This book offers a unique perspective on the history of economic thought. It emphasizes the competing visions and beliefs economists have had regarding how capitalism functions, and the resulting divergent theoretical frameworks they constructed. This third edition is more accessible to both undergraduate and postgraduate level courses with the placement of more formal presentations within appendices. The text also develops more fully the ideas of some of the early post-Keynesians, such as Joan Robinson, Nicholas Kaldor, and Roy Harrod, while the last three chapters are brought up-do-date by including the Great Recession of 2007–2009.

“Brilliant and concise, Hunt and Lautzenheiser set the gold standard for critical narrative in economics. They make the evolution of economic thought come alive as an integral part of the human saga. Their mature scholarship and profound human solidarity give the reader a deep appreciation of social context and historical experience”.

—William M. Dugger
University of Tulsa