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The Classical School: The Turbulent Birth of Economics in Twenty Extraordinary Lives
'Williams has chosen an engaging cast of characters; his collection is full of well-lived lives and grisly endings ... Consume it as a whole or dip in and out. Either way, he leaves you a lot wiser.' - Philip Aldrick, Times
Opinions vary about who really counts as a classical Marx thought it was everyone up to Ricardo. Keynes thought it was everyone up to Keynes. But there's a general agreement about who belongs to the heroic early phase of the discipline. Adam Smith, David Ricardo, Malthus, Mill, scarcely a day goes by without their names being publicly invoked to celebrate or criticise the state of the world or the actions of governments.
Few of us, though, have read their works. Fewer still realise that the economies that many of them were analysing were quite unlike our modern one, or the extent to which they were indebted to one another. So join the Economist 's Callum Williams to join the dots. See how the modern edifice of economics was built, brick by brick, from their ideas and quarrels. And find out which parts stand the test of time.
Opinions vary about who really counts as a classical Marx thought it was everyone up to Ricardo. Keynes thought it was everyone up to Keynes. But there's a general agreement about who belongs to the heroic early phase of the discipline. Adam Smith, David Ricardo, Malthus, Mill, scarcely a day goes by without their names being publicly invoked to celebrate or criticise the state of the world or the actions of governments.
Few of us, though, have read their works. Fewer still realise that the economies that many of them were analysing were quite unlike our modern one, or the extent to which they were indebted to one another. So join the Economist 's Callum Williams to join the dots. See how the modern edifice of economics was built, brick by brick, from their ideas and quarrels. And find out which parts stand the test of time.
277 pages, Paperback
Published April 1, 2021
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Displaying 1 - 26 of 26 reviews
March 29, 2020
I had really high hopes for this book, but I was very disappointed. The book seeks to describe the key thoughts and influences of 20 of the most important classical economists.
Firstly, the book comes across as very unstructured. It would have been helpful with a clearer division between their actual thoughts and how more modern economists have interpreted them in new ways.
Secondly, the books leans a lot on secondary literature which gives a feeling that I might as well have read those books instead. Schumpeter for one, is quoted 13 times throughout the book.
There is so much potential in the topic, but the execution is below expectations. I've given it two stars rather than one due to the admittedly thorough research. There is clearly a good intention behind the mix of topics, but the flow really suffers.
Firstly, the book comes across as very unstructured. It would have been helpful with a clearer division between their actual thoughts and how more modern economists have interpreted them in new ways.
Secondly, the books leans a lot on secondary literature which gives a feeling that I might as well have read those books instead. Schumpeter for one, is quoted 13 times throughout the book.
There is so much potential in the topic, but the execution is below expectations. I've given it two stars rather than one due to the admittedly thorough research. There is clearly a good intention behind the mix of topics, but the flow really suffers.
November 8, 2020
Williams gives 20 mini-intellectual biographies of various people who influenced the Classical school of economics. My incomplete and disorganized notes:
In the year 1000, the countries with the highest GDP (Iran and Iraq) were only ~50% richer than the poorest countries for which there are data (UK and Scandinavia). 900 years later, the richest country (UK) was >8x richer than the poorest (China).
Hume’s contribution to economic thought was to identify the neutrality of money through his price-specie flow mechanism, which disagreed with the mercantilist / bullionist consensus of his time. As Hume puts it: “The greater or less plenty of money is of no consequence, since the prices of commodities are always proportioned to the plenty of money.” It’s a pretty strong intuition for inflation and deflation. Milton Friedman would extend this idea further in the 20th century that increasing the money supply doesn’t increase prosperity.
For Adam Smith, Williams is most interested in correcting how the economist has been misunderstood. Firstly, the “peace and easy taxes” line was never written by Smith himself, but was attributed to him by Dougal Stewart, one of Smith’s biographers and contemporaries. His more famous “invisible hand” metaphor has also been misconstrued. Smith actually only uses this image three times in his writing, all in different ways, and none of which to illustrate the benevolence of emergent market forces. He probably had in his mind Shakespeare’s Macbeth, who cries late in the play “Come, seeling night, Scarf up the tender eye of pitiful day; And with thy bloody and invisible hand, Cancel and tear to pieces that great bond Which keeps me pale!” Smith is also abused by contrarian progressive thinkers, who claim his support for division of labor is misconstrued (this time, it’s not).
Williams also blames Smith with misdirecting generations of economists with a bad theory for how to estimate value. Rather than the common-sense understanding that the value of a good is simply what the market will pay for it, Smith argued that value is determined by the amount of labor is put into a good. While this is sometimes true, it’s not a universal statement. Unfortunately, economists from Ricardo to Marx built much of their work on these shaky foundations. Rather, the less famous Jean-Baptiste Say got the theory right.
Marquis de Condorcet anticipated much of Kenneth Arrow’s work with his paradox, which argues that democratic elections with more than two options to choose between are inefficient and a majority can’t be reached.
Other great profiles: Marx, Mill, Malthus, Jevons, and Marshall.
In the year 1000, the countries with the highest GDP (Iran and Iraq) were only ~50% richer than the poorest countries for which there are data (UK and Scandinavia). 900 years later, the richest country (UK) was >8x richer than the poorest (China).
Hume’s contribution to economic thought was to identify the neutrality of money through his price-specie flow mechanism, which disagreed with the mercantilist / bullionist consensus of his time. As Hume puts it: “The greater or less plenty of money is of no consequence, since the prices of commodities are always proportioned to the plenty of money.” It’s a pretty strong intuition for inflation and deflation. Milton Friedman would extend this idea further in the 20th century that increasing the money supply doesn’t increase prosperity.
For Adam Smith, Williams is most interested in correcting how the economist has been misunderstood. Firstly, the “peace and easy taxes” line was never written by Smith himself, but was attributed to him by Dougal Stewart, one of Smith’s biographers and contemporaries. His more famous “invisible hand” metaphor has also been misconstrued. Smith actually only uses this image three times in his writing, all in different ways, and none of which to illustrate the benevolence of emergent market forces. He probably had in his mind Shakespeare’s Macbeth, who cries late in the play “Come, seeling night, Scarf up the tender eye of pitiful day; And with thy bloody and invisible hand, Cancel and tear to pieces that great bond Which keeps me pale!” Smith is also abused by contrarian progressive thinkers, who claim his support for division of labor is misconstrued (this time, it’s not).
Williams also blames Smith with misdirecting generations of economists with a bad theory for how to estimate value. Rather than the common-sense understanding that the value of a good is simply what the market will pay for it, Smith argued that value is determined by the amount of labor is put into a good. While this is sometimes true, it’s not a universal statement. Unfortunately, economists from Ricardo to Marx built much of their work on these shaky foundations. Rather, the less famous Jean-Baptiste Say got the theory right.
Marquis de Condorcet anticipated much of Kenneth Arrow’s work with his paradox, which argues that democratic elections with more than two options to choose between are inefficient and a majority can’t be reached.
Other great profiles: Marx, Mill, Malthus, Jevons, and Marshall.
May 4, 2020
An economic page-turner? Who would have thought it possible! Read in one weekend. So clearly explained and incredibly accessible. Recommended for the amateur economist and the intellectual snob alike.
January 16, 2021
A solid start for those interested in the history of political economy and its journey towards economics. I enjoyed the historical approach, though a bit more attention for the connection to modern economics would've been a good finish.
January 30, 2023
What is political economy? How did we come across the term economics? When did mathematics was considered important in making theories? The classical school is sort of a highlight reel for the various “theories” defining economics over course of 400 years. The book does not champion any one particular economist, instead it is recognising the collective effort of various economist raised across Europe in various timelines(some knowing each other).
Overall the book does leave you wiser. My personal favourite is Alfred Marshall.
Overall the book does leave you wiser. My personal favourite is Alfred Marshall.
November 12, 2021
The first part of this book was so good I was sure it would be a 5-star read, the kind I keep recommending to my friends....And then the flaws became more and more obvious. I was tempted simply to stop reading, but there is enough I enjoyed in the book that I kept it on my list, took some breaks, and returned to finish it, something I hardly ever do.
The history is wonderful! The intellectual and social connections among the famous and not-so-famous thinkers, personal details (like Adam Smith and David Hume probably being lovers), and the introduction to interesting people I had never heard of like Harriet Martineau, whom Callum describes as "the Ayn Rand of Victorian Britain", make the book worth reading.
Many of the flaws could have been mitigated with better editing.
Callum does not do such a good job on explaining economic concepts and theories, and there were several times when I pulled out of the book to look up a term online. He compounds this by using terms without explanation, causing me to think "where did he cover that?" and then discussing it a few pages later.
Perhaps the most frustrating aspect was keeping the huge numbers of people straight and realizing which were significant enough to track rather than one-time appearances. Having 20 "main characters" alone is challenging, especially when a number of them were new to me. Add all their influences and the people they in turn influenced, and it becomes really tough. This may have been inevitable to a degree. Callum throws in a lot of "noise", though, by citing all of his sources by name in the text itself rather than in the notes (although there are notes).
In sum, there is a lot of good stuff here. Just be prepared for some frustration as well.
The history is wonderful! The intellectual and social connections among the famous and not-so-famous thinkers, personal details (like Adam Smith and David Hume probably being lovers), and the introduction to interesting people I had never heard of like Harriet Martineau, whom Callum describes as "the Ayn Rand of Victorian Britain", make the book worth reading.
Many of the flaws could have been mitigated with better editing.
Callum does not do such a good job on explaining economic concepts and theories, and there were several times when I pulled out of the book to look up a term online. He compounds this by using terms without explanation, causing me to think "where did he cover that?" and then discussing it a few pages later.
Perhaps the most frustrating aspect was keeping the huge numbers of people straight and realizing which were significant enough to track rather than one-time appearances. Having 20 "main characters" alone is challenging, especially when a number of them were new to me. Add all their influences and the people they in turn influenced, and it becomes really tough. This may have been inevitable to a degree. Callum throws in a lot of "noise", though, by citing all of his sources by name in the text itself rather than in the notes (although there are notes).
In sum, there is a lot of good stuff here. Just be prepared for some frustration as well.
January 14, 2021
A quick read about 20 classical economists from the era between about 1700 and 1900. Although I definitely learned some new things here, the book didn't have enough substance for me. That's probably down to personal preference, and perhaps 3 stars is a bit harsh - I'd give 3.5 if it were an option. It's well-written, and well-researched for as far as I can tell. But in the end I would have preferred a book about perhaps five economists rather than 20. That may give less insight into classical political economy in general, which this book does give a taste of, but right now not many of the stories stuck with me very much - the stories about each economist were just too short for that. Nevertheless, I enjoyed the book.
October 21, 2021
19 of the chapters, including the intro and conclusion, are outstanding. I'd give them 4.5 stars. But the 3 chapters on Marx, Engels, and Luxemburg are worse than useless--wildly inaccurate and studded with sneer words at random intervals. Their views are so distorted that you can't appreciate where they really went wrong. I'd give those chapters -5 stars, for a weighted average of 3.2. Worth reading for clear, crisp introductions to the non-Marxists, but the chapters on the Marxists are truly atrocious.
September 4, 2020
This is a surprisingly effective book. Callum Williams is a senior economics writer for The Economist and in his new book, he profiles the lives of 20 “classical” economists who still seem to have influence today are profiled in short accessible chapters. The intuition of the book is that these are economists that many have heard of but very few have read. Because of this, most are thoroughly misunderstood and mischaracterized, even those whose names have been glorified (Adam Smith). For each, Williams explains the one, two, or three major points that these authors are known for - or should be known for- and leaves nobody unscathed. An example of this is in his treatment of Adam Smith’s support for a labor theory of value. Even people who read a lot of history will learn a few things about most of the individuals profiled by Mr. Williams.
The book is well written and easy to read. If one is interested in historical economists, this book will be valuable. The format is sort of a “Lives of the Saints” model, but the point is not normative. On the contrary, all of these people were interesting real people and the book focuses on a time before Economics became a well established field, requiring lots of math, and with pretensions to the status of a scientific discipline. That transition is clear after the time of Alfred Marshall, the last individual profiled by Mr. Williams. I liked all of the chapters but got the most out of chapters on individuals who were new to me, such as Harriet Martineau or Simonde de Sismondi.
The book is well written and easy to read. If one is interested in historical economists, this book will be valuable. The format is sort of a “Lives of the Saints” model, but the point is not normative. On the contrary, all of these people were interesting real people and the book focuses on a time before Economics became a well established field, requiring lots of math, and with pretensions to the status of a scientific discipline. That transition is clear after the time of Alfred Marshall, the last individual profiled by Mr. Williams. I liked all of the chapters but got the most out of chapters on individuals who were new to me, such as Harriet Martineau or Simonde de Sismondi.
September 25, 2022
This is a readable, suitably deep dive into the lives, the thinking, and the impacts of famous economists and non-economists in history, and you’ve heard of many of them (I recognized 14 of the 20 subjects).
“Economics” wasn’t always “the dismal science.” There was plenty of ruminative exploration of commercial and political issues that are the historic and current foundation of economics.
Most of the men and women highlighted in The Classical School were right some of the time, and wrong some of the time.
Just like now.
You will learn compellingly interesting stuff from Williams.
F’rinstance, Adam Smith, in his The Wealth of Nations, mentions “the invisible hand” only once, and he does not use it to mean that an unfettered “free market” will always make things turn out right.
Read more of my book reviews and poems here:
www.richardsubber.com
“Economics” wasn’t always “the dismal science.” There was plenty of ruminative exploration of commercial and political issues that are the historic and current foundation of economics.
Most of the men and women highlighted in The Classical School were right some of the time, and wrong some of the time.
Just like now.
You will learn compellingly interesting stuff from Williams.
F’rinstance, Adam Smith, in his The Wealth of Nations, mentions “the invisible hand” only once, and he does not use it to mean that an unfettered “free market” will always make things turn out right.
Read more of my book reviews and poems here:
www.richardsubber.com
May 1, 2023
Its an okay read for people who are interested in reading about the life and intellectual legacies of major figures of Western economic thought. I agree with one reviewer here, who said it was rather unstructured. A systematic analysis of each thinker would have been better.
I also feel that the author was nonchalant and unfair in his chapter on Marx. I would have preferred a systematic critique of Marx rather the scrambled mess we read there.
Apart from that, I enjoyed the chapters on Martineau, Mills, Engels, Naoroji, Luxemburg, and Smith. The other chapters on other thinkers were adequate, but lacking in many aspects. Good as a beginner's read though for a foray into Western economic thought.
I also feel that the author was nonchalant and unfair in his chapter on Marx. I would have preferred a systematic critique of Marx rather the scrambled mess we read there.
Apart from that, I enjoyed the chapters on Martineau, Mills, Engels, Naoroji, Luxemburg, and Smith. The other chapters on other thinkers were adequate, but lacking in many aspects. Good as a beginner's read though for a foray into Western economic thought.
April 20, 2020
A thoroughly enjoyable, well-written and informative insight into the lives and work of twenty famous economists. Although the book contains extensive detail on each economist, the complex theories are clearly explained (often with the use of examples from everyday life). I particularly enjoyed how the author not only summarises the views of other economists and historians on each of the twenty thinkers but also offers original and nuanced views of his own. The book also combines the economic theories with a number of humorous and unexpected biographical details, which makes it a very entertaining read!
May 1, 2021
Despite my rating of 3 stars it os definitely a good read. Callum makes us realise that often times what we here about economists from back then could be based on onacciracirs and assumptions that are ill informed. It makes us aware of the flaws in certain statements and is useful for being for perceptive when trying to better understand the world. However this book should be read by those who have a basic understanding of modern economical concepts, so that they have a point of reference. For the uninitiated it may be a little hard to understand. This I tasted the book 3 stars, as it might not the best for most people.
August 17, 2021
A short and snappy summary of classic economic thinkers, from William Petty to Alfred Marshall. What this book does really well - as well as being accessible and well written - is draw a thread through the development of economic thinking from the 1600s to the early 1900s, and put those thoughts and theories in the context of what was happening at the time. Williams is also honest about what they got wrong, as much as they got right, and which is why we should be humble about our own understanding of the economy today.
July 6, 2022
I learnt some new things
It would have been nice for there to have been some more substantial detail about some of the works of the 20 economists in this book and there is a little repetition of data across some chapters.
However it is very well written and easy to read and in less than one day’s reading I learned many new things and got a clearer view of the progress of economic ideas from the 17th to the 20th century.
It would have been nice for there to have been some more substantial detail about some of the works of the 20 economists in this book and there is a little repetition of data across some chapters.
However it is very well written and easy to read and in less than one day’s reading I learned many new things and got a clearer view of the progress of economic ideas from the 17th to the 20th century.
February 27, 2021
Understanding the "rights" and "wrongs" of the classical economists by providing context and perspective of the times in which they developed their theories. One of the few (only one?) that includes women economists in the list of the Classical School as important in the field. Not a textbook and not a history book. A book of perspective and context.
April 3, 2023
Interesting and enlightening book that gives an accessible potted history of the development of modern economics starting with Sir William Petty and finishing with Alfred Marshall. The author is senior economics writer with The Economist magazine, and that publication’s classical, social, and economic liberal stance is reflected in much of his analysis.
April 15, 2020
This book provides a fascinating insight into the lives and works of some of the greatest economists. Packed with detail and written with a light and nimble cadence it was a pleasure to read about the theories and intrigues of the famous and perhaps the more obscure.
June 27, 2020
Very fascinating and digestible read on the birth of the classical school of economics-- 20 philosophers rather than scientists who asked questions of how markets work? What is value? The book reminded me of New Ideas from Dead Economists, but it profiled some I'd never come across before. Definitely worth a read for those wanting to understand the evolution of economics while also learning about the many blunders of those same visionaries.
December 31, 2024
Very interesting look at the historical significance of classical economists. I really enjoyed the author’s writing style and organization of it. I felt like I learned a lot of have some new takeaways!
July 24, 2025
A great ride through economic thought
It was good to learn what assumptions we hear about past economists that they did not actually hold. It was also good to get to know some of the giants of yesteryear of whom I had not heard.
It was good to learn what assumptions we hear about past economists that they did not actually hold. It was also good to get to know some of the giants of yesteryear of whom I had not heard.
April 9, 2020
A superb read. Incredibly informative and well-written. Highly recommended.
December 31, 2024
History of economic ideas
December 30, 2020
Very interesting read...
July 2, 2023
3 things I would say about the book:
1. An Economics textbook education wrapped in a lighter, easy to read material that does not easily bore you.
2. Chapters were divided based on the names of these prominent figures, and each chapter uncover what these figures were famous for.
3. There were many affirmations and quotes to highlight, not just about Economics per se but also about wellbeing and humanity.
_
Chapter by chapter, this book enlisted all the famous founding fathers of Economics and share some insights about what they were famous for. If you ever heard of names such as Adam Smith, Marx, and Keynes — these are only a few of the names discussed in the book, there were actually more that you might’ve not known yet.
It is certainly not a serious book like a textbook. It is a lighter reading material but still able to educate you enough about these prominent figures and their contribution to modern Economics.
It wasn’t just talking about theories or graphs like textbook did, but there were many quotes and affirmations that I underlined actually. I remembered the part that discussed about capitalism, and how the desire to enrich oneself shouldn’t conflict with one’s morals. Or something like, there’s more to life than GDP — that political economy is obsessed with wealth and devalues human happiness as an outcome.
As someone with background in Economics and actually missed school — this book certainly caught my attention. It humors me enough with some serious topics relevant to my major but did not bore me with heavy textbook materials.
1. An Economics textbook education wrapped in a lighter, easy to read material that does not easily bore you.
2. Chapters were divided based on the names of these prominent figures, and each chapter uncover what these figures were famous for.
3. There were many affirmations and quotes to highlight, not just about Economics per se but also about wellbeing and humanity.
_
Chapter by chapter, this book enlisted all the famous founding fathers of Economics and share some insights about what they were famous for. If you ever heard of names such as Adam Smith, Marx, and Keynes — these are only a few of the names discussed in the book, there were actually more that you might’ve not known yet.
It is certainly not a serious book like a textbook. It is a lighter reading material but still able to educate you enough about these prominent figures and their contribution to modern Economics.
It wasn’t just talking about theories or graphs like textbook did, but there were many quotes and affirmations that I underlined actually. I remembered the part that discussed about capitalism, and how the desire to enrich oneself shouldn’t conflict with one’s morals. Or something like, there’s more to life than GDP — that political economy is obsessed with wealth and devalues human happiness as an outcome.
As someone with background in Economics and actually missed school — this book certainly caught my attention. It humors me enough with some serious topics relevant to my major but did not bore me with heavy textbook materials.
December 5, 2020
This is a potpourri of 20 classical (i.e., those who relied less on math, and more on abstract theorizing) economists’ profiles, written with the intention to debunk some of the popular myths, and to appreciate their slightly obscure contributions to the development of the economic theory.
Though the narrative is inevitably superficial, oversimplified, and heavily marinated with too many references, the author (the senior editor of The Economist) conveys the basic ideas and tenets of these economists and their times relatively well – and with a hinge of humour sprinkled throughout, which makes this an entertaining Econ 101 bedtime read.
Concepts such as mercantilism (bullionism, and obsession with accumulation of specie), reliance on data for decision-making (as early as 17th century!), overtones of libertarianism (with utter disregard to any of its ethical side-effects, Fable of Bees of Mandeville), opportunity cost, ceteris paribus, laissez-faire approach, tableau economique (which gave rise to money multiplier!), neutrality of money, labour theory of value, iron law of wages, utility of commodities (challenging the labour theory of value!), tyranny of conformity (bravo, Mills!) are all to be found within a packed 225 pages.
Though the narrative is inevitably superficial, oversimplified, and heavily marinated with too many references, the author (the senior editor of The Economist) conveys the basic ideas and tenets of these economists and their times relatively well – and with a hinge of humour sprinkled throughout, which makes this an entertaining Econ 101 bedtime read.
Concepts such as mercantilism (bullionism, and obsession with accumulation of specie), reliance on data for decision-making (as early as 17th century!), overtones of libertarianism (with utter disregard to any of its ethical side-effects, Fable of Bees of Mandeville), opportunity cost, ceteris paribus, laissez-faire approach, tableau economique (which gave rise to money multiplier!), neutrality of money, labour theory of value, iron law of wages, utility of commodities (challenging the labour theory of value!), tyranny of conformity (bravo, Mills!) are all to be found within a packed 225 pages.
Displaying 1 - 26 of 26 reviews