Hesiod defined the basic economic problem as one of scarce
resources, a view still held by economists today. Diocletian tried
to save the Roman Empire with wage and price fixes―a strategy
that has not gone entirely out of style. Roger Backhouse takes
readers from the ancient world to the frontiers of game theory,
mechanism design, and engagements with climate science,
presenting an essential history of a discipline that economist
Alfred Marshall called “the study of mankind in the ordinary
business of life.” Backhouse introduces the many fascinating
figures who have thought about money and markets down
through the centuries―from philosophers and theologians to
politicians and poets―and shows how today’s economic ideas
have their origins in antiquity. This updated edition of The
Ordinary Business of Life includes a new chapter on
contemporary economics and the rest of the book has been
thoroughly revised.
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