A Brief History of Political Economy

Tales of Marx, Keynes and Hayek

Lars Magnusson, Professor of Economic History, Department of Economic History, Uppsala University, Sweden and Bo Stråth, Professor Emeritus of Nordic, European and World History, University of Helsinki, Finland

Investigating the ideological dimension and exploring the continued impact of Marx, Keynes and Hayek, the authors demonstrate how these three economic narratives became entangled over time and under increasing complexity, overlapping and competing with each other. The book reflects on the meaning of the historical legacy of the three narratives and investigates their significance today. All three outlined the prospects for a better and more economically efficient world with increased social justice. Magnusson and Stråth argue that they constitute a legacy on which a new economic tale must be based, a legacy to draw on or confront.

‘Two of Scandinavia’s most illustrious scholars have produced a highly readable guide to political economy. By focusing on the competing narratives of Marx, Keynes, and Hayek, their book makes sense of the last century of economic history and provides a powerful diagnosis of the crises that have wracked the global economy over the last decade.’
– Fred Block, University of California at Davis, US

‘This excellent volume portrays Marx, Keynes and Hayek not only as great economists, but also as visionary thinkers who tried to come to grips with the changes and crises of their time. The book serves as a reminder that economics must be about the real world challenges, rather than simply the construction of models. It also show how much we can still learn from this diverse but fascinating trio of giants.’
– Geoffrey M. Hodgson, University of Hertfordshire, UK