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Title: The Zero-Sum Society: Distribution and the Possibilities for Economic Change by Lester C. Thurow ISBN: 0-465-08588-1 Publisher: Basic Books Pub. Date: 10 April, 2001 Format: Paperback Volumes: 1 List Price(USD): $18.00 |
Average Customer Rating: 2 (2 reviews)
Rating: 1
Summary: Proven Wrong
Comment: This book was a sensation when it first appeared in 1980.
But then something unexpected (by Thurow at least) happened. Ronald Reagan was elected President and ignited a period of spectacular economic growth, coupled with low inflation and high employment, that lasted through the next two administrations - thus proving Thurow totally wrong!
Why do publishers keep reprinting books that have been invalidated by history? Why not allow then to sink silently into the dustbin of failed theories where they belong?
As Charlie Chan once said: Theory like mist on eyeglasses. Obscures facts.
Rating: 3
Summary: Eminently Readable, Hardly Revolutionary
Comment: This was one of the most readable non-fiction books I've ever come across. It's written in clear effective English and makes its point (mainly through repetition) very well.
Thurow has one basic idea - that the American economy was paralysed in the 1970s because of the variety of groups (upper-class versus lower-class, blacks versus whites, industrial versus agricultural etc.) with conflicting interests that made it impossible for the government to undertake effective policies. As such, this book seems pretty commonsensical and hardly revolutionary nor particularly enlightening. Thurow takes us through the various economic problems that the US faced at the time to show how this is the case.
This problem appears to be the combined flaw of democracy - that people have a say in how the country is run - although he didn't explore that; and capitalism - the doctrine of self-interest. The groups all want to protect themselves. This means that any change will inevitably be vetoed/subject to prolonged protest by at least one group - namely, the group that will have to suffer (by seeing their incomes decline) so that the rest of the economy can benefit. This shows up in the protection of inefficient industries such as steel and textiles, the unwillingness to impose strict income and price controls etc. In effect, the economy will continue to stay stagnant until certain groups are imposed on for the sake of everyone else.
He also makes the interesting case that inflation was not really a problem, backing this up with statistics that show that the average American's standard of living rose; and income differences didn't widen. Rather, it was a matter of perception and psychology.
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Title: Building Wealth : The New Rules for Individuals, Companies, and Nations in a Knowledge-Based Economy by Lester C. Thurow ISBN: 0887309526 Publisher: HarperBusiness Pub. Date: 01 August, 2000 List Price(USD): $14.00 |
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Title: The Future of Capitalism: How Today's Economic Forces Shape Tomorrow's World by Lester C. Thurow ISBN: 0140263284 Publisher: Penguin USA (Paper) Pub. Date: April, 1997 List Price(USD): $15.00 |
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Title: Head to Head:Coming Economic Battle Among Japan, Europe, And America by Lester Thurow ISBN: 0446394971 Publisher: Warner Books Pub. Date: 01 June, 1993 List Price(USD): $14.95 |
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Title: Fortune Favors the Bold : What We Must Do to Build a New and Lasting Global Prosperity by Lester C. Thurow ISBN: 0060523654 Publisher: HarperBusiness Pub. Date: 07 October, 2003 List Price(USD): $26.95 |
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Title: Managing in a Time of Great Change by Peter F. Drucker ISBN: 0452278376 Publisher: Plume Pub. Date: April, 1998 List Price(USD): $14.95 |
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