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Category: Economics

Book Review: The Scandal of Money (George Gilder)

George Gilder is famous among conservatives. For decades, I have heard positive things about him, primarily for his work in supply-side economics and, more recently, in technology. “The Scandal of Money” is an unsuccessful attempt to combine the two. Criticizing both Left and Right, and most of all Wall Street, Gilder calls for unleashing economic growth through a monetary restructuring—namely, a return to the gold standard, buttressed by Bitcoin.

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Book Review: The Forgotten Man: A New History of the Great Depression
(Amity Shlaes)

“The Forgotten Man” is both history and warning. It’s a great social/political history of the Depression. Rather than a recitation of economic facts, it emphasizes the personalities of relevant leaders in many fields and views the Depression through their interactions, with particular focus on the inability of the government to actually fix the Depression, despite their best (and not-so-best) efforts. The “forgotten man” of the title, in its usual historical frame, refers to Franklin Roosevelt’s use of the term—the politically weak voters on whom Roosevelt focused to get their votes, and supposedly rescued from economic despair. Shlaes resurrects in parallel the original and alternate meaning, of the man who bears the costs of government schemes directed at others.

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Book Review: The White Man’s Burden: Why the West’s Efforts to Aid the Rest Have Done So Much Ill and So Little Good (William Easterly)

“The White Man’s Burden,” despite its inflammatory title, is a measured analysis of the ability of the West to help alleviate poverty in the rest of the world. The title is actually ironic, for the book concludes, in essence, that most of the burden the West has taken on has led to no improvement and much waste. This book is a companion, in many ways, to Easterly’s later book “The Tyranny of Experts.” It also has much in common with other books focusing on both the Great Divergence and the lifting of the poor out of poverty, in particular Angus Deaton’s recent book, “The Great Escape,” and James C. Scott’s seminal “Seeing Like A State.”

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Book Review: Empire of Cotton: A Global History (Sven Beckert)

“Empire Of Cotton” is really two books. First, it’s an exhaustive exposition of the history of cotton as a textile raw material. That’s about 80% of the book, and by exhaustive I mean very, very exhaustive. Second, and unfortunately dominating, it’s a puerile, scattered, self-contradictory and confused attack on the Great Boogeyman “Capitalism,” along with sustained criticism of anything originating in or related to European culture. This book is a sort of “Occupy For Eggheads.” But not for very clear-thinking eggheads.

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Book Review: This Time Is Different: Eight Centuries of Financial Folly
(Reinhart & Rogoff)

Unfortunately, this book is nearly unreadable. Oh, I’m sure it’s readable if you’re a professional or academic economist. But for the casual reader, even one with a pretty good background knowledge of economics, it’s mostly an endless series of highly technical, loosely related charts, graphs and conclusions. All this to agree with the writer of Ecclesiastes, 2500 years ago, that “The thing that hath been, it is that which shall be; and that which is done is that which shall be done: and there is no new thing under the sun.”

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Book Review: The Tyranny of Experts: Economists, Dictators, and the Forgotten Rights of the Poor (William Easterly)

William Easterly is a leading critic of traditional approaches to development—that is, of traditional approaches to bridging the Great Divergence. He, and everyone else studying development, want to know why and how the West and a few Western-influenced countries have become wealthy, and everyone else in the world has stayed poor, despite trillions of dollars spent fruitlessly over seven decades by the West to bring the poor out of poverty.

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