The Great Economists
Viking, £20
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The economist John Maynard Keynes famously said that "practical men, who believe themselvesto be quite exempt from any intellectual influences,are usually the slaves ofsome defunct economist". One reason for this is that most people have not studied economics to a level where they understand where many of these theories come from and their full impact on today's world. Linda Yueh aims to fill this gap with a readable history of 12 important economic thinkers, from Adam Smith's revolutionary insights in the 18th century, through to Robert Solow's Nobel Prize-winning work on economic growth in the 20th century.
Yueh does a good job of delivering potted biographies and summarising what her subjects had to say. The problem is she gives the impression she would rather be writing a book about contemporary problems such as globalisation. As a result, we get long digressions, such as an account of a documentary she made in 2016 about the American political system. Ironically, the book omits late 18th- and early 19th-century thinker Thomas Malthus, whose views of the impact of population growth on individual income continue to influence today's debates on immigration. Despite these flaws, this is a solid introduction to the history of economic thought. I certainly wish that it had been around when I started to study the subject.
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Steve Webb: The triple lock is there to do a job. I’m not embarrassed or ashamed of itThe triple lock means 13 million pensioners will now get an above-inflation state pension boost in April. While the rising cost of the policy has stirred controversy, Steve Webb, who served as pensions minister when it was introduced, argues the triple lock is vital and should stay. Webb speaks to Kalpana Fitzpatrick on the new episode of MoneyWeek Talks – out now.
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How retirement pots risk running out 11 years early if inflation remains highPension savers could find their retirement income may not last as long as they anticipated over fears that inflation may not slow down
