Ulrike Hermann, "Smith, Marx, and Keynes: A Revived Prescription for Crisis" Summary and Comments - Recommended for an introduction to the flow of classical economics!
I would like to introduce "Smith, Marx, and Keynes" written by Ulrike Hermann and translated by Sunao Suzuki, published by Misuzu Shobo in 2020.
Let's take a quick look at the book.
Now is the time to return to the most important figures in economics-Smith, Marx, and Keynes!
Moving away from the stereotypes of Smith the market fundamentalist, Marx the revolutionary theorist, and Keynes the depression economist, the core of their economic thought, their lives and major worksThe Wealth of Nations.Capitalism.The "General Theory" will be traced and clarified.
Capitalism is now entering a new phase, and moreover, it is in crisis. This book will provide a new perspective and a prescription for contemporary capitalism.
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Let me say at the outset. I highly recommend this book! This is a great book and I would highly recommend it to anyone who is interested in learning more about the subject matter!
A book about Adam Smith, Marx, and Keynes may seem like something of a difficult book, but the author has written it in a way that is easy for the average reader to understand. Moreover, this does not diminish the quality of the explanations. He explains the historical background and currents of thought at the time, and how original their economic ideas were, in an easy-to-understand manner.
The translator's afterword summarizes the book in an easy-to-understand manner.
Most people today would agree that Adam Smith, Karl Marx, and John Maynard Keynes are the Big Three in the history of economics, representing the 18th, 19th, and 20th centuries, respectively. Surprisingly, however, these three men are rarely taught in universities anymore. At best, they are only taught separately in courses on the history of economics or in small seminars. Theoretically, these three men have already been moved to the display shelf of history as "finished" men.
But this treatment of the three is a mistake, according to Hermann. It was these three theorists who founded and transformed the discipline of economics. They were also children of their time. So not a few of their ideas have been disproved by historical developments. Nevertheless, these three men, unlike modern economists, asked essential questions and took a broad view of the real world. Therefore, the analyses of the three men are still realistic, and even their mistakes tell us more about capitalism and its dynamic history than the theories of contemporary mainstream economists."
What, then, was the "essential question" posed by the three? Simply put, it was the question of why each individual participating in economic activities constantly creates a reality that differs from his or her own intentions. They found that the "invisible hand" (Smith), "dialectical development" (Marx), and the "paradox of savings" (Keynes) were at work. In today's terms, they had already recognized that macroeconomics is not a simple addition of microeconomics. In this sense, these three men were the first to depict the social system we call "capitalism" today as a dynamic process full of paradoxes. So "the best way to enjoy the adventure called capitalism is to know the most rhinoceros theorists of capitalism. Smith, Marx, and Keynes," Hermann wrote.
In this book, Hermann's aim is to deconstruct the stereotypes of market fundamentalist Smith, revolutionary theorist Marx, and depression economist Keynes, and to dynamically reconstruct the historical circumstances and historical experiences from which their economic ideas emerged. The author's eye for detail and writing style are in his element as a journalist. While tracing the lives and theories of the Big Three, readers will be able to grasp the general flow of the history of Western economics, including mercantilism, agrarianism, Malthus, Ricard, marginal utility theory (Walras, Jevons, Menger), Schumpeter, and others. The book requires little prior knowledge of economics and can be easily read as an enlightening book for the general public, but without sacrificing the standard of explanation, and can be used as an introduction for economics students or as a reference book for general education courses at universities. Throughout the book, the book reveals the imbalance dynamic nature of the capitalist system, which is also a critique of contemporary mainstream economics.
Misuzu Shobo, Ulrike Hermann, translated by Sunao Suzuki, Smith, Marx and Keynes, p385-386
This book is one of the best books to learn about Marx.
The book first looks at the history and historical background of economics leading up to Marx, with a focus on Adam Smith, Ricard, and Malthus. From there, we can see how Marx created his own economics in his own unique way.
We can also learn about the differences between Marx and Keynes by looking at the economics and historical background of Keynes, which came after Marx.
What is the difference between pre-Marx and Marx? What is the difference between post-Marx and Marx?
This book is very easy to understand because you can compare and see such things. After all, some things can only be seen by comparing them.
This book is a wonderful way to look at Marx in the context of history and the historical background. It is a gem written from a very broad perspective.
This is a book that I would highly, highly recommend. I recommend it to anyone who wants to learn not only Marx but also Adam Smith and Keynes. The first half of the book talks about Adam Smith, and this explanation is so easy to understand that I was already gripped at that point. It was interesting and entertaining, and from there I read the book in one sitting.
We hope you will pick up a copy of this work.
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