The Making of Modern Economics review by Josh

The Making of Modern Economics by Mark Skousen

Review by Josh60/100Read June 18, 2025

As Skousen acknowledges in the introduction this book is not intended as an impartial overview. Skousen is a supporter of the Austrian school whose representatives play a disproportionate role in the story.

That said, Skousen does his best to present even economists whose work he disagrees with in the best light. He acknowledges the major contributions of Riccardo, Marx, and Keynes while rejecting most of their conclusions.

The book could have used a better editor. Skousen seems to believe that any two adverbs are interchangeable leading to a range of strange construction.

Despite its shortcomings the book is, a solid and largely accurate account of the major figures, ideas, and debates in economics. The author acknowledges his biases and while he's not likely to win any prizes for prose the writing is at least clear.

About the book

Discusses economists such as Adam Smith, Thomas Malthus, John Stuart Mill, Karl Marx, Irving Fisher, Thorstein Veblen, Frederic Bastiat, Eugen Bohm-Bawerk, Edward A. Chamberlin, John Bates Clark, David Colander, Peter F. Drucker, Frank Fetter, Milton Friedman, John Kenneth Galbraith, Roger B. Garrison, Henry George, Friedrich Hayek, Henry Hazlitt, G.W.F. Hegel, Robert Heilbroner, David Hume, William H. Hutt, William Stanley Jevons, John Maynard Keynes, Frank H. Knight, Alfred Marshall, Jenny Marx, Carl Menger, Ludwig von Mises, Wesley C. Mitchell, Charles Montesquieu, Arthur C. Pigou…

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