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Product details
File Size: 1505 KB
Print Length: 368 pages
Publisher: Nicholas Brealey Publishing (May 4, 2017)
Publication Date: May 4, 2017
Language: English
ASIN: B01MXUTOS3
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Amazon Best Sellers Rank:
#374,058 Paid in Kindle Store (See Top 100 Paid in Kindle Store)
Another in a long line of excellent reviews of a field of knowledge. Great introductions to things I ought to know and then can choose to read in depth.
Another wonderful book covering an important field. Helpful. So clear. The book is a gift for those like me who want an overview of a field of study for further study, and as later reminders of worthwhile works. Highly recommended.... David
Interesting topics.
I enjoyed the authors thorough and engaging writing style .He makes the dismal science both relevant to today's issues and exciting to read.
Read it and bought this as a gift. Great book!
Another thorough addition to the 50 Classics series. Distilling some of the best works on economics into concise and easy to digest summaries. Once again many of the works summarised will end up on my book shelf as the intros from 50 Classics leave me wanting to discover more.
Amazon has a policy that gives preferential placement to reviews of books that have been purchased from Amazon. Therefore, there will be little (if any) opportunity to read reviews by others who receive a copy as a gift, borrow one from a friend or check out a copy from a library. This is a really stupid policy.* * *As Tom Butler-Bowdon explains in the Introduction to the latest volume in his 50 Classics series, he agrees with Ronald Coase that “the biggest problem in economics is that theories and models have been constructed on assumptions which practitioners have not bee bothered to examine and admit. He coined the term ‘blackboard economics,’ in which everything works perfectly in theory, but not so much in reality. Some of the biggest mistakes in economics came from putting this theoretical cart before the horse.â€That is to say, “economists have been all too willing to believe in ‘one big thing’ when they should be willing to change and fix models according to newly arising facts, and to accept lots of little pieces of data which together make a more accurate picture of reality.â€It was a 12th century French monk, Bernard Chartres (not Isaac Newton), who first suggested, “We are like dwarfs standing on the shoulders of giants.†Butler-Bowdon stands atop 50 giants in economics and builds a study bridge between them and those who read this book. How can I build a bridge between it and those who read this brief commentary?After mulling about this for quite a while, I decided to focus my attention on Butler-Bowdon’s comments of greatest interest to me. Thus, I now stand atop his shoulders. Here are selected passages from works I have listed in order of publication year:On Adam Smith’s The Wealth of Nations (1776): “Smith provided a simple recipe for how countries could become wealthy, which begins with its citizens being good savers. ‘Parsimony, and not industry,’ he writes, 'is the immediate cause of the increase of capital.†Prodigal people are a ‘public enemy,’ while every frugal person in society becomes a ‘public benefactor.’ Secondly, these savings are invested toward productive ends, which naturally increases the number of people usefully employed.â€On Thorstein Veblen’s The Theory of the Leisure Class (1899): “Though the leisure class was worth studying, in Veblen’s mind, because it set the standard for the rest of society, he also admits that we may be less influenced by those several classes above us, or well below us in the social strata, than those slightly above…This desire for status seems hardwired into us. Veblen, who grew up on a farm, noted how status on the land was measured differently than in the city. A large acreage could be defended on the grounds of efficiency and productivity, when in fact it conferred great social status because everyone knew that, at any time, the land could be sold and its owners could sell up and live in luxury.â€On John Maynard Keynes’ The General Theory of Employment, Interest and Money (1936): “Yet the heart of Keynes’s thinking was not employment as such, but the problem of demand. Classic economics was based on the idea that ’supply creates its own demand’…For Keynes the classical view was a Candide-like belief that ‘all is for the best in the best of all possible world provided we will let it well alone.†That is, laissez–faire…leave the economy to itself.On Joseph Schumpeter’s Capitalism, Socialism, and Democracy (1942): “Schumpeter seems to offer us a choice of either unregulated, red-blooded capitalism that brings massive wealth and social inequality at the same time, or a bowdlerized version that promises social utopia but kills off the engine of growth, the entrepreneur. Experience tells us that capitalism is a fine balancing act between not killing the golden goose (individual entrepreneurship and innovation) and ameliorating the effects of creative destruction. Yet the citizens of rich countries have to accept that all industries have a life span, and no job is guaranteed. Insecurity is a price of prosperity.â€On Benjamin Graham’s The Intelligent Investor (1949): “The secret of investing success, Graham says, could be summed up in the term, “Margin of Safety.†In technical terms, this means evidence of a company’s earnings above what is required to service its interest on debt, particularly in the event of a significant sales or market decline. The intelligent investor always looks for this buffer because it means they do not need to have accurate estimates of a company’s future. A speculator does not usually consider the margin of safety important, but for the investor it is a touchstone.â€Note: Warren Buffett and Charlie Munger are among those who have adopted and applied Graham’s insights to their own investment decisions. The results? Two words: Berkshire Hathaway.On Milton Friedman’s Capitalism and Freedom (1962): "Capitalism and Freedom is a reiteration of what Scottish economist Adam Smith had said less than two centuries before — that, left to their own devices and free of excessive government control, people prosper and create civilized communities. Yet in the twentieth century, in the face of various socialist experiments and growing state intervention in western countries, Friedman’s reminder became an urgent one. Making a clear connection between economic freedom and political freedom, he showed that markets were not a luxury but the very basis of personal and political liberty.â€On Thomas Piketty’s Capital in the Twenty-First Century (2014): “Piketty seeks to expose the canard of orthodox economics that ‘a rising tide raises all boats.’ In fact, he argues, this was true of only a relatively short period in human history, [the three decades following World War Two]…Since 1980, three-quarters of the income gains in the US have gone to the top 1 percent, which includes people making more than $1.5 million a year. The result has been a greater inequality of income from labor than at any other time in human history.â€I highly recommend this latest volume in the 50 Classics series as well as each of the others. The material provided is not a “summary†that will prepare people to “fool†others that they have in fact read the given book. Those who read it will, however, appreciate the key insights that are distilled. Tom Butler-Bowdon also includes mini-biographies and supplementary readings.I agree with him: “As a social science, economics must concern only ‘what works,’ to go beyond ideology. That said, if we had to make a choice between living under a socialist system, or a capitalist one, the later, the evidence tells us, is much better at providing the things that we as individuals and societies value.â€If you are in need of gaining a much better understanding of the most important ideas on capitalism, finance, and the global economy, look no further.
Tom Butler-Bowdon has summarized 50 economics books spanning 240 years (1776 to 2016), however 40% of the books were published in the 21st-century, thus offering contemporary relevance with historical context. Indeed he notes in the introduction, “if there is anything that the financial crisis of 2007-08 told us, it is that economic and financial history matters.â€Each book is distilled to about six pages. Among the many topics covered are: the euro, the Great Depression, subprime loans and the 2008 financial crisis, the value of a college education, the economics of cities, free trade, protectionism, globalization, the gold standard, income inequality, innovation and entrepreneurship, investing in the stock market, employment, technology, poverty, famines, crime, foreign aid, property, dead capital, and behavioral economics.Here are some selected highlights.The Rise and Fall of American Growth by Robert J. Gordon – 2016“As wonderful as smartphones and the internet are, they are no match for [water mains and sewers] or the mass-produced automobile in dramatically raising living standards. As a result, the growth rate of the last 45 years has been less than half that enjoyed between 1920 and 1970.â€â€œThe almost decade 1996 to 2004 saw a spike in productivity thanks to the diffusion of computers, but unlike the productivity increase caused by electricity, which lasted decades, the one involving computers lasted eight years. Today, Gordon says, most of the benefits of digitalization have already worked through the economy.â€â€œFor all the array of new technologies coming out, from DNA sequencing to supercomputers, nanochemistry, and genetic engineering, we don’t know how life will be radically improved until these technologies play themselves out. Yet Gordon sees all of these as incremental rather than revolutionary… Rich countries can’t expect to keep growing at the rate of 1920-1970, any more than today’s China or India can expect to maintain growth rates of 8-10 per cent.â€The Euro by Joseph Stiglitz – 2016“While the euro throws all the states in to the pot as if they are the same, there are yawning differences. For instance, the low-debt, low-deficit model that underpins the currency is a reflection of German attitudes to financial rectitude, particularly the horror of inflation, but it is perfectly legitimate for other countries to want to prioritize employment over inflation. Yet if you have a single currency and a central bank, how do you set interest rates: to prevent inflation at all costs, or to prevent unemployment at all costs?â€Innovation and Entrepreneurship by Peter Drucker – 1985“‘The Entrepreneur,’ Frenchman J.B. Say said in 1800, is one who simply ‘shifts economic resources out of an area of lower and into an area of higher productivity and greater yield.’ This was the original definition—and the best, Drucker maintains.â€â€œClassical economics says that economies tend towards equilibrium—they ‘optimize’, which results in incremental growth over time. But the nature of the entrepreneur is to ‘upset and disorganize’. He or she is a wild card generating wealth through the process economist Joseph Schumpeter described as ‘creative destruction.’â€â€œThe best innovations can be alarmingly simple, and often have little to do with technology or invention. For example, there was nothing technically remarkable about creating a metal container that could be easily offloaded from a truck onto a ship, but the advent of container shipping as a standardized system of moving things around the globe was an innovation that quadrupled world trade.â€â€œIt is only when innovation meets the market through the catalyst of entrepreneurial management that you start to create things of great value. For example, De Havilland, the British company, produced the first passenger jet plane, but Boeing and Douglas took the industry lead because they created ways for airlines to finance such expensive purchases.â€The Economy of Cities by Jane Jacobs – 1968“Her message is that economic dynamism comes from people being engaged in the ‘unroutine business of economic trial and error,’ that is, experiments which create new ways of doing things, and therefore new work. If this process is absent, a city, despite its size, can decline. Great cities do not simply produce more things, but new things.â€â€œOne of her key points is that to develop new kinds of work, a place need to have many different sources of finance, since what people consider a good investment differs hugely. This ‘inefficient’ deployment of capital is actually what makes a city grow.â€â€œA key lesson from Jacobs’ work is that, because great cities grow organically, the main job of government is simply not to ruin what is already there, including the ‘inefficient’ streetscapes which prevent crime by increasing visibility, and which provide the vital social interaction that makes city life so interesting and productive.â€The Theory of the Leisure Class by Thorstein Veblen – 1899“Veblen gave us the term conspicuous consumption.†He viewed capitalism as driven by pride and envy, and observed that we are “less influenced by those several classes above us, or people well below us in the social strata, than those slightly above. This has been borne out by psychological studies in the last 30 years, which suggest that, in terms or happiness, it is not our absolute wealth that matters as much as how wealthy we are in relation to our friends, neighbors, or co-workers.â€Irrational Exuberance by Robert J. Shiller – 2000“Most human thinking, Shiller observes, ‘is not quantitative, but instead takes the form of storytelling and justification’ … [The] ‘buy low, sell high’ truth, unfortunately, is lost amid market frenzies, when it is believed that a ‘new era’ has begun in which higher than normal prices are justified by a new technology or demographic trends.â€â€œShiller’s crucial insight is that big falls in the stock market generate hangovers lasting much longer than is commonly thought. After the stock market peak in 1901, for instance, there was a 20-year decline, only for stocks to rise again with the bull market of the 1920s. Then, after the Great Crash of 1929… the Standard & Poor’s Composite Index did not return to its 1929 value until 1958. Yes, there was a market boom from 1960 to 1966, but with the long bear market that followed, the market did not return to its 1966 levels until 1992.â€Shiller also puts real estate gains in perspective. “Viewed from the longer time span of history, home price growth has been less than real income growth, which has been around 2 percent a year from 1929 to 2013. The prices of most American homes have only increased by between 0.7 and 1 percent a year over a century. It seems like a big increase if your grandmother bought her house for $16,000 in 1948 and it sold for $190,000 in 2004, but not when adjusted for inflation. As with the idea of getting wealthy through stocks, the popular wisdom is wrong.â€Poverty and Famines by Amartya Sen – 1981“The poor cannot be seen as a monolithic group. For example, between the late 1960s and mid-1970s, although there was a fall in the total number living below a poverty line in Bangladesh, the number living in ‘extreme poverty’ (i.e. those with income not enough to meet 80 percent of the recommended calorie intake spiked sharply. Thus, the apparent rosiness of the official statistics hid a greater vulnerability to famine than before.â€The Mystery of Capital by Hernando de Soto – 2000“When properly documented, assets ‘lead an invisible, parallel life alongside their material existence,’ de Soto says… When ownership cannot be clearly demonstrated, in contrast, an asset is ‘dead capital,’ because it can’t generate more capital through being securitized or collateralized.â€â€œDe Soto’s team estimated that in developing and ex-communist countries, 85 percent of urban land, and around half of rural land, is dead capital. Yet combined, it was worth an amount equal to all the companies listed on the main stock exchanges of the richest countries, and twenty times all Third World foreign direct investment… Instead of giving, aiding, and loaning to the developing world, rich countries would be much more useful if they used their influence to facilitate formalization of already-existing assets.†Another benefit: “Law and order increases, because formal ownership rights make you respect the rights of others more.â€The following is a list of the authors whose works are summarized in 50 Economics Classics, grouped by publication date: 1776-1798: Adam Smith, Thomas Malthus. 1817-1899: David Ricardo, Karl Marx, Henry George, Alfred Marshall, Thorstein Veblen. 1904-1949: Max Weber, John Maynard Keynes, Joseph Schumpeter, Karl Polanyi, Friedrich Hayek, Paul Samuelson and William Nordhaus, Benjamin Graham, Luwig von Mises. 1955-1996: J.K. Galbraith, Milton Friedman, Gary Becker, Ayn Rand, Jane Jacobs, Albert O. Hirschman, E.F. Schumacher, Thomas C. Schelling, Amartya Sen, Peter Drucker, Hyman Minsky, Ronald Coase, Elinor Ostrom, Michael E. Porter, Julian Simon. 2000-2016: Hernando de Soto, Robert J. Shiller, Steven D. Levitt and Stephen J. Dubner, John C. Bogle, Naomi Klein, Paul Krugman, Niall Ferguson, Liaquat Ahamed, Dambisa Moyo, Michael Lewis, William J. Baumol, Dani Rodrik, Ha-Joon Chang, Diane Coyle, Eric Brynjolfsson and Andrew McAfee, Thomas Piketty, Richard Thaler, Deirdre McCloskey, Joseph Stiglitz, Robert J. Gordon.Butler-Bowden has done a great service in extracting the main ideas from so many books, representing a range of viewpoints. Some of the ideas may pique the reader’s interest to read the original text. In other cases, maybe not so much. The author comments on David Ricardo’s 1817 book: “It was not a great pleasure to read. In attempting to make economics more scientific, Ricardo wrote in a dry style that totally lacks the flourish and colorful examples of Adam Smith.†The author has a Masters degree from the London School of Economics.Disclosure: I received a review copy of this book.
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