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What 50 years of studying economics has taught me

Richard J Murphy

Published 2026.06.06

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SUMMARY

Richard Murphy, a political economist and author, marks fifty years since beginning his study of economics by releasing a free ebook that explores fifty thinkers who have influenced his understanding of the field. The work spans a diverse range of figures, from classic economists to philosophers and unexpected contributors, highlighting the enduring relevance of their ideas to contemporary society.

MAIN POINTS

Richard Murphy introduces his new free ebook summarizing fifty years of studying economics and the fifty thinkers who shaped his views.
He explains the dual anniversaries motivating the project: fifty years since starting university and twenty years of his Funding the Future blog.
Murphy discusses how his early fascination with railway history led to a lifelong interest in the intersection of economics and society.
He describes the process of selecting thinkers for the book, ranging from economic giants to philosophers and contemporary voices.
The book includes both influential figures and critics, as well as unexpected names from outside traditional economics, reflecting a multidisciplinary approach.
Murphy emphasizes the ebook's accessibility, encourages readers to share it widely, and invites feedback on its content.

DETAILED ANALYSIS

Richard Murphy commemorates both his half-century engagement with economics and the twentieth anniversary of his Funding the Future blog by offering a comprehensive, free ebook. The book is structured around fifty thinkers, each selected for their significant impact on economic thought and societal development. Murphy’s journey began in the 1970s, with his initial interest sparked by reading railway histories, which revealed to him the profound ways in which economic forces shape infrastructure, business, and even concepts like time.

This early curiosity evolved into a lifelong commitment to exploring the interplay between economics and social reality.

The ebook draws from a wide spectrum of influences, including foundational economists such as John Maynard Keynes, Adam Smith, David Ricardo, and Karl Marx, as well as philosophers like John Rawls and Amartya Sen. Contemporary voices such as Stephanie Kelton and Steve Keen are also featured, reflecting ongoing debates in economic policy and theory. Murphy does not shy away from including controversial or critical figures, listing Milton Friedman, Friedrich Hayek, and James Buchanan among those whose ideas he challenges.

The inclusion of non-economists, such as Jesus of Nazareth, physicist Erwin Schrödinger, and Holocaust survivors Erich Fromm and Viktor Frankl, underscores the book’s multidisciplinary perspective.

Murphy’s approach is both reflective and critical, examining not only what these thinkers contributed but also the limitations and challenges their ideas present in the current context. He encourages readers to engage with the material, share it freely, and participate in the ongoing debate about the direction of economics and society. The ebook is positioned as a resource for fostering discussion and rethinking economic priorities, emphasizing accessibility and the importance of collective learning.

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