His chief work, Principles of Political Economy and Taxation, first published in 1817, had a profound impact and remains one of the groundworks of modern economics. Ricardo's labor theory of value, as well as his elaboration of the division of incomes, and the function of wages, rent, and trade, deeply influenced the economic philosophies of Karl Marx, John Stuart Mill, Alfred Marshall, and many others.

    Then as now, many people considered globalization to be inevitable and irreversible. Yet the entire edifice collapsed in a few months in 1914.Globalization is a choice, not a fact. It is a result of policy decisions and the politics that shape them. Jeffry A. Frieden's insightful history explores the golden age of globalization during the early years of the century, its swift collapse in the crises of 1914-45, the divisions of the Cold War world, and the turn again toward global integration at the end of the century. His history is full of character and event, as entertaining as it is enlightening.

    Both occurred against the backdrop of sharp credit booms, dubious banking practices, and a fragile and unstable global financial system. When markets went into cardiac arrest in 2008, policymakers invoked the lessons of the Great Depression in attempting to avert the worst. While their response prevented a financial collapse and catastrophic depression like that of the 1930s, unemployment in the U.S. and Europe still rose to excruciating high levels. Pain and suffering were widespread.The question, given this, is why didn't policymakers do better? Hall of Mirrors, Barry Eichengreen's monumental twinned history of the two crises, provides the farthest-reaching answer to this question to date. Alternating back and forth between the two crises and between North America and Europe, Eichengreen shows how fear of another Depression following the collapse of Lehman Brothers shaped policy responses on both continents, with both positive and negative results. Since bank failures were a prominent feature of the Great Depression, policymakers moved quickly to strengthen troubled banks. But because derivatives markets were not important in the 1930s, they missed problems in the so-called shadow banking system. Having done too little to support spending in the 1930s, governments also ramped up public spending this time around. But the response was indiscriminate and quickly came back to haunt overly indebted governments, particularly in Southern Europe. Moreover, because politicians overpromised, and because their measures failed to stave off a major recession, a backlash quickly developed against activist governments and central banks. Policymakers then prematurely succumbed to the temptation to return to normal policies before normal conditions had returned. The result has been a grindingly slow recovery in the United States and endless recession in Europe.Hall of Mirrors is both a major work of economic history and an essential exploration of how we avoided making only some of the same mistakes twice. It shows not just how the lessons of Great Depression history continue to shape society's response to contemporary economic problems, but also how the experience of the Great Recession will permanently change how we think about the Great Depression.

    Pub Date: 2010 Pages: 256 Publisher: Little own An incisive look at how our society has the fuller the into inequality and how to address this most crucial blight is on our times

    This is economist Bryan Caplan's sobering assessment in this provocative and eye-opening book. Caplan argues that voters continually elect politicians who either share their biases or else pretend to, resulting in bad policies winning again and again by popular demand.Boldly calling into question our most basic assumptions about American politics, Caplan contends that democracy fails precisely because it does what voters want. Through an analysis of Americans' voting behavior and opinions on a range of economic issues, he makes the convincing case that noneconomists suffer from four prevailing biases: they underestimate the wisdom of the market mechanism, distrust foreigners, undervalue the benefits of conserving labor, and pessimistically believe the economy is going from bad to worse. Caplan lays out several bold ways to make democratic government work better--for example, urging economic educators to focus on correcting popular misconceptions and recommending that democracies do less and let markets take up the slack.The Myth of the Rational Voter takes an unflinching look at how people who vote under the influence of false beliefs ultimately end up with government that delivers lousy results. With the upcoming presidential election season drawing nearer, this thought-provoking book is sure to spark a long-overdue reappraisal of our elective system.

    His efforts shut down countless crooks -- both famous and obscure. Then he realized what the real problem was.In Give Me a Break, Stossel takes on the regulators, lawyers, and politicians who thrive on our hysteria about risk and deceive the public in the name of safety. Drawing on his vast professional experience (as well as some personal ones), Stossel presents an engaging, witty, and thought-provoking argument about the beneficial powers of the free market and free speech.

    Sandel takes up one of the biggest ethical questions of our time: Isn't there something wrong with a world in which everything is for sale? If so, how can we prevent market values from reaching into spheres of life where they don't belong? What are the moral limits of markets?In recent decades, market values have crowded out nonmarket norms in almost every aspect of life. Without quite realizing it, Sandel argues, we have drifted from having a market economy to being a market society.In Justice, an international bestseller, Sandel showed himself to be a master at illuminating, with clarity and verve, the hard moral questions we confront in our everyday lives. Now, in What Money Can't Buy, he provokes a debate that's been missing in our market-driven age: What is the proper role of markets in a democratic society, and how can we protect the moral and civic goods that markets do not honor and money cannot buy?

    But other classics are written in a white heat during the moment of discovery, with prose that shines forth like the sun pouring into the window of a time when a new understanding brings in the world into focus for the first time. The Market for Liberty is that second type of classic, and what a treasure it is. Written by two authorsMorris and Linda Tannehilljust following a period of intense study of the writings of both Ayn Rand and Murray Rothbard, it has the pace, energy, and rigor you would expect from an evening's discussion with either of these two giants. More than that, these authors put pen to paper at precisely the right time in their intellectual development, that period rhapsodic freshness when a great truth had been revealed, and they had to share it with the world. Clearly, the authors fell in love with liberty and the free market, and wrote an engaging, book-length sonnet to these ideas. This book is very radical in the true sense of that term: it gets to the root of the problem of government and provides a rethinking of the whole organization of society. They start at the beginning with the idea of the individual and his rights, work their way through exchange and the market, expose government as the great enemy of mankind, and thenand here is the great surprisethey offer a dramatic expansion of market logic into areas of security and defense provision. 169 page softcover

    He's the United Nations diplomat who double-parks his Mercedes on New York City streets at rush hour because the cops can't touch him--he has diplomatic immunity. He's the Chinese smuggler who dodges tariffs by magically transforming frozen chickens into frozen turkeys. The dictator, the warlord, the unscrupulous bureaucrat who bilks the developing world of billions in aid. The calculating crook who views stealing and murder as just another part of his business strategy. And, in the wrong set of circumstances, he might just be you.In Economic Gangsters, Raymond Fisman and Edward Miguel take readers into the secretive, chaotic, and brutal worlds inhabited by these lawless and violent thugs. Join these two sleuthing economists as they follow the foreign aid money trail into the grasping hands of corrupt governments and shady underworld characters. Spend time with ingenious black marketeers as they game the international system. Follow the steep rise and fall of stock prices of companies with unseemly connections to Indonesia's former dictator. See for yourself what rainfall has to do with witch killings in Tanzania--and more.Fisman and Miguel use economics to get inside the heads of these "gangsters," and propose solutions that can make a difference to the world's poor--including cash infusions to defuse violence in times of drought, and steering the World Bank away from aid programs most susceptible to corruption.Take an entertaining walk on the dark side of global economic development with Economic Gangsters.

    

    health care system is in a state of disrepair, but the rabbit hole goes deeper than even the staunchest critics may realize. In Primal Prescription, authors Doug McGuff and Robert Murphy combine their expertise in economics and medicine to offer a shocking, disturbing, and ultimately enlightening view into America’s health care system. You’ll discover the real history of what went wrong with U.S. health care and insurance, and why current efforts to clean up the mess are only making things worse.But far from leaving you feeling helpless at the dismal—and sometimes deadly—state of affairs, Primal Prescription equips you with both the knowledge to understand the health care conundrum and the tools for navigating your way out of it. McGuff and Murphy offer an evidence-based “game plan” for taking control of your own medical care, protecting yourself and your loved ones regardless of what the future holds for the rest of the nation.Whether you’re currently tangled in America’s broken health care system or simply trying to avoid its clutches, Primal Prescription is a must-have resource for taking your health into your own hands.

    A 15-hour workweek. Open borders. Does it sound too good to be true? One of Europe's leading young thinkers shows how we can build an ideal world today. "A more politically radical Malcolm Gladwell."—The New York Times After working all day at jobs we often dislike, we buy things we don't need. Rutger Bregman, a Dutch historian, reminds us it needn't be this way—and in some places it isn't. Rutger Bregman's TED Talk about universal basic income seemed impossibly radical when he delivered it in 2014. A quarter of a million views later, the subject of that video is being seriously considered by leading economists and government leaders the world over. It's just one of the many utopian ideas that Bregman proves is possible today. Utopia for Realists is one of those rare books that takes you by surprise and challenges what you think can happen. From a Canadian city that once completely eradicated poverty, to Richard Nixon's near implementation of a basic income for millions of Americans, Bregman takes us on a journey through history, and beyond the traditional left-right divides, as he champions ideas whose time have come. Every progressive milestone of civilization—from the end of slavery to the beginning of democracy—was once considered a utopian fantasy. Bregman's book, both challenging and bracing, demonstrates that new utopian ideas, like the elimination of poverty and the creation of the fifteen-hour workweek, can become a reality in our lifetime. Being unrealistic and unreasonable can in fact make the impossible inevitable, and it is the only way to build the ideal world.

    Rather, it is a late and localized product of very specific historical conditions, which required great transformations in social relations and in the human interaction with nature.This new edition is substantially revised and expanded, with extensive new material on imperialism, anti-Eurocentric history, capitalism and the nation-state, and the differences between capitalism and non-capitalist commerce. The author traces links between the origin of capitalism and contemporary conditions such as globalization, ecological degradation, and the current agricultural crisis.

    Reich, and now he reveals the cycles of power and influence that have perpetuated a new American oligarchy, a shrinking middle class, and the greatest income inequality and wealth disparity in eighty years. He makes clear how centrally problematic our veneration of the "free market" is, and how it has masked the power of the moneyed interests to tilt the market to their benefit. He exposes the falsehoods that have been bolstered by the corruption of our democracy by big corporations and the revolving door between Washington and Wall Street-- that all workers are paid what they're "worth," a higher minimum wage equals fewer jobs, corporations must serve shareholders before employees. Ever the pragmatist, Reich sees hope for reversing our slide toward inequality and diminished opportunity by shoring up the countervailing power of everyone else. Here is a revelatory indictment of our economic status quo and an empowering call to civic action.

    We arrive at his central investment methodology of Austrian Investing, where victory comes not from waging the immediate decisive battle, but rather from the roundabout approach of seeking the intermediate positional advantage (what he calls shi), of aiming at the indirect means rather than directly at the ends. The monumental challenge is in seeing time differently, in a whole new intertemporal dimension, one that is so contrary to our wiring.Spitznagel is the first to condense the theories of Ludwig von Mises and his Austrian School of economics into a cohesive and--as Spitznagel has shown--highly effective investment methodology. From identifying the monetary distortions and non-randomness of stock market routs (Spitznagel's bread and butter) to scorned highly-productive assets, in Ron Paul's words from the foreword, Spitznagel "brings Austrian economics from the ivory tower to the investment portfolio."The Dao of Capital provides a rare and accessible look through the lens of one of today's great investors to discover a profound harmony with the market process--a harmony that is so essential today.