CliffsNotes on

The Worldly Philosophers

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Chapter 1: Introduction
Chapter 2: The Economic Revolution
Chapter 3: The Wonderful World of Adam Smith
Chapter 4: The Gloomy Presentiments of Parson Malthus and David Ricardo
Chapter 5: The Visions of the Utopian Socialists
Chapter 6: The Inexorable System of Karl Marx
Chapter 7: The Victorian World and the Underworld of Economics
Chapter 8: The Savage Society of Thorstein Veblen
Chapter 9: The Heresies of John Maynard Keynes
Chapter 10: The Contradictions of Joseph Schumpeter
Chapter 11: Behind the Worldly Philosophy

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Should the government bail out the auto industry?

Yes, it's too important to our economy.
No, the government is already broke enough.
Only with strict regulations on how they can spend the money.

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Summaries and Commentaries

Chapter 10: The Contradictions of Joseph Schumpeter

Plausible Capitalism

A capitalistic system that perpetually renews itself through growth.

Monopoly

Literally, "single seller"; an economic situation in which one firm controls an entire market.

Circular Flow

A static system which channels productivity and profits into an endless exchange.

Entrepreneur

A risk-taker, or innovator, in the business world.

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