Quotes from book
The Worldly Philosophers

Name: The Worldly Philosophers
Author: Robert L. Heilbroner

The bestselling classic that examines the history of economic thought from Adam Smith to Karl Marx—“all the economic lore most general readers conceivably could want to know, served up with a flourish” (The New York Times). The Worldly Philosophers not only enables us to see more deeply into our history but helps us better understand our own times. In this seventh edition, Robert L. Heilbroner provides a new theme that connects thinkers as diverse as Adam Smith and Karl Marx. The theme is the common focus of their highly varied ideas—namely, the search to understand how a capitalist society works. It is a focus never more needed than in this age of confusing economic headlines. In a bold new concluding chapter entitled “The End of the Worldly Philosophy?” Heilbroner reminds us that the word “end” refers to both the purpose and limits of economics. This chapter conveys a concern that today’s increasingly “scientific” economics may overlook fundamental social and political issues that are central to economics. Thus, unlike its predecessors, this new edition provides not just an indispensable illumination of our past but a call to action for our future.

“The worker is no longer the slave to his reproductive urge. He is a free bargaining agent who enters the market to dispose of the one commodity he commands — labor power — and if he gets a rise in wages he will not be so foolish as to squander it in a self-defeating proliferation of his numbers.
The capitalist faces him in the arena. His greed and lust for wealth are caustically described in those chapters that leave the abstract world for a look into 1860 England. But it is worth noting that he is not money hungry from mere motives of rapacity; he is an owner-entrepreneur engaged in an endless race against his fellow owner-entrepreneurs; he must strive for accumulation, for in the competitive environment in which he operates, one accumulates or one gets accumulated.
The stage is set and the characters take their places. But now the first difficulty appears. How, asks Marx, can profits exist in such a situation? If everything sells for its exact value, then who gets an unearned increment?”

Robert L. Heilbroner book The Worldly Philosophers

Source: The Worldly Philosophers (1953), Chapter VI, Karl Marx, p. 148

“It is from the scope and wisdom of the economists of the past that we must reap the knowledge with which to face the future.”

Robert L. Heilbroner book The Worldly Philosophers

Source: The Worldly Philosophers (1953), Chapter XI, Beyond the Economic Revolution, p. 317

“But like Marx, Veblen badly underestimated the capacity of a democratic system to correct its own excesses.”

Robert L. Heilbroner book The Worldly Philosophers

Source: The Worldly Philosophers (1953), Chapter VIII, Thorstein Veblen, p. 233

“To one American family out of four, the idea of capitalism as a benign system of comfort, dignity, and personal advance is only a myth, or worse, a bitter mockery.”

Robert L. Heilbroner book The Worldly Philosophers

Source: The Worldly Philosophers (1953), Chapter X, The Modern World, p. 281