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It turns out that economists—or at least the handful of geniuses that Ms Nasar discusses—are a peculiarly interesting bunch. John Maynard Keynes was an exotic mixture of Bloomsbury intellectual and civil-servant mandarin with a touch of Puck thrown in. Joseph Schumpeter was an obsessive scholar who spent his spare moments riding thoroughbreds, collecting mistresses and, on the odd occasion, taking part in orgies. Irving Fisher, the Yale economist who declared, in October 1929, that stocks had reached ¡°what looks like a permanently high plateau¡±, was a health nut and prohibitionist. Joan Robinson, whom Schumpeter dubbed ¡°one of our best men¡±, wore Mao suits and pronounced that North Korea was bound to outperform the South.
Ms Nasar¡¯s story is made all the more appealing by the fact that she does almost nothing to conceal her prejudices. She has little time for Karl Marx, a man who was so convinced of his rightness, and so buried in his books in the British Library, that he failed to observe the world around him. He did not bother to visit a single British factory. He refused to exchange a word with the intellectual titans of the time, including Charles Darwin and George Eliot, both of whom lived just a few miles from his front door. He ignored overwhelming statistical evidence that the working class¡¯s share of the nation¡¯s wealth was increasing. By contrast, Alfred Marshall was everything that Marx was not: the embodiment of all that was best in Victorian high- mindedness. Marshall was alive to what was going on around him. He frequently visited factories and firms, and travelled around the world¡¯s new ¡°empire of energy¡±, the United States. He threw his weight behind popular education and incremental reform.
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