable way
February 24, 2026
“Sorry Paul McCartney, money can buy you love.”🤣
March 20, 2025
Мені цікава економіка і ця книга для мене була супер. Вона достатньо популярно описана, якщо є якісь терміни, то вони пояснюються. Тут розповіли як еволюцію економіки, так і згадували багато цікавих фактів з різних сфер. Також з цікавого тут неодноразово згадували про мита і їх вплив на економіку, що мені дало більше інсайтів і розуміння по ситуації Америки з митами. Під кінець ставало читати все складніше, бо з розвитком економіки і більше наукових термінів і складних досліджень описувалося. Також з цікавого книга не виключно європоцентрична, а згадує багато і про країни Азії, Америки і що для мене цікаво - Австралію(бо про неї рідко щось пишуть у книгах).
Рекомендую короче)
Рекомендую короче)
February 14, 2025
Pretty run of the mill, broad scope, economics book. If you're familiar with economic theory and history, there is nothing new for you here. If you aren't, this is a great place to start. I found this not really to be an analysis but a recitation of how economic theory has changed over the last 500 years and how it molds, and is molded by, politics and society. Not a thought provoking read for me.
A much better and more granular version of this book would be Mariana Mazzucato's The Value of Everything
https://www.goodreads.com/book/show/2...
A much better and more granular version of this book would be Mariana Mazzucato's The Value of Everything
https://www.goodreads.com/book/show/2...
September 27, 2024
Easy to read and full of interesting nuggets! I learned a lot.
November 3, 2024
In "How Economics Explains the World", Andrew Leigh dives into the foundational role that economics plays in shaping society, offering a compelling narrative that connects major historical milestones to economic principles. Economics, he argues, is not merely an abstract field of numbers and models; rather, it is deeply embedded in the choices we make, the policies we uphold, and the infrastructure we build. Through an exploration of epochs like the Agricultural and Industrial Revolutions, the Age of Sail, and the transformative policies of the 20th century, Leigh illustrates how economic forces have driven humanity forward, steering societies towards growth, prosperity, and even conflict.
Leigh starts with the Agricultural Revolution, a defining moment in history that occurred over 12,000 years ago, setting the stage for settled societies and specialized trades. This period, he notes, fundamentally changed how people lived, allowing communities to produce food surpluses that supported diverse social roles, innovations, and early urbanization. However, with these advancements came new issues, like malnutrition due to diet changes and the rise of social hierarchies that exploited wealth accumulation. Leigh highlights that Eurasia’s geographic advantages—abundant domesticable crops, animals, and a favorable east-west axis—enabled a faster spread of agricultural and technological progress. These factors led Eurasian societies to develop and expand more quickly, often at the expense of others.
As societies progressed, the Age of Sail marked a new chapter where human agency and technological advancements allowed for significant changes in global trade and exploration. Infrastructure like China’s Grand Canal became a symbol of economic and social transformation, integrating regions, facilitating trade, and fostering prosperity. Similarly, the emergence of maritime exploration led to the rise of global commerce, new trade routes, and connections between continents. However, Leigh does not shy away from the darker sides of these developments, such as the Atlantic slave trade and the violent spread of European colonialism. Still, cities like Venice and Alexandria flourished as trade hubs, where innovations in risk-sharing systems, such as Venice's Colaganza, democratized access to trade profits and enhanced social mobility—at least for a time. Leigh illustrates how societies that promoted social mobility and innovation grew stronger, while those that stifled these values fell into decline, as seen in Venice’s eventual economic stagnation.
The Industrial Revolution is framed as a transformative era that set the stage for the modern economic landscape. The advent of technologies like the steam engine not only accelerated industrial output but also reshaped transportation and, consequently, global trade. Although these changes did not immediately improve living standards, by the mid-19th century, they enabled substantial economic growth. Trade policies, such as Britain’s repeal of the Corn Laws, illustrated a pivot towards free trade and open markets, though not all trade was beneficial. The Opium Wars exemplified the exploitative aspects of commerce, showcasing the darker motives behind international trade expansion. As corporations and financial institutions emerged, limited liability companies allowed for large investments with minimized risk, boosting economic growth. Leigh also discusses how technological innovations, such as Ford’s assembly line, revolutionized manufacturing and consumption patterns, making products accessible to a broader demographic.
World Wars I and II dramatically impacted the global economy, setting the stage for both economic progress and turbulence in the 20th century. Leigh discusses the economic devastation in Germany post-World War I, highlighting the harsh reparations that led to hyperinflation and eventually fostered conditions for political extremism. The Great Depression, he explains, led to a clash between economic ideologies, particularly Keynesian interventionism versus Hayek’s free-market approach. Following World War II, the Allied nations’ economic power shaped a new world order. Institutions like the World Bank and IMF were established to stabilize the global economy, and the adoption of Keynesian policies supported extensive welfare programs, which fueled prosperity for the next few decades in Western nations. While this period brought substantial growth, wealth was unevenly distributed globally, leaving some regions, like Maoist China and heavily regulated India, lagging in economic development.
The latter half of the 20th century saw pivotal shifts in economic policies, particularly with the onset of inflation control and free-market reforms. Leigh highlights China’s economic transformation as an example, noting how local farmers, in defiance of collectivist policies, initiated small acts of market-based production that eventually spurred massive economic growth. At the same time, Western nations adopted policies inspired by economists like Milton Friedman, emphasizing reduced government intervention and deregulated markets. Political figures like Margaret Thatcher and Ronald Reagan implemented policies that reshaped economies, often creating significant winners and losers. For instance, unions lost bargaining power, and public assets were privatized. These reforms spurred growth but also increased inequality. Leigh further explores how inflation targeting, first implemented by New Zealand, revolutionized monetary policy by setting clear inflation goals, reducing political interference, and enhancing economic stability.
As the global economy entered the 21st century, countries like India embraced economic liberalization, fostering rapid growth and increased foreign investment. The creation of the World Trade Organization and the adoption of the Euro symbolized a deeper global interconnectedness, further integrating economies. Leigh acknowledges that while these economic transformations fostered unprecedented growth, they also brought challenges, including rising inequality and environmental concerns. Through each era, Leigh emphasizes the complex relationship between economic progress and social consequences, reminding readers that with every advancement comes a new set of challenges.
In his conclusion, Leigh reflects on economics as a crucial tool for understanding the past, managing the present, and preparing for the future. He observes that economics has allowed societies to innovate, specialize, and improve living standards, yet it has also highlighted the widening inequalities and environmental threats we face. Moving forward, he underscores the need for economic strategies that consider long-term impacts, particularly in addressing climate change and managing emerging technologies like artificial intelligence. While we have made great strides, the future demands a balanced approach that integrates economic growth with ethical considerations and sustainable practices. Economics, as Leigh presents it, is not just a study of money but a story of human resilience, creativity, and the enduring quest for a better world. Through understanding this economic journey, Leigh encourages readers to not only grasp the forces shaping our current landscape but also to actively engage in shaping a more equitable and sustainable future.
Leigh starts with the Agricultural Revolution, a defining moment in history that occurred over 12,000 years ago, setting the stage for settled societies and specialized trades. This period, he notes, fundamentally changed how people lived, allowing communities to produce food surpluses that supported diverse social roles, innovations, and early urbanization. However, with these advancements came new issues, like malnutrition due to diet changes and the rise of social hierarchies that exploited wealth accumulation. Leigh highlights that Eurasia’s geographic advantages—abundant domesticable crops, animals, and a favorable east-west axis—enabled a faster spread of agricultural and technological progress. These factors led Eurasian societies to develop and expand more quickly, often at the expense of others.
As societies progressed, the Age of Sail marked a new chapter where human agency and technological advancements allowed for significant changes in global trade and exploration. Infrastructure like China’s Grand Canal became a symbol of economic and social transformation, integrating regions, facilitating trade, and fostering prosperity. Similarly, the emergence of maritime exploration led to the rise of global commerce, new trade routes, and connections between continents. However, Leigh does not shy away from the darker sides of these developments, such as the Atlantic slave trade and the violent spread of European colonialism. Still, cities like Venice and Alexandria flourished as trade hubs, where innovations in risk-sharing systems, such as Venice's Colaganza, democratized access to trade profits and enhanced social mobility—at least for a time. Leigh illustrates how societies that promoted social mobility and innovation grew stronger, while those that stifled these values fell into decline, as seen in Venice’s eventual economic stagnation.
The Industrial Revolution is framed as a transformative era that set the stage for the modern economic landscape. The advent of technologies like the steam engine not only accelerated industrial output but also reshaped transportation and, consequently, global trade. Although these changes did not immediately improve living standards, by the mid-19th century, they enabled substantial economic growth. Trade policies, such as Britain’s repeal of the Corn Laws, illustrated a pivot towards free trade and open markets, though not all trade was beneficial. The Opium Wars exemplified the exploitative aspects of commerce, showcasing the darker motives behind international trade expansion. As corporations and financial institutions emerged, limited liability companies allowed for large investments with minimized risk, boosting economic growth. Leigh also discusses how technological innovations, such as Ford’s assembly line, revolutionized manufacturing and consumption patterns, making products accessible to a broader demographic.
World Wars I and II dramatically impacted the global economy, setting the stage for both economic progress and turbulence in the 20th century. Leigh discusses the economic devastation in Germany post-World War I, highlighting the harsh reparations that led to hyperinflation and eventually fostered conditions for political extremism. The Great Depression, he explains, led to a clash between economic ideologies, particularly Keynesian interventionism versus Hayek’s free-market approach. Following World War II, the Allied nations’ economic power shaped a new world order. Institutions like the World Bank and IMF were established to stabilize the global economy, and the adoption of Keynesian policies supported extensive welfare programs, which fueled prosperity for the next few decades in Western nations. While this period brought substantial growth, wealth was unevenly distributed globally, leaving some regions, like Maoist China and heavily regulated India, lagging in economic development.
The latter half of the 20th century saw pivotal shifts in economic policies, particularly with the onset of inflation control and free-market reforms. Leigh highlights China’s economic transformation as an example, noting how local farmers, in defiance of collectivist policies, initiated small acts of market-based production that eventually spurred massive economic growth. At the same time, Western nations adopted policies inspired by economists like Milton Friedman, emphasizing reduced government intervention and deregulated markets. Political figures like Margaret Thatcher and Ronald Reagan implemented policies that reshaped economies, often creating significant winners and losers. For instance, unions lost bargaining power, and public assets were privatized. These reforms spurred growth but also increased inequality. Leigh further explores how inflation targeting, first implemented by New Zealand, revolutionized monetary policy by setting clear inflation goals, reducing political interference, and enhancing economic stability.
As the global economy entered the 21st century, countries like India embraced economic liberalization, fostering rapid growth and increased foreign investment. The creation of the World Trade Organization and the adoption of the Euro symbolized a deeper global interconnectedness, further integrating economies. Leigh acknowledges that while these economic transformations fostered unprecedented growth, they also brought challenges, including rising inequality and environmental concerns. Through each era, Leigh emphasizes the complex relationship between economic progress and social consequences, reminding readers that with every advancement comes a new set of challenges.
In his conclusion, Leigh reflects on economics as a crucial tool for understanding the past, managing the present, and preparing for the future. He observes that economics has allowed societies to innovate, specialize, and improve living standards, yet it has also highlighted the widening inequalities and environmental threats we face. Moving forward, he underscores the need for economic strategies that consider long-term impacts, particularly in addressing climate change and managing emerging technologies like artificial intelligence. While we have made great strides, the future demands a balanced approach that integrates economic growth with ethical considerations and sustainable practices. Economics, as Leigh presents it, is not just a study of money but a story of human resilience, creativity, and the enduring quest for a better world. Through understanding this economic journey, Leigh encourages readers to not only grasp the forces shaping our current landscape but also to actively engage in shaping a more equitable and sustainable future.
January 15, 2025
The book lives up to its title, offering a concise yet insightful history of the world through the perspective of an economist. Beginning with the agricultural revolution and concluding with the COVID-19 pandemic, it weaves historical events with economic evolution.
The author provides a wealth of knowledge on how the market economy has shaped world history, detailing the emergence and impact of economic theories such as capitalism, free trade, and Keynesianism. Alongside these, the book thoughtfully explores well-known criticisms of the capitalist system, including issues like inequality and the concentration of wealth. It also proposes potential remedies, such as high-quality free education, welfare states, progressive taxation, and infrastructure investment.
Here are some of my favourite quotes from the book:
"WWII brought advances in econometrics....One practical concern was how to best reinforce bombers to increase their chances of surviving enemy fire. Naive colleagues had looked at the underside of returning aircraft and seeing disproportionate damage to places like the tail, had suggested reinforcing those spots. But mathematician Abraham Wald...recognized that they were only seeing part of the picture What they saw was the damage that a bomber could sustain and still return home, The absence of returning bombers with nose damage suggested that it was precisely spots like this that required additional reinforcement."
"Deterrence depends on both the penalty and the odds of detection. If potential criminals place little value on the long term, then doubling police patrols might be a more cost-effective way to reduce street crime than doubling jail sentences."
"From an economic standpoint, this increase in life expectancy may well be more important than the increase in average incomes ..this point serves as a reminder that what lies at the heart of economics is well-being, not income...Economics is no more about money than architecture is about inches."
"in 1946 Henry Hazlitt wrote (a book titled) Economics in one lesson..seven decades later John Quiggin wrote Economics in two lessons..Hazlitt showed why markets foster growth a key reason why capitalist economies have produced higher living standards than communist economies. Quiggin explained how markets can fail, producing pollution, unemployment and bullying monopolies"
"Capitalism does not guarantee the well-being of those who lack capital."
The author provides a wealth of knowledge on how the market economy has shaped world history, detailing the emergence and impact of economic theories such as capitalism, free trade, and Keynesianism. Alongside these, the book thoughtfully explores well-known criticisms of the capitalist system, including issues like inequality and the concentration of wealth. It also proposes potential remedies, such as high-quality free education, welfare states, progressive taxation, and infrastructure investment.
Here are some of my favourite quotes from the book:
"WWII brought advances in econometrics....One practical concern was how to best reinforce bombers to increase their chances of surviving enemy fire. Naive colleagues had looked at the underside of returning aircraft and seeing disproportionate damage to places like the tail, had suggested reinforcing those spots. But mathematician Abraham Wald...recognized that they were only seeing part of the picture What they saw was the damage that a bomber could sustain and still return home, The absence of returning bombers with nose damage suggested that it was precisely spots like this that required additional reinforcement."
"Deterrence depends on both the penalty and the odds of detection. If potential criminals place little value on the long term, then doubling police patrols might be a more cost-effective way to reduce street crime than doubling jail sentences."
"From an economic standpoint, this increase in life expectancy may well be more important than the increase in average incomes ..this point serves as a reminder that what lies at the heart of economics is well-being, not income...Economics is no more about money than architecture is about inches."
"in 1946 Henry Hazlitt wrote (a book titled) Economics in one lesson..seven decades later John Quiggin wrote Economics in two lessons..Hazlitt showed why markets foster growth a key reason why capitalist economies have produced higher living standards than communist economies. Quiggin explained how markets can fail, producing pollution, unemployment and bullying monopolies"
"Capitalism does not guarantee the well-being of those who lack capital."
January 28, 2025
It doesn't really, not entirely, but it's an element that's missing in a lot of histories, and it makes a catchy title for an accessible introduction to the topic. Andrew Leigh starts with the labor cost of fire in prehistoric times and talks us through millennia of human progress viewed through the lens of the dismal science. It's concurrently a history of civilization and a history of the discipline of economics, fitting advances in economic theory into their historical context.
Any historical development, of course, is the product of multiple factors, whether cultural, political, military, ecological or climatic. Leigh makes sure that the economic factors are not overlooked, and he makes a reasoned case for a well-managed capitalism with acknowledgment of market failures and possible remedies. If economics is a mystery to you, this is a good place to look for clues.
Any historical development, of course, is the product of multiple factors, whether cultural, political, military, ecological or climatic. Leigh makes sure that the economic factors are not overlooked, and he makes a reasoned case for a well-managed capitalism with acknowledgment of market failures and possible remedies. If economics is a mystery to you, this is a good place to look for clues.
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