This book explains the importance of the history of economic thought in the curriculum of economists, whereas most discussions of this kind are devoted to explaining why such study is of value simply to the individual economist.

Thirty years ago, the economic system of the Soviet empire—socialism—seemed definitively discredited. Today, the most popular figures in the Democratic Party embrace it, while the shapers of public opinion treat capitalism as morally indefensible. Is there a moral case for capitalism? Consumerism is an appalling spectacle. Free markets may be efficient, but are they fair? Aren’t there some things that we can’t afford to leave to the vicissitudes of the market? Robert Sirico, a onetime leftist, shows how a free economy—including private property, legally enforceable contracts, and prices and interest rates freely agreed to by the parties to a transaction—is the best way to meet society’s material needs. In fact, the free market has lifted millions out of dire poverty—far more people than state welfare or private charity has ever rescued from want. But efficiency isn’t its only virtue. Economic freedom is indispensable for the other freedoms we prize. And it’s not true that it makes things more important than people—just the reverse. Only if we have economic rights can we protect ourselves from government encroachment into the most private areas of our lives—including our consciences. Defending the Free Market is a powerful vindication of capitalism and a timely warning for a generation flirting with disaster.

Victor Claar and Robin Klay introduce students to the basic principles of economics and then evaluate the principles and issues as seen from a Christian perspective. This textbook places the economic life in the context of Christian discipleship and stewardship. This text is for use in any course needing a survey of the principles of economics.

How modern economics abandoned classical liberalism and lost its way Milton Friedman once predicted that advances in scientific economics would resolve debates about whether raising the minimum wage is good policy. Decades later, Friedman’s prediction has not come true. In Where Economics Went Wrong, David Colander and Craig Freedman argue that it never will. Why? Because economic policy, when done correctly, is an art and a craft. It is not, and cannot be, a science. The authors explain why classical liberal economists understood this essential difference, why modern economists abandoned it, and why now is the time for the profession to return to its classical liberal roots. Carefully distinguishing policy from science and theory, classical liberal economists emphasized values and context, treating economic policy analysis as a moral science where a dialogue of sensibilities and judgments allowed for the same scientific basis to arrive at a variety of policy recommendations. Using the University of Chicago—one of the last bastions of classical liberal economics—as a case study, Colander and Freedman examine how both the MIT and Chicago variants of modern economics eschewed classical liberalism in their attempt to make economic policy analysis a science. By examining the way in which the discipline managed to lose its bearings, the authors delve into such issues as the development of welfare economics in relation to economic science, alternative voices within the Chicago School, and exactly how Friedman got it wrong. Contending that the division between science and prescription needs to be restored, Where Economics Went Wrong makes the case for a more nuanced and self-aware policy analysis by economists.

Ever since Antiquity, reflections about economic problems have always been intertwined with questions relating to politics, ethics and religion. From the 18th century onwards, economic thought seemed to have been gradually disentangled from any other field, and to have gained the status of an autonomous scientific discipline, especially with the later use of mathematics. In fact, the growth of economic knowledge never broke off any ties with these other fields, and, especially with religion and ethics, even though the links with them became less obvious, they only changed shape. This is what this book illustrates, each chapter dealing with different periods and authors from the Middle Ages to the present times. Focusing in turn on the thought of the Scholastics, Ibn Rushd (Averroes), John Calvin, the French liberal Jansenists, Dugald Stewart, David Ricardo, Henri de Saint-Simon, Charles de Coux and French Christian Political Economy, Auguste Comte and Émile Durkheim, Henry Sidgwick, Arthur Cecil Pigou, and finally John Maynard Keynes, the studies collected here show how religious themes played an important role in the development of economic thought. This book was originally published as a Special Issue of The European Journal of the History of Economic Thought.