The Ordinary Business of Life by Roger E. Backhouse

Roger E. Backhouse is professor emeritus of economics at the University of Birmingham. His many books include The Puzzle of Modern Economics: Science or Ideology? and (with Bradley W. Bateman) Capitalist Revolutionary: John Maynard Keynes.

Overview

Hesiod defined the basic economic problem as one of scarce resources, a view still held by economists today. Diocletian tried to save the Roman Empire with wage and price fixes—a strategy that has not gone entirely out of style. Roger Backhouse takes readers from the ancient world to the frontiers of game theory, mechanism design, and engagements with climate science, presenting an essential history of a discipline that economist Alfred Marshall called “the study of mankind in the ordinary business of life.” Backhouse introduces the many fascinating figures who have thought about money and markets down through the centuries—from philosophers and theologians to politicians and poets—and shows how today’s economic ideas have their origins in antiquity. This updated edition of The Ordinary Business of Life includes a new chapter on contemporary economics and the rest of the book has been thoroughly revised.

Praise

"An important work. . . . [Backhouse’s] treatment gives deeper insight into historical economic writings and suggests broader views of contemporary economic issues than many well-read economists are likely to have. Interesting and accessible to amateurs, it should also be welcomed by professionals."—Publishers Weekly

"[Backhouse’s] very readable history offers economists and interested readers an excellent account of the evolution of economic ideas."—Science

"Useful to those who already have a smattering of economic ideas but want to fill in the historical gaps . . . [this will] also be an eye-opener to specialist economists."—Samuel Brittan, Journal of Economic Literature

"This compact study gives an accomplished and remarkably comprehensive overview of an often arcane field of inquiry."—Kirkus Reviews

"Backhouse explains how world economics reached its present state. He places key figures in an appropriate historical context and then explains the various economic ideas as they emerged, using clear analysis and apt quotations. The result is a well-integrated, thoughtful, accessible text that makes a major contribution to the history and philosophy of economics. Important reading for students, professionals, and anyone interested in learning how economics has evolved."—Library Journal

"A scholarly book that will have appeal to well-read library patrons within the general population."—Mary Whaley, Booklist