Finally, the age of sophisters and calculators has fully arrived, and its herald is Tyler Cowen. He, economist and blogger, is here to tell us the purpose of life. It is to die with the most toys. Well, that, plus maximum freedom to do whatever we want with our toys while we are still alive. Stubborn Attachments is just about the sort of thing you’d expect from a left-libertarian philosopher, namely a clever and partially accurate construct that is internally coherent, but floats free of human reality and ignores any human value other than that found in the box labeled “Approved By John Stuart Mill.”
As the ideological tectonic plates shift in America, many apparently settled matters have become unsettled. This creates, at the same time, both conflict and strange bedfellows, though I suspect the latter will become used to each other soon enough. Such once-settled matters include hot-button cultural matters like nationalism, but also dry, technical matters of little apparent general interest that are of profound actual importance. Among these are the place in our society of concentrations of economic (and therefore political) power, the subject of the excellent Tim Wu’s awesome new book, The Curse of Bigness. What Wu is hawking is “Neo-Brandeisianism,” and I am buying what he is selling.
From the cover, I expected this book to be a lightweight documentary version of Crazy Rich Asians, offering painfully amusing stories about the foibles of the super-rich, accompanied by cautions about the negative effects of such behavior upon the rest of America. Plus, the picture of private jets in the driveway attracted me as a vision of my hoped-for future, since I am comfortably in the 0.1%, and much of my time is spent struggling to reach yet higher. Instead, this book is a pretty dense, though rambling, web of analysis, with no funny stories at all. Still, it’s modestly worthwhile in itself, and it has the additional benefit that it sheds light on today.
Ship of Fools extends the recent run of books that attack the American ruling class as decayed and awful. However it is characterized, as the professional-management elite, the Front Row Kids, or one of many other labels, all these books argue the ruling class is running our country into the ground, and most argue it is stupid and annoying to boot. I certainly agree, and I also tend to agree with the grim prognostication in the subtitle, that revolution is coming—that is, this will end in blood. What this book fails to offer, though, just like all these books, is any kind of possible other solution. Which, after a while, reinforces the reader’s conclusion that there is no other solution.
When I am dictator, which hopefully will be any day now, I am going to bring back what was once a crucial distinction. Namely, the sharp separation between the deserving and the undeserving poor. Theodore Dalrymple’s book shows both why that distinction is necessary, indeed absolutely essential, and why it has fallen from favor among those who decide society’s rules. Moreover, Life at the Bottom offers a wide range of food for related thoughts, so many that I am afraid, beginning this review, that it is likely to go on for a very long time. But at the end, I will solve all the problems for you. Strap in.
This isn’t a great book, but it’s a starting point for discussions that are worth having. Richard Reeves gently flogs his own class for their sins, an act he thinks is very daring, though he uses a thin, silken cord and doesn’t put any muscle into it. The upper middle class, he says, is pulling up the bridge to the Castle of Success, protecting its own sons and daughters from the dragons outside, at the expense of the peasants milling about on the other side of the moat. He thinks this is bad, although he is confused as to exactly why that should be, since it seems “unfair,” but he can’t say what that is with any precision, and, after all, isn’t personal choice the most important thing of all? So this book mostly goes nowhere, but it can tickle the mind into some genuine thought.
I find that my hit percentage on economics books is about 50%. One out of every two books I read is excellent, and the other is awful. Very little seems to be in between. Unfortunately for me, this book is in the latter group. It is supposed to be, I think, an effort to show that a mainstream economist can be less than totally enthused about unlimited free trade and “hyper-globalization,” without being on the side of Trump or “illiberal democracies,” and without giving up his neoliberal ID card. But Straight Talk on Trade is just a mess.
This is not a book about how you can make more money as a plumber than by going to law school. It is, rather, a book of philosophy, revolving around thoughts on alienation, self-reliance, and what we owe to others. I found it to be both a bit rambling and unexpectedly deep—it manages to connect the thoughts of Marx with those of Aristotle, and it combines practical thoughts on how one should earn one’s bread with advice for living a whole life. The net effect is worthwhile, though not earthshattering.
Although no author likes to have his book lumped with another, this book is an excellent complement to Tim Wu’s The Attention Merchants. Both books discuss, from different angles, possible practical reactions to the modern dominance of digital toys and tools. Today, when companies such as Facebook and Google are increasingly under fire from across the political spectrum, David Sax’s The Revenge of Analog reminds us of one possible response—not attack (although I am personally all for attacking such companies), but a return to the active use of pre-digital things. He takes us on a persuasive tour of analog offerings, and makes a compelling case for their continued persistence and growth, even if he seems unaware of some of the less socially beneficial results of that trend.
[Admin’s Note: This is a guest post by Jared, a Canadian and grudging dilettante with too much time on his hands.] As I continue to re-evaluate my take on the economics of the 20th century, Coase’s work stands out as well as or better than it ever did. Ronald Coase is probably my favourite economist of all time; his work is arguably as foundational as Smith’s or Ricardo’s and was developed over just a handful of influential and easily-digestible papers. The Firm, the Market, and the Law is more or less a summary of Coase’s most important work, containing his famous The Nature of the Firm and The Problem of Social Cost, but also several other papers, plus ample commentary from Coase himself circa 1990. Coase died in 2013 at the ripe old age of 102.