경제

It is no secret: ideas motivate the world. They propel markets. As obvious as it seems today, it has not always been so.

It was not until 1980 when a 24 year-old graduate student, Paul Romer tackled the role of knowledge that the concept assumed it rightful role. It took him eight years to solve the puzzle. While the problem was clear, the tools to solve it were not.

David Warsh, an economic journalist, narrates this tale of economic discovery. Drawing vivid portraits of those pioneering economists who work advanced this idea, Warsh explores Adam Smith’s paradox of falling costs. He explains the contributions of Smith, Alfred Marshall, John Maynard Keynes, Joseph Schumpeter, Paul Krugman, Robert Solow, Kenneth Arrow, Robert Lucas and, of course, Romer.

His portraits draw a rich picture of how theoretical economics evolves. The personal struggle to clarify disparate vapors of ideas, luncheon meetings with colleagues for inspiration, the circulation of notes, preparation of papers, the struggle publish them in respected journals and attendance at conferences.

A skillful writer blessed with the ability to translate complex ideas into clear and concise prose, Warsh brings new insights and understanding to problems posed more than 200 years ago by Adam Smith.

Penned by the Pointed Pundit
August 22, 2007
8:06:11 PM ( )