Heilbroner writes about economists

who changed history by challenging

conventional economic wisdom.
They were heretics in their time but are now
considered great thinkers because of their
unorthodox opinions that eventually
became common sense.
The economists discussed were from
various backgrounds and had opposing
opinions on many topics, but they all shared
a common trait:
Curiosity
As such, he calls these
economists worldly
philosophers because
of their desire to learn
about humanity’s most
worldly activity: the
pursuit of wealth.
Their search for order
and meaning forms
both the heart of
economics and one
central theme in this
book.
 People that have always struggled
with economic problems.

The first economist of note, Adam Smith,

didn’t live until the time of the American
Revolution.
 Before that, no one really needed to
think about economics because:

1. everyone was struggling just to survive and

2. there wasn’t enough wealth around for anyone
to worry about how it was being distributed or
acquired.
ECONOMIC REVOLUTION

INDUSTRIAL
ECONOMIC REVOLUTION

NEOLITHIC / AGRICULTURAL
ECONOMIC REVOLUTION

Humans have always had to deal with

the issue of survival even before the
economic revolution. It’s not just about
surviving as an individual but also as a
whole society.

COOPERATION WITH OTHERS AND WORK are

the factors for us to survive.
If the interdependence of human workers fail at any vital point in the
economy, the world would suffer.

During the early part of civilized life, only two methods

safeguarded against such result — tradition and command.
WAYS OF SURVIVAL
TRADITION
The passage of tasks, or jobs, from
generation to generation through
custom
WAYS OF SURVIVAL
COMMAND

The enforcement of economic

survival by absolute rule or
dictatorship.
TRADITION

COMMAND
 TRADITION

COMMAND

MARKET SYSTEM
WAYS OF SURVIVAL
MARKET SYSTEM
a system based on free markets where there’s
no government intervention and individuals
make decisions for themselves.
 TRADITION

COMMAND

MARKET SYSTEM