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The author of the tweet also has some excellent advice on learning the history of economics, which is to start from the father of economics himself, Adam Smith.
by ctchocula 6y ago
The author of the tweet also has some excellent advice on learning the history of economics, which is to start from the father of economics himself, Adam Smith. Then follow that up with Das Kapital (which I know is an unpopular stance here on HN) and some Keynes (who is credited with coming up with the economic theory that helped bring the UK and US out of the Great Depression). Here's a snippet of Prof. DeLong's advice:
> We have our recommended ten-stage process for reading such big books:
1. Figure out beforehand what the author is trying to accomplish in the book.
2. Orient yourself by becoming the kind of reader the book is directed at—the kind of person with whom the arguments would resonate.
3. Read through the book actively, taking notes.
4. “Steelman” the argument, reworking it so that you find it as convincing and clear as you can possibly make it.
5. Find someone else—usually a roommate—and bore them to death by making them listen to you set out your “steelmanned” version of the argument.
6. Go back over the book again, giving it a sympathetic but not credulous reading.
7. Then you will be in a good position to figure out what the weak points of this strongest-possible argument version might be.
8. Test the major assertions and interpretations against reality: do they actually make sense of and in the context of the world as it truly is?
9. Decide what you think of the whole.
10. Then comes the task of cementing your interpretation, your reading, into your mind so that it becomes part of your intellectual panoply for the future.
> Follow this process, and your reading becomes active. Then you have the greatest possible chance of learning the books—of thereafter being able to summon up sub-Turing instantiations of the thinkers Adam Smith, Karl Marx, and John Maynard Keynes and then running them on your wetware. If you can do that, you can be closer to being as smart as they were. And at the same time you will be aware enough of their weak points and blindnesses that you can be wiser than they were.
Link: https://www.bradford-delong.com/2019/12/a-note-on-reading-big-difficult-books.html https://www.bradford-delong.com/2019/12/a-note-on-reading-bi...
- jfengel 6y agoI would recommend reading David Ricardo between Smith and Marx. A lot of ideas get attributed to Smith that are really Ricardo's, or were substantially fleshed out by Ricardo. A lot of Marx's response to free-market capitalism relies on his reading of Ricardo. Ricardo does a lot of steelmanning of Smith's work. A lot of popular accounts of Smith oversimplify his work past the point of usefulness (in addition to mashing up Ricardo and Smith). There's a lot in Smith's original account that contradicts naive laissez-faire capitalism, but you rarely hear that from people who cite "Wealth of Nations".