Book Description
In the Origin of Wealth, Eric Beinhocker offers a thorough and convincing new way to think about economic growth and business management. The author begins by exploring the roots of modern economic theory and ultimately declares it outmoded and wrong. Instead, he suggests, markets and growth can best be explained by drawing on the emerging field of complexity economics: the study of markets and social systems as complex adaptive systems. Although biological metaphors in business have become familiar (i.e., organizations are living organisms), Beinhocker moves beyond metaphor to explain the revolutions in science that will inevitably change the way we think about economics, competition, and business. The Origin of Wealth raises important questions such as: How can one create strategy in uncertain and fast moving environments? Why is it hard for large organizations to be innovative and how should we organize for better results? What role should governments play in this new era?
Customer Reviews:
Evolution, a recipe for innovation.......2007-10-14
The author has carried out a tremendous amount of work to study the latest developments in many different fields clustered around the concept of "complexity economics". The two most interesting ideas for me were about innovation and strategy development. I was amazed to learn how you can generate new insights and innovations in products , systems and organisation by computer simulations where "agents" compete in the way the evolution works. That is those features, and organisms, survive that successfully adapt to changes in the environment. These "agents" are simplified computer models of human beings, of a system or of a component. The characteristics of these agents change at random, similar to mutations in evolution. The agents compete in a computer. At the end of a simulation round the best performers engage in "computer sex" leading to new generation of more competent "agents". After many rounds innovations develop "automatically"
The second interesting area is about innovation strategy. Luck remains a factor, but its influence can be reduced by having a portfolio of innovative projects. Microsoft with its Windows strategy is a fascinating example.
The purpose in these simulations is important. On page 280 it says that the goal of a business is making a profit. This is what many people in society at large also think. It is not what the most read management gurus like Peter Drucker, and Jim Collins think. Their view is that profit is a condition for survival and a measure of success. Interestingly on page 411 the first view is corrected where it states that "profitability is not an objective in itself but a fundamental restraint that must be met". The cause of this contradiction may be the almost total absence in the book of the subjects of ethics, values, corporate citizenship and CSR. May be it is difficult to create synthetic "agents" with values other than greed. That should be possible though and would be a very interesting development.
Modern Classic.......2007-09-25
I would classify Eric Beinhocker's book as an instant classic. Although it is more of a survey of broad spectrum of economic studies, it is extremely well put together and well written. I promised myself that this is a book that requires a more detailed review but since I have not had time to write that yet, I want to at least share the following with the would be readers of this book:
Buy this book! The primary focus of the book is analysis of how emergence (no pun intended) of complex dynamical systems is changing the fundamentals of economics. Book does an excellent job of giving historical account of how mathematical foundations of economics was developed and influenced by the math/physics of the time: math of systems in equilibrium. Afterwords it methodically studies the complex dynamical systems, their impact on agent based modeling of complex phenomenon and how this development in mathematical thinking is already impacting economics. Last couple of chapters also provide ponderings of complex dynamical systems analysis and its impact on policy making and international relations.
Book is clearly written, well researched with excellent bibliography and captures some of the most throught provoking research in the industry in a simple and conherent fashion.
If I get time I promise to write a longer and more deserving review of this book.
Eye-popping paradigm shift in economics unveiled.......2007-07-14
On the subject matter...
Ever wonder why macro-economics didn't make sense?
Want to know more about how economies and markets really work?
On the writing...
The author provides a simple, compelling narrative which debunks a large portion of economics as it has been taught for the last 200 years. It then goes on to synthesize broad swaths of recent economic research into a cohesive vision of economics as an evolutionary open system and that observable macro-economic patterns are largely a product of the evolutionary algorithm at work.
If a high level understanding of the workings of economies or markets is of interest to you -- or you just want to unlearn a lot of false theory -- The Origin of Wealth is for you!
Must have for anyone who gave up on economics... like me.......2007-07-02
If you ever tried to read a book on economics, you probably loved the classics (Adam Smith, Shumpeter, Keynes...) but then you probably had an uneasy feeling about people trying to use some kind of Maxwell equation to explain the workings of the economy. That's where you probably decided that this science was either too complex for you (in fact, it is the world that is too complex for traditional economics) or that scholars were probably more interested in masturbating their brains than truly explaining the world. That's usually where a science needs a paradigm shift in order to stay alive in the world, and not just in academia.
Hopefully, things have changed and economists are now introducing concepts that gracefully embrace the nature of the subject : evolution, non-linear functions, psychology, sociology, and intelligent mathematics (the one that tries to fit with the actual world, not the opposite)
This book is a must have... The kind of book that makes you feel intelligent not because it's full of obscure concepts that you think you can loosely fit together, but because it is fact-based, well written, sometimes surprising, and most of all it feels right... which is truly groundbreaking.
Just like in nuclear physics, this science finally takes off the very moment it stops trying to fit the world in an a+b=c equation. Instead of having a precisely wrong theory, we now have something that accounts for the inherent complexity of the economy and unveils new and fascinating territories for us to discover.
A must for economics students!.......2007-07-01
I am an undergraduate student of economics and was always critical about the Traditional Economics theories that were presented in class. I never just accepted the textbook's mathmatical models as the ultimate truth and always looked for more. I read books from a wide range of areas, all supporting my view that there was something more to our economic life than what professors told us in class, but never making a clear connection to economic theory. I bought this book by chance before a long flight and can't say how happy I was when I realized what Beinhocker was saying. I could not stop reading and finished it in about a week. Beinhocker showed me how to break through the mathmatical barriers of traditional economics and think about economics in an exiting and liberating new way. His introduction to Complexity Economics (as he calls it) has given me new hope for economics and enthusiasm for my studies. I am already diving deeper and deeper into work mentioned in the references and a whole new world is opening in front of me! A. J. Sutter makes many valid points in his lengthy review above. I still think Beinhocker managed to write a book that is groundbreaking in its range of topics covered and its comprehensive overview of Complexity Economics.
No student of economics who has not at least heard about the topics mentioned in this book can say that he knows the subject he is studying.
Amazon.com
Ever feel like you just can't get ahead with the bills? You're not alone. More than half of Americans believe the American dream has become impossible for most people to achieve. And two-thirds think this goal will be even harder for the next generation. (One reason for the gloominess--average full-time income has fallen 15 percent since 1975.) All this has Benjamin Friedman worried. In his hefty, 549-page tome, The Moral Consequences of Economic Growth, the acclaimed Harvard economist and advisor to the Federal Reserve Board says economic stagnation is bad for the moral health of a nation. Friedman, a former chair of Harvard's economics department, argues that economic growth is vital to social and political progress. Witness Hitler's Germany. Without growth, people look for answers in intolerance and fear. And that, Friedman warns, is where the U.S. is headed if the economic stagnation of the past three decades doesn't soon reverse. It's not enough for gross domestic product to rise, he says. Growth also has to be more evenly distributed. The rich shouldn't be the only ones getting richer.
Friedman's arguments are provocative but at times lack rigor. In his comparisons of various countries, he offers no objective data to measure their levels of social progress, relying instead on his own--sometimes selective--interpretation of historical events. He glosses over the fact that China, where the economy has grown sevenfold since 1978, has seen little political change in that time. He also acknowledges that the Great Depression--which brought Americans together to achieve great social and political progress--tends to disprove his theory. Friedman makes a good case that the economy sometimes influences social movements, but the jury is still out on exactly when and how that happens. --Alex Roslin
Book Description
From the author of Day of Reckoning, the acclaimed critique of Ronald Reagan’s economic policy (“Every citizen should read it,” said The New York Times): a persuasive, wide-ranging argument that broadly distributed economic growth provides benefits far beyond the material, creating and strengthening democratic institutions, establishing political stability, fostering tolerance, and enhancing opportunity.
“Are we right,” Benjamin M. Friedman asks, “to care so much about economic growth as we clearly do?” To answer, Friedman reaches beyond economics. He examines the political and social histories of the large Western democracies—particularly of the United States since the Civil War—distinguishing times of generally rising living standards from those of pervasive stagnation to illustrate how rising incomes render a society more open and democratic. He shows, too, how our attitudes toward economic growth and its consequences have roots in the thinking of prior centuries, especially the Enlightenment, and also include significant strands of religious influence.
Friedman also delineates the role of economic growth in determining which developing nations extend the broadest freedoms to their citizenry. He makes clear that growth, rather than just the level of living standards, is key to effecting political and social liberalization in the third world. But he also warns that the democratic values of countries even as wealthy as our own are at risk whenever incomes stagnate for extended periods. Merely being rich is no protection against a society’s retreat into rigidity and intolerance once enough of its citizens lose the sense that they are getting ahead.
Finally, Friedman shows us why, if America is to strengthen democratic institutions around the world as a bulwark against terrorism and social unrest, we must aggressively pursue growth at home and promote worldwide economic expansion beyond what purely market-driven forces would create. And for the United States, he offers concrete suggestions for policy steps to achieve those objectives.
A major contribution to the ongoing debate on the effects of economic growth and globalization.
Customer Reviews:
The Chicken or the Egg?.......2007-02-06
Since the rise fascism and Bolshevism in the 1920s there has been the question of how political rights and civil liberties correspond to economic rights and growth. Amartya Sen has argued that the political rights and civil liberties should not be divorced from economic process (Development As Freedom). Sen's normative approach of equating economic rights to the freedoms one achieves with guaranteed civil liberties is one that many can respect.
Benjamin Freidman has taken a more positivist to the same issue. In doing so he asks, "Which came first the chicken or the egg?" Does economic growth in a capitalist setting require democracy and civil liberties or visa versa? Friedman's study looks back not only over all to this question in modern economic history. But, he also takes specific case studies from the United States, Germany, France and others to see the over all trends of the problem.
From this he develops a matrix on the issue. In times of growth political rights tend to expand. In times of stagnation they tend to contract. What is interesting his not how Friedman arrives at this basic framework, but his look into the exceptions of this common sense rule. Why in the 1930s was the political openness of the New Deal accepted, but the recent economic stagnation in France caused the rise of the right-wing Le Pen party?
Friedman is one of the foremost experts on the political economy. He has held a seat at Harvard since 1972. Yet, in this work for public consumption his writing is more along the lines of an historian. He does not delve too far into the economics or the political science of the issue, which many academics tend to - even for the lay reader. Instead, he sees to it that the main ideas are gotten across.
His prescriptions are simple. Maintain economic growth and we can maintain political and civil liberties. While Amartya Sen may find a problem with placing the chicken before the egg, after this work one must understand that economic stagnation helps noone.
Better than church: Economics, the joyful science.......2006-12-01
Economics is often considered a values-free discipline (and economists - well, a sperm cell has a better chance of becoming human). Economists have promoted this view with their emphasis on "positive" (scientific) economics. Economic theory must generate testable hypotheses which stand on their ability to predict the future and withstand the test of data. This is actually very important if economic theory is going to serve as the basis for policy. Without a rigorous and dispassionate analysis of the problems we face and their potential solutions, policy is more likely to be destructive than useful. But taken to an academic extreme, this approach makes economics rather arid, an extremely formal social science that looks more like a branch of mathematics. Indeed, some economics journals publish articles so arcane they might as well be about string theory for all the relevance they have to actual human beings.
Friedman understands that economics is much more than mathematics, that it deals directly with human happiness. It's the most optimistic and joyful of sciences, not simply a ruler by which we can measure policy. Its uses and conclusions are fundamentally moral (or immoral). Economic growth isn't just about GDP and reams of statistics, but about the expansion of opportunity, the lifting up of the poor and the powerless to prosperity and self-determination. Markets aren't just about money, but about liberty. It may be the responsibility of economic advisors to be cold, impartial and rational in their analysis and advice, but policy makers and citizens must apply moral reasoning and moral sense to the products of that analysis.
Friedman's book is a solid introduction to the moral relevance of economics. Friedman shows us that economics matters, though it doesn't matter in quite the way that physics matters. Physical knowledge may be used for moral or immoral purposes, but physics is fundamentally without morality. It also need not deal with anything that really matters to you and me. Economic theory can explain human behavior in ways similar to thermodynamic explanations of molecular motion, but humans aren't molecules. You can't simply describe the impact of globalization or tax policy on humans without a moral framework; an attempt to objectify humans as you'd objectify hydrogen molecules contains its own grim morality. It's the strength of Friedman's book that it makes clear that economic decisions and economic analysis are firmly embedded in a moral framework, no matter how hard we might try to ignore it in our pursuit of scientific and mathematical rigor.
Friedman's book isn't just a moral tract; he attempts to make a case for his moral stand. Friedman is a skilled economist, and he marshals historical data and comparisons of different nations and different periods in our own history to make his case. He provides some information useful for evaluating his thesis that economic growth is moral, he doesn't simply assert it. But herein is a weakness in his book. He doesn't provide nearly as much hard information as he should, and he scatters his supporting numbers throughout the text. It would be very helpful to the reader if data were gathered into charts and tables. There's but a single Figure in the book, no tables of data. It should also be noted that his national comparisons leave out some states (China, Singapore, Vietnam) that might contradict his thesis regarding the linkage between economic growth and political liberty. He's chosen his examples far too carefully.
Another weakness of this book is a natural danger of the type of text Friedman has written. Because he is dealing with economics as a moral issue, he takes a moral stance, one that's clearly to the political left in many ways. I have no problem with this, even though I'm somewhat to the right of him, but we should be very clear on one point. While a trained economist like Friedman is in a much better position than the average person to analyze the effects of different policies, he's no more qualified than a pastry chef to comment on the relative desirability of those different policies once their effects have been laid out in terms the pastry chef understands. Friedman makes a number of policy suggestions in his book with which I disagree. He doesn't make it sufficiently clear that their potential effects aren't unambiguously better than those of alternative policies designed to create or enhance economic growth.
My final objection to this book is its length. Friedman is clearly a well-read man of wide interests, and he brings a great deal of his erudition to this book. It strengthens his case, but I'm not sure that the marginal benefits of the 400th page exceed the marginal costs. More than once I found myself wanting an executive summary of the chapter I was reading and wishing that he would just cut to the chase. But that's really a minor complaint. I benefited from reading this book. It's an interesting and thoughtful contribution to the issue of economic growth (and by extension to international trade and economic aid to developing countries), and I strongly recommend it.
Society and Economic Growth.......2006-11-05
Friedman explains how growth is good for promoting a freer, more tolerant and open society. The author gives good reasons for defending growth as the major objective of any government.
Interesting Thesis, but overlooking some important points.......2006-06-13
Mr. Friedman's book begins with an interesting thesis, defining morality and its definition within a context of economic growth. The idea that economic growth or stagnation effects the mindsets of the people living in that time period is a logical argument that Friedman often well supports with historical facts. However, the exceptions to his argument make me wonder if he really believes in his own thesis, or if he just felt the need to write a book. Furthermore, for every chapter in the book, there seem to be at least one or more flawed arguments or points that, with a little thorough thought or research, don't make sense or can easily be disproven. With these things being the case, I find Friedman's argument a little hard to buy. The entire book seems to build up to the final chapter, which Friedman uses to make policy recommendations that would aid in economic growth; this final chapter could have stood alone from the book entirely, however, because the evidence in the book an his arguments elsewhere in the book (ie. the importance of education) do not add or support his final policy recommendations. His policy recommendations could have easily been listed by students in an economics class as responses to the question "What should the government do to promote economic growth?" They don't push the argument forward or indicate anything that hasn't already been suggested in the past, nor do they give suggestions as to how to go about implementing his policies.
Puzzling.......2006-06-02
Friedman begins with a few troubling statistics, particularly the fact that except for a brief period in the late 1900s, most of the fruits of the last three decades of economic growth in the U.S. have accrued to only a small slice of the population. Further, after allowing for higher prices, the average 2004 worker in an American business made 16% less each week than 30+ years earlier. With more and more two-earner households and more individuals holding two jobs, most families' income have more than held their own. But nearly all the gain in the last three decades came only in the late 1990s. Young men entering the American job force in the 1970s started off earning two-thirds more, on average, than the generation starting out in the 1950s; by the early 1990s it was one quarter less than their parents.
Economic growth positively affects the character of the society as a whole, and because neither tolerance nor democracy is a good that private markets value, there is a role for government measures to seek growth beyond what the market would provide on its own. Improved transportation, crime reduction, safety from external attack, savings, education, and patent protection are examples of valuable government contributions.
Friedman asserts that declining investment is a problem in the U.S., and blames it on increased current consumption and government borrowing. (But what about the fact that much cheaper labor is available in Asia?) He goes on to posit that chronically large deficits' depressing effect on America's investment probably received a greater spur from change in the tax structure than the positive aspect of the tax reductions.
Friedman suggests improvement that begins with undoing the Bush administration high-end tax changes that provided 60% of the benefits to the top 10% (earning over $120,000) to reduce the deficit and improve society.
Fireman, like many others, very much wants to improve American education. He begins by focusing on improving the high school graduation rate - stable at about 90% over the last several decades - through more spending. (Friedman, however, forgets that enormous increases in inflation-adjusted per-pupil spending also occurred during this period, and that dropout rates closely correlate with race - ergo, positive home influence is probably a much more potent lever.) More government support for college education is also highly recommended because their incomes average some 70% more than those without a college degree. As for class sizes, Friedman is aware that most quality research has found reductions do NOT improve pupil achievement; nonetheless he suggests reductions would improve graduation rates, though the sources he cites seem to confound race and socio-economic status with class size as influences. He also supports competition within education, citing several inner-city positive examples such as Harlem Community Schools.
Another significant recommendation is raising the Social Security retirement age.
What is puzzling about "The Moral Consequences of Economic Growth" is that Friedman does not address a major issue of today's economic growth - the impact of free trade and illegal immigration on American incomes. Also, his treatment of economic development and population growth on environmental impacts is overly optimistic. These issues seriously limit the book's contributions.
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Recent Developments in Growth Theory (International Library of Critical Writings in Economics)
Manufacturer: Edward Elgar Publishing
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Property Relations, Incentives and Welfare (International Economic Association Conference Volumes)
Manufacturer: Palgrave Macmillan
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ASIN: 0312159269 |
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The dramatic implosions of the centrally administered, non-democratic political systems in central and eastern Europe in the late 1980s have generated a body of research concerning the transition from public ownership, and the role of the market and other institutions in engendering good incentives for economic actors. The essays collected in this volume study property relations, their associated incentives and the consequent effects on welfare: the ubiquitous theme is that efficiency cannot be divorced from the distribution of productive assets.
Book Description
Is the United States "the land of equal opportunity" or is the playing field tilted in favor of those whose parents are wealthy, well educated, and white? If family background is important in getting ahead, why? And if the processes that transmit economic status from parent to child are unfair, could public policy address the problem? Unequal Chances provides new answers to these questions by leading economists, sociologists, biologists, behavioral geneticists, and philosophers.
New estimates show that intergenerational inequality in the United States is far greater than was previously thought. Moreover, while the inheritance of wealth and the better schooling typically enjoyed by the children of the well-to-do contribute to this process, these two standard explanations fail to explain the extent of intergenerational status transmission. The genetic inheritance of IQ is even less important. Instead, parent-offspring similarities in personality and behavior may play an important role. Race contributes to the process, and the intergenerational mobility patterns of African Americans and European Americans differ substantially.
Following the editors' introduction are chapters by Greg Duncan, Ariel Kalil, Susan E. Mayer, Robin Tepper, and Monique R. Payne; Bhashkar Mazumder; David J. Harding, Christopher Jencks, Leonard M. Lopoo, and Susan E. Mayer; Anders Björklund, Markus Jäntti, and Gary Solon; Tom Hertz; John C. Loehlin; Melissa Osborne Groves; Marcus W. Feldman, Shuzhuo Li, Nan Li, Shripad Tuljapurkar, and Xiaoyi Jin; and Adam Swift.
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Economic Development, 4th Edition
E. Wayne Nafziger
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ASIN: 0521829666 |
Book Description
E. Wayne Nafziger updates the economic development of Asia, Africa, Latin America, and East-Central Europe in this fourth edition. Nafziger explains the reasons for the fast growth of Pacific Rim countries, Brazil, Poland, and (recently) India, and the increasing economic misery and degradation of large parts of sub-Saharan Africa. He also examines China and other post-socialist economies as low- and middle-income countries, without, however, overshadowing a primary focus on the third world. Nafziger's text is filled with real-world examples--emphasizing the themes of poverty, inequality, unemployment, the environment, and deficiencies of people in less developed countries.
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- What America could become
- The pragmatic compassionate liberal's credo
- Progressive voice of economics
- Spreads itself too thin
- A practical advocate for a more humane economy
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The Good Society: The Humane Agenda
John Kenneth Galbraith
Manufacturer: Mariner Books
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ASIN: 0395859980 |
Book Description
This compact, tightly argued, and eloquent book is the quintessential John Kenneth Galbraith, the manifesto of the "abiding liberal." In defining the characteristics of a good society and creating the blueprint for a workable agenda, Galbraith allows for human weakness without compromising a humane culture, and recognizes barriers that hinder but do not defeat a responsible, stable, and hopeful future.
Customer Reviews:
What America could become.......2006-10-10
Sometime in the 1970s, several trends started to take effect in the USA that have led to many of our troubles now. One of these was the growing divide of the America into haves and have-nots. Another one of these was the privatization of numerous parts of the US economy, and the transfer of many government functions from the public role to the private market. A third effect was the de-emphasis of public infrastructure for the public good, to public infrastructure for corporate wealth. John Kenneth Galbraith addresses all three of this trends, and shows what they have done to the American society and American communities. The result is a good wishlist of probably most political liberals. The one thing lacking from the book is a comparison of what America has become, to the economic and social transformations that have occurred in societies that have incorporated many of Galbraith's ideas, such as Scandinavia, Singapore, and Japan. Overall, an OK book and a good summary of the author's works and views.
The pragmatic compassionate liberal's credo .......2006-04-30
I am writing this review on the day after John Kenneth Galbraith passed away at the age of ninety- seven. He was a legendary figure in his lifetime, an economist with a world reputation. His book 'The Affluent Society" (1958) made the U.S. and the world think again about the meaning of a society primarily devoted to individual consumer consumption. He was a public servant of great ability and dedication from his days working for the Roosevelt Administration during the Second World in the Office of Price Administration through his service to the Kennedy and Johnson Administrations . He served as U.S. Ambassador to India and was a strong advocate for that country in the U.S. For over thirty years he taught at Harvard and was considered one of its most popular and brilliant teachers. He wrote over thirty books, and was involved in a tremendously wide variety of public activities and affairs.
This short book is an updating of 'The Affluent Society'. In it he tackles major economic and social questions >He speaks of a good society whose obligations are to provide for " personal liberty, basic wellbeing , racial and ethnic equality, the opportunity for a rewarding life".
In short chapters of around ten pages he tackles the problems of the deficit, the environment, migration, the proper distribution of wealth, the providing of aid to the world's poor.
Galbraith was a fighter in spirit , a person of great wit and fierce sense of social justice. His platform of a kind of social democracy as the ideal way to meet the modern world's problem certainly is questioned by many, not the least by predominant economic opinion today.
Perhaps his greatest importance was in pointing out performance problems in capitalist societies, and demanding a greater degree of concern for the commonweal.
He was one of those rare intellectual figures who could take a relatively dull subject and make it 'interesting' for the broader public.
He worked hard, long and well and his contribution will hopefully not be forgotten.
Progressive voice of economics.......2006-01-18
John Kenneth Galbraith sees the eternal struggles of economics as a battle between capital and labor and as things currently stand capital is delivering haymakers and body blows to labor. Labor has the numbers but capital has the advantage of... well, capital. Capital can afford the best representation and that has never been more true than today. Meanwhile Globalization has effectively destroyed labors bargaining power.
In `The Good Society' Mr. Galbraith attempts to map out an economic plan for creating a good society for all, wealthy and poor. What sets Mr. Galbraith apart from many economists is his belief in a pragmatic rather than dogmatic approach. He even compares the Republican parties 1994 `Contract with America' to the `Communist Manifesto' for its ideological inflexibility. The problems seem to occur when people start believing that economics falls under the hard sciences when in truth it's more like tracking the weather where small perturbation can cause dramatic changes. One thing that the author has maintained through the years is that Feds actual effect on inflation and recessions is negligible and more smoke and mirrors meant to give the appearance that something is being done. The other issue is that Globalization has made it increasingly difficult for the Federal Reserve to adjust the levels of our economy.
Occasionally the author comes off as a bit naive as when he talks about large scale modernization projects done in the third world saying, "The steel mills, hydroelectric plants and shiny airports, now sited among ignorant people, became sterile monuments to error - and failure." What Mr. Galbraith fails to recognize is that these projects are only failures from the perspective of the recipient countries who borrowed away their futures in order to acquire them. To the IMF and the construction companies involved it was a complete success. The author does recognize that the gift wealthy countries should have offered was the much less glamorous gift of education. In another section Mr. Galbraith says in reference to Imperialism and Colonialism, "We speak sometimes reflectively, of the end of history; here, indeed, history has come to an end." Writers who use the unfortunate term `end of history' have a bad tendency of being proven wrong in the end.
John Kenneth Galbraith is one of the few economists of late who addresses the immense danger of wealth inequality. In contrast to Milton Freidman, Mr. Galbraith believes that there are both financial and ethical sides to economics as relates to helping the poor, protecting the environment and supporting workers rights. He also supports transnational organizations and sees Globalization as the inevitable future. In most ways Mr. Galbraith is swimming upstream against the trends in the United States which is exactly why I find his views more important than ever before. The book seemed to lose some steam about half way through and many of his ideas such as the danger of the military industrial complex have been addressed in his other book, still I recommend Mr. Galbraith as a responsible voice for progressive economics.
Spreads itself too thin.......2005-06-05
John Kenneth Galbraith can be considered a pragmatic liberal, and what he has offered in The Good Society is a concise outline of how a country can - and should - both prosper and take care of its economically deprived citizens. Galbraith argues that the government should bear the responsibility for building an equitable society, and he discusses his view of the proper role of government in areas ranging from education to foreign policy.
The fundamental problem with the book is that it lacks the depth of treatment that his topics demand. Each of the chapters, which range from 8 to 10 pages in length, concentrates on a single, unique topic that would normally fill out an entire book. Accordingly, most of the points Galbraith makes are vague and general. For instance, he points out that America's foreign policy should emphasize maintaining peaceful relationships with other nations so as to encourage free trade, but he doesn't delve much further into the issue. Specific policy proposals are never mentioned.
The second problem with the book, which is a consequence of the first, is that the ideas Galbraith offers are neither novel nor particularly insightful. In the introduction, he challenges the reader by claiming that some of his proposals for society will ruffle a few feathers, but none of the views in the book fall outside the mainstream of the Democratic Party.
What makes The Good Society worthwhile is Galbraith's argument, which he carries throughout the book, that policy should never be subordinated to ideology. Policy decisions, our pragmatist demonstrates, should be examined on the particulars of the individual case and should not be based on any brand of economic dogma. Also, the topics and general proposals presented in the book remain relevant today though the book was written ten years ago.
On a stylistic level, the book is inconistsent. The writing ranges from concise and lucid to jarringly awkward. The frequent use of double-negatives, fragments, and inverted sentence structure make the reader go back over passages more than once.
Because of the somewhat facile traetment of complex issues, I recommend The Good Society primarily to those without much prior knowledge of liberal (i.e. Democratic) policy. Generally, it is a "not unpleasant" read.
A practical advocate for a more humane economy.......2004-06-13
Galbraith's main point has less to do with any specific policy than with his belief that rigid ideologues advocate for flawed and potentially dangerous political and economic systems. He argues that capitalism is by far the most responsive and effective economic system given our nature and needs, but that pure market capitalism comes up short in many significant respects. He does exhibit his own bias in some chapters when he ignores matters of degree in favor of more dramatic claims, but his proposals are not controversial by most standards?we need a safety net, environmental regulation is necessary, etc. I couldn?t relate to most of the negative reviews/remarks here. Among them: Galbraith, onetime speechwriter for presidents, editor of Fortune magazine, and prolific author, is inarticulate to the point of incoherence; Galbraith, a onetime Harvard economics professor and head of the American Economic Association, lacks any understanding of economics; Galbraith's ideas are silly; etc. This is a book arguing that capitalism must be tempered if it is to serve society well. Someone who believes that environmental regulations, zoning laws, a progressive income tax, and organizations like the SEC are unnecessary impediments to economic growth will have a hard time with Galbraith. Others will likely recognize that the criticisms of capitalism he levels here are, to some debatable extent, legitimate.
Book Description
Based on the key idea that social protection in a modern economy, both inside and outside the state, can be understood as protection of specific investments in human capital, Torben Iversen offers a systematic explanation of popular preferences for redistributive spending, the economic role of political parties and electoral systems, and labor market stratification (including gender inequality). Contrary to the popular idea that competition in the global economy undermines international differences in the level of social protection, Iversen argues that these differences are actually made possible by a high international division of labor.
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Economic Inequality and Income Distribution
D. G. Champernowne , and
F. A. Cowell
Manufacturer: Cambridge University Press
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Binding: Paperback
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ASIN: 0521589592 |
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Economic inequality has become a focus of prime interest for economic analysts and policy makers. This book provides an integrated approach to the topics of inequality and personal income distribution. It covers the practical and theoretical bases for inequality analysis and income distribution as well as providing applications to real world problems. Special attention is given to an assessment of the merits and weaknesses of standard economic models and to illustrating the implications of distributional mechanisms using real data and illustrative examples.
Customer Reviews:
booooooooring.......2003-12-10
I wrote a economics paper on income inequality and it was not fun. how can you write a whole book about it? i don't get it. thank you for your time. lala and aniie.
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The Political Economy of Inequality (Frontier Issues in Economic Thought)
Manufacturer: Island Press
ProductGroup: Book
Binding: Paperback
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ASIN: 1559637986 |
Book Description
The disparity in wealth both within and between nations has grown rapidly in recent years, and is becoming an increasingly significant issue in attempts to deal with environmental problems - from international negotiations over climate change to local concerns about environmental justice.
The Political Economy of Inequality offers an in-depth examination of the economic theory behind the causes, consequences, and cures for inequality. The volume brings together disparate analyses of inequality in economic and related fields, identifies areas where more work is most needed, and lays the groundwork for an integrated understanding of the causes and consequences of inequality in the United States and the world.
Sections cover:
- the distribution of earnings
- the distribution of wealth
- celebrity and CEO incomes
- the effects of corporate power
- poverty, inequality, and power
- household roles and family structure
- skills, technology, and education
- categorical inequalities, such as those based on race, gender, or ethnicity
- inequality on a global scale
- the welfare state
The book is the fifth in the six-volume Frontier Issues in Economic Thought series. Each volume offers two- to three-page summaries of the most notable articles and chapters in a "frontier" area where important new work is being done but has not yet been incorporated into the standard definition of economics. Introductory essays by the editors review the field, cite other literature that was not summarized, and situate the summarized articles within an overview of the subject.
As with the other volumes in the series, The Political Economy of Inequality offers an invaluable overview of an emerging field of economics and is a unique reference for students and scholars concerned with economic policy, social economics, work and labor issues, international and sustainable development, or related topics.
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- Strategies for Asia Pacific: Building the Business in Asia, Third Edition
- The 22 Immutable Laws of Branding
- The Asian Energy Factor: Myths and Dilemmas of Energy, Security and the Pacific Future
- The Chinese Century: The Rising Chinese Economy and Its Impact on the Global Economy, the Balance of Power, and Your Job
- The Emerging Markets Century: How a New Breed of World-Class Companies Is Overtaking the World
- The Enlargement of the European Union and NATO: Ordering from the Menu in Central Europe
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