Paul Strathern's A Brief History of Economic Genius is a lively and ambitious series of linked biographies of notable visionaries in the world of economics. The cast includes schemers, dreamers, unheeded prophets, utopians, sages, mountebanks, dour pessimists, megalomaniacal optimists, socialists, laissez-faire extremists, mighty eccentrics, and, within their own rights, geniuses of all ranks. Some of these are well known--John Maynard Keynes, Adam Smith, Karl Marx, Robert Malthus, George Marshall, and John Nash of A Beautiful Mind fame. Others are obscure: John von Neumann, inspiration for Stanley Kubrick's Dr. Strangelove character; Luca Pacioli, "inventor" of double-entry bookkeeping; John Gaunt, the father of statistics; John Law, a good candidate for the title of "richest man in history," who, in the early 18th century, almost single-handedly bankrupted France. Strathern weaves the men's lives and contributions with notable marketplace milestones such as Holland's 17th-century bout of tulipmania, Britain's notorious South Sea Bubble, the Great Depression, and the rebuilding and retribution strategies following the two world wars. A Brief History of Economic Genius is an amiable, measured, delightful, instructive, and, at times, extremely humorous narrative. In Strathern's hands, the "dismal science" becomes anything but. --H. O'Billovich


From Publishers Weekly
Strathern is best known for his 39 short biographies of philosophers and scientists. This book is condensed one further level. For example, one chapter is an abridged version of his Marx in 90 Minutes. When the author does not synopsize his own texts, he closely follows the work of John Kenneth Galbraith and John Maynard Keynes. (With more honesty than is usual in popular histories, Strathern admits he has not cited his sources, and even direct quotes are attributed only "where appropriate.") This book is shorter and more fun to read than Galbraith or Keynes, while still teaching basic economic principles (although it does demonstrate the author's famous ability to garble any example with numbers in it). He makes even dull economists lively, and he gives perspective by first anchoring the ideas firmly in the subject's time, then showing how they have played out since. Covering ideas root and branch, plus social status, parental relationships, careers, psychology, politics, ambitions, friends, enemies, scandals, appearance, obsessions and mistresses (all the subjects are male) in a few pages each is an impressive achievement. Pulling it off with this much style and apparent ease is stunning. The book is best suited for people already familiar with basic textbook economics, who wish to deepen their understanding through considering the men and history behind the writings. Illus. Copyright 2002 Cahners Business Information, Inc.


From Booklist
Strathern is a prolific science-history writer, and his latest book is a biographical account of classical and modern economists: men who try to make sense out of the ebb and flow of human commerce. At the heart of the group is Adam Smith, generally regarded as the founding father of classical economics. He was to economics what Newton was to physics and viewed the world in a similar, mechanical way, with elemental accounts of our ascent from primitive survival and money flow among economic classes. European social and economic thinking showed considerable refinement during the latter half of the eighteenth century with what Strathern calls "French optimists and British pessimists." Although the most pronounced theories of the nineteenth century were Utilitarianism and Marxism, it is John Maynard Keynes who is credited with ushering in the economic ideals that would bring capitalism to dominate in the twentieth century. This is a chronicle of individual efforts to reconcile cold mathematical theory with humankind's social developments and achievements. David Siegfried
Copyright © American Library Association. All rights reserved

FROM THE PUBLISHER

"In A Brief History of Economic Genius, Paul Strathern brings to life the great economists and mathematicians by revealing their eccentricity and brilliance. Readers will enjoy Strathern's entertaining style as well as the extensively researched and logical tale of how these intellectual giants contributed their natural talents, ideas, and skills to the development of today's mathematical and economics concepts." Starting with the Renaissance, Strathern unveils that these geniuses, including Pacioli, Schumpeter, von Neumann, and Nash, frequently came upon their insights and huge leaps of discovery coincidentally or in the course of their ordinary business. Strathern also explains how and why these individuals often wrestled with the physical, moral, and social implications of their work, and how mathematics, chance, and decision making are intrinsically part of human behavior.

SYNOPSIS

Strathern (philosophy and mathematics, Kingston University, UK) profiles the lives and ideas of significant figures in the development of economics, from an Italian monk of the Renaissance who brought double-entry bookkeeping to Europe, to John von Neumann, the originator of game theory, and his student John Nash, the developer of cooperative game theory and the subject of the motion picture A Beautiful Mind. In addition to overviewing their ideas in accessible terms, Strathern describes the relationships, ambitions, and scandals that colored their lives. Annotation ©2004 Book News, Inc., Portland, OR

FROM THE CRITICS

Thomas A. Bass

Buy this book and laugh your way to an education.

Publishers Weekly

Strathern is best known for his 39 short biographies of philosophers and scientists. This book is condensed one further level. For example, one chapter is an abridged version of his Marx in 90 Minutes. When the author does not synopsize his own texts, he closely follows the work of John Kenneth Galbraith and John Maynard Keynes. (With more honesty than is usual in popular histories, Strathern admits he has not cited his sources, and even direct quotes are attributed only "where appropriate.") This book is shorter and more fun to read than Galbraith or Keynes, while still teaching basic economic principles (although it does demonstrate the author's famous ability to garble any example with numbers in it). He makes even dull economists lively, and he gives perspective by first anchoring the ideas firmly in the subject's time, then showing how they have played out since. Covering ideas root and branch, plus social status, parental relationships, careers, psychology, politics, ambitions, friends, enemies, scandals, appearance, obsessions and mistresses (all the subjects are male) in a few pages each is an impressive achievement. Pulling it off with this much style and apparent ease is stunning. The book is best suited for people already familiar with basic textbook economics, who wish to deepen their understanding through considering the men and history behind the writings. Illus. (May) Forecast: A talented and experienced author, a subject of great popular interest, trade and consumer advertising and an impressive publicity campaign should add up to strong sales. Copyright 2002 Cahners Business Information.

Soundview Executive Book Summaries

Centuries of Great Economic Minds
When great minds tackle economic theory, new ideas can emerge which can change the way we all view trade and the marketplace. Many of these great intellects have been born over the years, and their ideas have shaped the ways people live and economies grow. Strathern, a seasoned novelist, biographer and historian, has compiled brief histories of several of these economic geniuses into an informative collection of theories and historical facts that contain many of the most important ideas ever developed about economics.

When John von Neumann was introduced to economic theory and began to dissect the theories that were once the foundation of economic thinking, he created game theory. His "minimax" theorem involves the idea that a "competitor should analyze each move he could make, and calculate the maximum possible loss the others could inflict upon him if he made this move." In this line of thinking, the best strategy is to make the move that "could involve him in the minimum maximum possible loss." This will ensure that even if somebody loses, they will suffer less.

In 1943, when von Neumann's game theory was combined with the ideas of Oskar Morgenstern, the two created the 600-page Theory of Games and Economic Behavior. This tome extended game theory beyond the comparative simplicities of the minimax theorem. When applied to the economic behavior of companies that compete on the open market, or to consumer choice, the theories of these men explained the critical elements involved in zero-sum games (win-lose situations) and non-zero-sum games (win-win and lose-lose situations).

The Real Dr. Strangelove
Along withvon Neumann, who Strathern explains became the prototype for the title character in Stanley Kubrick's film Dr. Strangelove, many other unique economic geniuses and their theories are described in the pages of Strathern's book. Among them is Luca Pacioli, the man generally regarded as the monk who popularized double-entry bookkeeping through Europe in the late 1400s. He would teach mathematics to Leonardo da Vinci, and some experts see the spread of his bookkeeping technique throughout Europe during the Renaissance as the birth of capitalism.

Another interesting character to play a pivotal role in the history of economics was John Graunt, whose early work introduced the world to the idea of statistical inference. Strathern explains that this makes him the father of statistics, which are "the factual foundations on which economic theory could build." Another man to make his way into the economic history books, and a friend of Graunt, is Sir William Petty, a pioneer in economic thought who saw money as a way to exercise power and promote moral qualities, but perhaps oversimplified individual human nature by favoring measurable abstract generalizations.

The Richest Man in History
John Law became the first economic mind to control the operations of an entire country when he took over in France during the early 1700s. This was the man who might have been the richest man in history when he owned the French central bank that held the entire French Louisiana territory (the equivalent of almost two-thirds of the present United States). He was also the person who was the first to suggest the idea that a government should issue credit notes "against its own ability to raise money in the future, such as through taxation," an idea that is the basis of all our paper money today.

Some of the more modern characters in Strathern's book include Karl Marx, whose theories placed economics within the larger context of society, John Maynard Keynes, a British economic genius who in 1919 became "the leading economic oracle in the land," and John Nash, who won the Nobel prize for economics after becoming the first theorist to distinguish a difference between cooperative and non-cooperative games.

Why Soundview Likes This Book
Strathern's depiction of economic history focuses on the men who have influenced our current perspective on economics, and brings to life theoretical abstractions with the quirky and sometimes nutty details that infuse these men with more humanity than their abstract theories reveal. With a sharp wit and an ability to weave fascinating tales from historical records, he creates a cohesive perspective on the personalities that have shaped the world and continue to influence everybody with their far-reaching effects. Using character dramas and personal histories, he is able to turn economics into a dynamic subject that involves some of the most interesting people to ever walk the planet. Copyright (c) 2002 Soundview Executive Book Summaries

Soundview Executive Book Summaries

Centuries of Great Economic Minds
When great minds tackle economic theory, new ideas can emerge which can change the way we all view trade and the marketplace. Many of these great intellects have been born over the years, and their ideas have shaped the ways people live and economies grow. Strathern, a seasoned novelist, biographer and historian, has compiled brief histories of several of these economic geniuses into an informative collection of theories and historical facts that contain many of the most important ideas ever developed about economics.

When John von Neumann was introduced to economic theory and began to dissect the theories that were once the foundation of economic thinking, he created game theory. His "minimax" theorem involves the idea that a "competitor should analyze each move he could make, and calculate the maximum possible loss the others could inflict upon him if he made this move." In this line of thinking, the best strategy is to make the move that "could involve him in the minimum maximum possible loss." This will ensure that even if somebody loses, they will suffer less.

In 1943, when von Neumann's game theory was combined with the ideas of Oskar Morgenstern, the two created the 600-page Theory of Games and Economic Behavior. This tome extended game theory beyond the comparative simplicities of the minimax theorem. When applied to the economic behavior of companies that compete on the open market, or to consumer choice, the theories of these men explained the critical elements involved in zero-sum games (win-lose situations) and non-zero-sum games (win-win and lose-lose situations).

The Real Dr. Strangelove
Along with von Neumann, who Strathern explains became the prototype for the title character in Stanley Kubrick's film Dr. Strangelove, many other unique economic geniuses and their theories are described in the pages of Strathern's book. Among them is Luca Pacioli, the man generally regarded as the monk who popularized double-entry bookkeeping through Europe in the late 1400s. He would teach mathematics to Leonardo da Vinci, and some experts see the spread of his bookkeeping technique throughout Europe during the Renaissance as the birth of capitalism.

Another interesting character to play a pivotal role in the history of economics was John Graunt, whose early work introduced the world to the idea of statistical inference. Strathern explains that this makes him the father of statistics, which are "the factual foundations on which economic theory could build." Another man to make his way into the economic history books, and a friend of Graunt, is Sir William Petty, a pioneer in economic thought who saw money as a way to exercise power and promote moral qualities, but perhaps oversimplified individual human nature by favoring measurable abstract generalizations.

The Richest Man in History
John Law became the first economic mind to control the operations of an entire country when he took over in France during the early 1700s. This was the man who might have been the richest man in history when he owned the French central bank that held the entire French Louisiana territory (the equivalent of almost two-thirds of the present United States). He was also the person who was the first to suggest the idea that a government should issue credit notes "against its own ability to raise money in the future, such as through taxation," an idea that is the basis of all our paper money today.

Some of the more modern characters in Strathern's book include Karl Marx, whose theories placed economics within the larger context of society, John Maynard Keynes, a British economic genius who in 1919 became "the leading economic oracle in the land," and John Nash, who won the Nobel prize for economics after becoming the first theorist to distinguish a difference between cooperative and non-cooperative games.