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Автор Сильвия Назар

GRAND PURSUIT

Sylvia Nasar

THE STORY OF

ECONOMIC GENIUS

For my parents

Contents

Dedication

Preface: The Nine Parts of Mankind

Act I: Hope

Prologue: Mr. Sentiment Versus Scrooge

Chapter IV: Cross of Gold: Fisher and the Money Illusion

Chapter V: Creative Destruction: Schumpeter and Economic Evolution

Act II: Fear

Prologue: War of the Worlds

Chapter VI: The Last Days of Mankind: Schumpeter in Vienna

Chapter VII: Europe Is Dying: Keynes at Versailles

Chapter VIII: The Joyless Street: Schumpeter and Hayek in Vienna

Chapter IX: Immaterial Devices of the Mind: Keynes and Fisher in the 1920s

Chapter X: Magneto Trouble: Keynes and Fisher in the Great Depression

Chapter XI: Experiments: Webb and Robinson in the 1930s

Chapter XII: The Economists’ War: Keynes and Friedman at the Treasury

Act III: Confidence

Prologue: Nothing to Fear

Chapter XIII: Exile: Schumpeter and Hayek in World War II

Chapter XIV: Past and Future: Keynes at Bretton Woods

Chapter XV: The Road from Serfdom: Hayek and the German Miracle

Chapter XVI: Instruments of Mastery: Samuelson Goes to Washington

Chapter XVII: Grand Illusion: Robinson in Moscow and Beijing

Chapter XVIII: Tryst with Destiny: Sen in Calcutta and Cambridge

Epilogue: Imagining the Future

Notes

Index

Picture Section

Acknowledgments

About the Author

Also by Sylvia Nasar

Credits

Copyright

The experience of nations with well-being is exceedingly brief. Nearly all, throughout history, have been very poor.

John Kenneth Galbraith, The Affluent Society, 19581

In a Misery of this Sort, admitting some few Lenities, and those too but a few, nine Parts in ten of the whole Race of Mankind drudge through Life.

Edmund Burke, A Vindication of Natural Society, 17562

The idea that humanity could turn tables on economic necessity—mastering rather than being enslaved by material circumstances—is so new that Jane Austen never entertained it.

Consider the world of Georgian opulence that the author of Pride and Prejudice inhabited. A citizen of a country whose wealth “excited the wonder, the astonishment, and perhaps the envy of the world” her life coincided with the triumphs over superstition, ignorance, and tyranny we call the European Enlightenment. 3 She was born into the “middle ranks” of English society when “middle” meant the opposite of average or typical.

Compared to Mr. Bennett in Pride and Prejudice or even the unfortunate Ms. Dashwoods in Sense and Sensibility,4 the Austens were quite impecunious. Nonetheless, their income of £210 a year exceeded that of 95 percent of English families at the time. 5 Despite the “vulgar economy” that Austen was required to practice to prevent “discomfort, wretchedness and ruin,”6 her family owned property, had some leisure, chose their professions, went to school, had books, writing paper, and newspapers at their disposal. Neither Jane nor her sister Cassandra were forced to hire themselves out as governesses—the dreaded fate that awaits Emma’s rival Jane—or marry men they did not love.