A Little History of Economics audiobook cover - A whistle-stop tour of the major questions posed by economists through the centuries, from Aristotle to Thomas Piketty

A Little History of Economics

A whistle-stop tour of the major questions posed by economists through the centuries, from Aristotle to Thomas Piketty

Niall Kishtainy

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Economics

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A Little History of Economics
Origins & Early Commerce+
The Industrial Age & Laissez-Faire+
19th Century Inequality & Marxism+
The Role of Government+
Post-WWII Paradigms+
Keynesianism vs. Free Markets+
Financial Crises & Speculation+
Modern Economics: Inequality & Bias+

Quiz — Test Your Understanding

Question 1 of 10
How did the ancient Greek philosopher Aristotle view the practice of growing crops purely for profit and lending money for interest?
  • A. He believed it was the foundation of a strong and prosperous city-state.
  • B. He considered it wholly unnatural and objected to using money to make more money.
  • C. He thought it was a necessary evil to fund military expansions and public works.
  • D. He argued it was the only way to achieve true economic equality among citizens.
Question 2 of 10
What radical economic policy did François Quesnay advocate for in pre-revolutionary France?
  • A. Removing taxes on peasants, taxing aristocrats instead, and removing controls on agriculture.
  • B. Increasing taxes on merchants to fund the monarchy's overseas explorations.
  • C. Establishing strict government price controls on agricultural products to prevent famine.
  • D. Seizing all agricultural land from the aristocrats and redistributing it to the peasants.
Question 3 of 10
According to Adam Smith, what is the primary benefit of the 'division of labor' in an industrialized economy?
  • A. It makes factory work more fulfilling and interesting for the laborers.
  • B. It ensures that wealth is distributed equally among all workers in a factory.
  • C. It allows more types of goods to be made at a lower cost, benefiting everyone through lower prices.
  • D. It prevents factory owners from accumulating too much capital.
Question 4 of 10
How did British economist David Ricardo propose to solve the wealth inequality caused by high domestic grain prices in the nineteenth century?
  • A. By heavily taxing domestic landowners and redistributing the wealth to factory workers.
  • B. By removing the ban on cheap foreign grain to introduce free trade and lower prices.
  • C. By establishing a minimum wage for all agricultural and industrial workers.
  • D. By transitioning the British economy entirely from agriculture to manufacturing.
Question 5 of 10
What did Karl Marx identify as the fundamental dynamic of capitalism in his work 'Das Kapital'?
  • A. Capitalists own the means of production while workers only own their labor, leading to inevitable exploitation.
  • B. The government interferes too much in the free market, preventing true economic efficiency.
  • C. The lack of a gold standard allows central banks to artificially inflate the money supply.
  • D. Workers are naturally lazy and require strict management and competition to produce goods efficiently.
Question 6 of 10
While John Maynard Keynes argued that governments must step in during economic crises, what did Friedrich Hayek warn would be the result of too much government control?
  • A. A rapid increase in consumer inflation that would destroy the working class.
  • B. The total collapse of international trade networks and globalization.
  • C. A loss of individual freedoms ultimately resulting in totalitarianism.
  • D. The creation of dangerous financial bubbles in the housing and tech markets.
Question 7 of 10
During the economic downturn of the 1970s, what alternative to Keynesian economics did Milton Friedman advocate?
  • A. The government should heavily tax corporations to fund public works programs.
  • B. The government should take over failing industries to prevent mass unemployment.
  • C. The government should abandon the gold standard and print unlimited money to spur demand.
  • D. The government should commit to a fixed rate of money supply growth and enhance conditions for businesses.
Question 8 of 10
How does the theory of economist Hyman Minsky explain the global financial collapse of 2007?
  • A. It was caused by overly restrictive government regulations that stifled banking innovation.
  • B. As capitalism develops, it becomes unstable because surging economies encourage reckless borrowing and lending.
  • C. The crash was the direct result of abandoning the gold standard in the late 20th century.
  • D. It occurred because central banks kept interest rates too high for too long, crashing the housing market.
Question 9 of 10
According to Indian economist Amartya Sen, how should society primarily view and measure poverty?
  • A. By looking solely at a nation's gross domestic product (GDP) per capita.
  • B. As a lack of capabilities and possibilities for advancement, rather than just a lack of material goods.
  • C. By implementing a universal basic income to ensure everyone has the exact same amount of money.
  • D. By calculating the gap between the highest and lowest earners in a specific country.
Question 10 of 10
What major critique do feminist economists have regarding traditional economic narratives of success?
  • A. They argue that traditional economics places too much emphasis on agricultural production.
  • B. They believe traditional economics fails to account for unpaid labor, such as childcare and domestic work, largely done by women.
  • C. They assert that women are naturally better suited for central planning roles than men.
  • D. They claim that traditional economics overvalues the service sector compared to manufacturing.

A Little History of Economics — Full Chapter Overview

A Little History of Economics Summary & Overview

A Little History of Economics (2017) is a whistle-stop tour of the major questions posed by economists through the centuries, from Aristotle to Thomas Piketty. It examines questions of inequality, selfishness, and the role government should play in economies. 

Who Should Listen to A Little History of Economics?

  • The econo-curious
  • Those looking for a bird’s eye view of economics
  • Students of broad-scope history

About the Author: Niall Kishtainy

Niall Kishtainy is a professor at the London School of Economics and the University of Warwick. He believes a study of the history of economics can explain a lot about our modern times, and help us move forward in a better way. 

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