Robert L. Heilbroner American economist and historian of economic thought Date of Birth: 24.03.1919 Country: USA

1. Biography of Robert L. Heilbroner
2. Early Life and Education
3. Career and Contributions
4. 'The Worldly Philosophers' and Economic Classification
5. Legacy

Biography of Robert L. Heilbroner

Robert L. Heilbroner was an American economist and historian of economic thought. He gained fame for his work 'The Worldly Philosophers' in 1953, which explored the lives and contributions of renowned economists such as Adam Smith, Karl Marx, and John Maynard Keynes.

Early Life and Education

Robert L. Heilbroner was born on March 24, 1919, in New York, into a wealthy German-Jewish family. His father, Louis Heilbroner, was a retailer specializing in men's clothing. Heilbroner graduated with honors from Harvard University in 1940, earning a degree in philosophy, management, and economics. During World War II, he served in the United States Army and worked in the Office of Price Control under the guidance of John Kenneth Galbraith, a renowned and controversial institutional economist.

Career and Contributions

After the war, Heilbroner briefly worked as a banker before joining the academic community in the 1950s. He became a research associate at the New School for Social Research, where he was heavily influenced by the German economist Adolph Lowe, a representative of the German Historical School. In 1963, Heilbroner earned his Ph.D. in economics from the New School for Social Research and was later appointed as the Norman Thomas Professor of Economics in 1971. Heilbroner spent over 20 years teaching at the school, primarily focusing on courses in economic thought.

Although Heilbroner was considered an unconventional economist, he viewed himself more as a social theorist and philosopher-practitioner. He sought to integrate disciplines such as history, economics, and philosophy. Many of his peers regarded him as an outstanding economist. In 1972, he was elected Vice President of the American Economic Association.

'The Worldly Philosophers' and Economic Classification

In 1953, Heilbroner wrote 'The Worldly Philosophers,' which sold approximately four million copies and became the second best-selling economics book of all time after Paul Samuelson's popular textbook. In the seventh edition of the book published in 1999, Heilbroner included a final chapter titled 'The End of Worldly Philosophy?,' which reflected a gloomy view of the current state of the economy but also expressed hope for a 'revival of practical philosophy' that considers the social aspects of capitalism.

Heilbroner developed a method of classifying economies into 'traditional' (primarily referring to subsistence economies), 'command' (centrally planned economies, often involving government participation), 'market' (capitalism), and 'mixed' economies. Although Heilbroner openly advocated for socialism throughout much of his career, in a 1989 article, he wrote: 'Less than 75 years after it officially began, the contest between capitalism and socialism is over: capitalism has won... Capitalism organizes human affairs more satisfactorily than does socialism.'

In a 1992 article published in 'Dissent,' Heilbroner further explained that 'capitalism had clear success while socialism failed' and praised Milton Friedman, Friedrich Hayek, and Ludwig von Mises for their staunch defense of the advantages of the free market. He emphasized that democratic freedoms have not yet materialized, except fleetingly in any state that claims to be anti-capitalist. Heilbroner referred to his idealized capitalist model of society as 'slightly idealized Sweden.'

Legacy

Robert L. Heilbroner passed away on January 4, 2005, in New York at the age of 85. His works continue to be influential in the field of economic thought, and 'The Worldly Philosophers' remains a widely read and respected book.