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Title: The Way the World Works by Jude Wanniski, Robert Novak ISBN: 0-89526-344-0 Publisher: Gateway Editions Pub. Date: September, 1998 Format: Paperback Volumes: 1 List Price(USD): $16.95 |
Average Customer Rating: 4.15 (20 reviews)
Rating: 5
Summary: A classic text on economics and human behavior
Comment: Whether you agree with tax cuts and supply side economics or not, this book is a great read. Using historical example of policy changes and their effect on the economy (and society) Wanniski demonstrates that when it comes to economic policy the people in Washington have failed to learn from history.
Note: if you are one of the people who still thinks a tax cut "costs" money, please read this book!
Rating: 5
Summary: Supply-side economics explained
Comment: Mr. Wanniski spends most of this volume examining world events in light of supply-side theory. He covers a remarkable range, from the beginnings of history to the present century; I have never read as cogent an explanation of both the Great Depression and the stagflation of the Carter years.
This book scares the Keynesian establishment, and it should--they are gradually going the way of the Newtonians. The only criticism of Wanniski (and of supply-side in general) seems to be ad hominem--some of which may be read in other reviews here (the nonsense written by Donald about Hoover and the Depression demonstrates a complete misunderstanding of the book's major theme).
Even irretrievable leftists, though, can find much in this book over which to ruminate. Wanniski is notably non-partisan and seems willing to share his ideas with whomever will listen. I found his group's web site after reading his book, and he posts a daily letter which is usually just as absorbing. If you have doubts about ordering the book, go to the site and read a few of his memos.
Over time, I think that _The Way the World Works_ will join _The Wealth of Nations_, _Das Kaptial_, and _The General Theory of Employment, Interest, and Money_ as one of the great treatises on economics--and it is by far the most fun to read.
Rating: 2
Summary: A Primer on Impact of Tax Policies - Nothing More
Comment: Can lowering tax rates actually increase tax revenues? Yes. This counterintuitive answer is explained very well by Jude Wanniski's main topic: the Laffer Curve. The more taxes get levied, the greater the incentive to avoid paying taxes - including avoiding productive pursuits altogether.
Can a steeply progressive tax structure actually cause fewer tax revenues to derive from the wealthy? Yes. Wanniski offers support for this proposition as well.
Can trade tariffs actually depress the economy? Yes.
These facts are lamentable for a number of reasons. But Wanniski doesn't spend much time lamenting. He is fixated on the future potential of aggregate growth - however damaging to short-term labor markets - however conducive to the divide between wealthy and poor - however damaging to the production of social goods that are non-commercial in nature.
Perhaps Wanniski's sentinal contribution in this book is that there is in fact tradeoffs between aggregate growth and other non-comercial goals that society might pursue. But let's give the more socially conscious some credit. Most of them already know this. But now they will understand it better.
Why Wanniski only gets two stars, however, is for positing that the main tradeoff is between "growth" and "redistribution." This frame is oversimplified and works to mystify all societal goals other than aggregate growth by associating them exclusively with the politically charged concept of "redistribution" that has been misunderstood and abused widely. Not to mention that what "growth" refers to is aggregate growth in the economy as a whole - a growth that doesn't neessarily lead to improved quality of life for the masses of wage earners - but more like the growth of the wealth of the few who enjoy the stronger bargaining positions in society.
Not all non-commercial goals require redistribution. Social security is not a redistribution policy - but it keeps us all from failing to save for the future in order to keep up with the Joneses - for instance.
For a better exposition on human nature and the negative effects of competition, see "Choosing the Right Pond" by Robert H. Frank
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Title: Economics for Real People: An Introduction to the Austrian School by Gene Callahan ISBN: 0945466358 Publisher: Ludwig Von Mises Inst Pub. Date: June, 2002 List Price(USD): $11.00 |
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Title: Capitalism and Freedom by Milton Friedman, Rose D. Friedman ISBN: 0226264211 Publisher: University of Chicago Press Pub. Date: November, 2002 List Price(USD): $13.00 |
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Title: Free to Choose: A Personal Statement by Milton Friedman, Rose D. Friedman ISBN: 0156334607 Publisher: Harvest Books Pub. Date: November, 1990 List Price(USD): $15.00 |
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Title: Applied Economics: Thinking Beyond Stage One by Thomas Sowell ISBN: 0465081436 Publisher: Basic Books Pub. Date: 11 November, 2003 List Price(USD): $30.00 |
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Title: The Road to Serfdom by F. A. Hayek ISBN: 0226320618 Publisher: University of Chicago Press (Trd) Pub. Date: September, 1994 List Price(USD): $9.48 |
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