Tyler Cowen’s groundbreaking book delves into the history of economic thought and identifies the greatest economists of all time.
In his latest book, “GOAT: Who is the Greatest Economist of all Time, and Why Does it Matter?”, Tyler Cowen takes readers on a captivating journey through the history of economic thought. With his unique approach and extensive research, Cowen explores the lives and contributions of some of the most influential economists, shedding light on their lasting impact on the field. This thought-provoking book challenges conventional notions and offers a fresh perspective on the importance of understanding the past in shaping the future of economics.
The Genesis of “GOAT”
Cowen’s inspiration for writing “GOAT” stemmed from the challenges posed by the pandemic. Seeking a project that could be pursued amidst restrictions, he turned to his personal library and online resources to embark on a comprehensive exploration of the history of economic thought. Drawing inspiration from books like Heilbroner’s “The Worldly Economists” and Bill Simmons’ “Book of Basketball,” Cowen set out to create a book that not only educates but also fosters appreciation for the contributions of economists.
The Relevance of the History of Economic Thought
While some may question the relevance of the history of economic thought, Cowen argues that it is a topic that can never go obsolete. By delving into the lives and ideas of economists from the past, readers gain valuable insights into the development of economic theories and their real-world implications. Cowen highlights recent successful books on economists like Zachary Carter’s work on Keynes and Jennifer Burns’ exploration of Milton Friedman, suggesting that there is indeed a growing interest in understanding the historical context of economic ideas.
The Criteria for GOAT
To determine the greatest economist of all time, Cowen establishes a set of criteria that include breadth and depth of contributions, accuracy in economic analysis, and historical significance. The economist must have made substantial contributions to both microeconomics and macroeconomics, as well as theoretical and empirical work. These rigorous standards ensure that only the most exceptional economists are considered for the title of GOAT.
The Exclusion of Marx
One notable omission from Cowen’s list of finalists is Karl Marx, whom many consider to be the greatest economist of all time. Cowen argues that Marx fails to meet the criteria due to his significant inaccuracies and flawed understanding of capitalism. While acknowledging Marx’s influence, Cowen believes that his ideas are too fundamentally flawed to be considered for the title of GOAT. However, he hints at a potential future monograph specifically dedicated to Marx.
The Semifinalists
Cowen briefly discusses the semifinalists who did not make the final cut: Alfred Marshall, Paul Samuelson, Kenneth Arrow, Gary Becker, and Joseph Schumpeter. While recognizing their contributions, Cowen explains why they fell short of the criteria for GOAT. Samuelson, for example, is praised for his influential articles but criticized for his flawed understanding of actual economies and his treatment of certain economic issues.
Conclusion:
Tyler Cowen’s “GOAT: Who is the Greatest Economist of all Time, and Why Does it Matter?” offers a captivating exploration of the history of economic thought. By delving into the lives and ideas of economists from different eras, Cowen challenges readers to appreciate the enduring relevance of economic theories and their impact on society. While the determination of the greatest economist of all time may be subjective, Cowen’s book provides a comprehensive and thought-provoking analysis that will undoubtedly spark lively debates among economists and enthusiasts alike.
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