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Written especially for students with a limited background in economics, this book explains how a market economy functions through an historical overview of economics. It discusses the major schools of economic thought and ideas of the leading economists of each period. Updated throughout, the book emphasizes the relationship between economic theory and policy, and how both are influenced by events, ideologies and changing economic institutions. The author places particular emphasis on Adam Smith, classical and neoclassical economics, Marx, Keynes and the heterodox writers and the political economy of recent decades. It takes a balanced approach to economic theories, and covers contemporary issues such as unemployment, inflation and growth.

Fusfeld's clear writing style and explanations make The Age of the Economist accessible to, and appropriate for economists and non-economists alike. Intended for many introductory courses, this short text chronicles the development of modern economics through discussions of the major schools of thought and through biographical sketches of key figures. It demonstrates the relevance of basic economic ideas to the great debates of our own times, and it emphasizes how events, ideologies, and changing economic institutions influence the relationship between economic theory and policy.

Daniel R. Fusfeld

Daniel R. Fusfeld (1922-2007) - Professor Emeritus of Economics, a member of the Michigan faculty since 1960 and professor of economics since 1964, Daniel retired from his formal teaching duties in 1986, after a career that began in 1947. He received his bachelor’s degree from George Washington University in 1942. After military service in the army during World War II, he did graduate work at Columbia, receiving his PhD in 1953. Daniel came to Michigan after teaching at Hofstra and Michigan State. At his retirement dinner, Professor Robin Barlow estimated that “one out of every 6,000 Americans now living has taken Principles of Economics from Dan Fusfeld.” In addition, he regularly taught courses in Marxist political economy, the development of economic institutions, and the history of economic thought.

Daniel’s publications include several books as well as numerous articles and monographs. The best-known of his books is The Age of the Economist, a brief history of economic thought for the non-specialist that was translated into Spanish, German, and Italian.