When the economy was
booming after WWII, economists were found primarily in academia, but
as the economy slowed and solutions were sought, the economists came
out of hiding. Starting with Milton Friedman, economists entered the
political arena, and their ideas began to shape the economy not just
of the United States, but of the world.
The author tells the
story of how these economists came to the forefront of political
thought with their belief that the economy given the impetus of free
markets would bring prosperity and did not need so much government
intervention. The author tells the stories of Walter Oi, whose
calculations persuaded President Nixon to end conscription, and
Thomas Shelling who made value assessments of human life to underpin
his suggested policies.
This book is very
readable. It focuses on the stories of individual economists, their
ideas, and how the ideas impacted the lives of people. I enjoyed the
book very much. It tells you a lot about policy and economics, but
isn’t preachy or dry. The author uses his focus on individuals and
episodes in their lives to bring this rather deep discipline to life.
I highly recommend it.
I received this book
from Net Galley for this review.
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