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The Economists’ Hour
Book

The Economists’ Hour

False Prophets, Free Markets, and the Fracture of Society

Little, Brown US, 2019
First Edition: 2020 подробнее...


Editorial Rating

8

Qualities

  • Well Structured
  • Background
  • Hot Topic

Recommendation

In this insightful study of postwar economic orthodoxy, journalist Binyamin Appelbaum tells the backstory of how economists Milton Friedman, Arthur Laffer and other free market proponents captured the imaginations of Ronald Reagan, Margaret Thatcher and other world leaders. The results today, Appelbaum writes, are lower taxes for the wealthy and falling incomes for everyone else. His far-ranging analysis also explains why, for example, air travel now is cheap yet miserable, and why laid-off workers in the American Rust Belt will never again earn the incomes they enjoyed before their factories closed. Readers of all political and economic stripes will find Appelbaum’s treatise a sobering take on the modern economy.

Take-Aways

  • From 1969 to 2008, economists espousing free market theories gained influence in Washington, DC, on Wall Street and around the world.
  • American economists tended to agree that markets are good and government intervention is bad.
  • Milton Friedman began his career as an economist when the pro-interventionist philosophy of John Maynard Keynes held sway.

About the Author

Binyamin Appelbaum is an editorial writer for The New York Times who focuses on business and economics. He previously was a Washington correspondent for the paper and a reporter for the Charlotte Observer.


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