Are the Rich Necessary?: Great Economic Arguments and How They Reflect Our Personal Values (Hardcover)

~ (Author) "IF YOU PUT $10 IN A BANK ACCOUNT and earn 3% interest, the money will double every twenty-five years..." (more)
Key Phrases: economic value systems, profit system, United States, Central Banks, Federal Reserve (more...)

Editorial Reviews

From Publishers Weekly

Investment advisor and author Lewis (A Question of Values) presents a number of prescient arguments that seek to answer the title question and others, exposing in the process alternate approaches to solving everyday economic problems. Lewis utilizes a relatively novel approach: he presents a succinct, yes-or-no economic question ("Does the profit system glorify greed?") and then analyzes rationally the arguments behind both answers. Lewis begins with an econ overview before diving into queries, looking first at reasons to believe the rich aren't necessary (they "do not share adequately," they "stand in the way of democracy") and that they are ("There cannot be too much saving if it is invested properly"). He goes on to cover topics like market depression, global free trade, inequality and government intervention; regarding the latter ("Can government protect us from the excesses of the profit system?"), he looks at both Alan Greenspan in the 1990s and Han emporer Wu-di in 100 BCE.. Lewis is skilled at boiling down arguments to their most concise, and his sharp analysis employs highly accessible prose; as such, this makes great reading for anyone interested in quickly expanding their knowledge of today's political-economic issues, though Lewis's punchy point-counterpoint approach may turn off more knowledgeable readers.
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Review

"His ideas for helping the problems we face are radical, thought provoking and should be considered by as many people as possible." -- Lord Rothschild (Jacob)

"Are The Rich Necessary? is both a highly provocative and a highly pleasurable read." Harry Hurt, III -- The New York Times, October 21, 2007

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Product Details

• Hardcover: 282 pages
• Publisher: Axios Press (September 25, 2007)
• Language: English
• ISBN-10: 0975366203
• ISBN-13: 978-0975366202
• Product Dimensions: 8.1 x 5.4 x 0.9 inches
• Shipping Weight: 13.6 ounces (View shipping rates and policies)
• Average Customer Review: 3.8 out of 5 stars  See all reviews (13 customer reviews)
• Amazon.com Sales Rank: #108,583 in Books (See Bestsellers in Books)

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Customer Reviews

Most Helpful Customer Reviews

4 of 4 people found the following review helpful:

3.0 out of 5 stars Quick Trip Through Socioeconomics, January 3, 2009

By	Avid Reader (USA) - See all my reviews

"Are the Rich Necessary?" was probably written in 2006, given that it was publsihed in 2007. But having read it at the end of 2008, after the stock market collapse, mortgage scandals, and immense government financial bailouts, I found that some of the ideas had even more resonance than the author probably intended. Chapters about government intervention in the marketplace and the benefits of central bankers really jump out at a time when the government is literally kicking trillions of dollars into the economy in unprecedented ways.

"Are the Rich Necessary?" doesn't really answer the core question. Instead, it presents point-counterpoint arguments about the benefits of a capitalist system (which the author calls a "profit" system). For a person with a beginner's understanding of economics, the book is probably thought-provoking to a great degree. For a person with a stronger background -- I have an undergrad degree in economics -- the book is a bit elementary. Still, it's nice to have the "big" arguments neatly compiled into one place and to have such pithy quotes an anecdotes from economists and political thinkers through the ages.

Definitely worth buying and reading if you like economics at all.

6 of 7 people found the following review helpful:

5.0 out of 5 stars Excellent Examination of Economic Arguments, October 30, 2007

By	B. Lamb (Virginia) - See all my reviews (REAL NAME)

As the title indicates, "Are The Rich Necessary" provides thoughtful examination and analysis of an array of topical economic arguments. Further, the author's analysis is supported with that of other key economic thinkers. The result is a great introduction to ecomomic structure and philosophy.

2 of 2 people found the following review helpful:

4.0 out of 5 stars starting with the rich and ending with the non-profit sector, December 1, 2007

By	David S. Starr "jane austin fan" (georgetown texas) - See all my reviews (REAL NAME)

Hunter Lewis, a career economist and investment advisor, presents a dialectic of question and answer to a series of fundamental economic questions about the role of the rich in society (eg: do they undermine democracy, as often stated in the press). He comes up with an unexpected conclusion - the best way to optimize the role of the rich is to expand the non-profit sector.In view of the author's considerable activity on non-profit boards, he must have credibility, although his arguments are not clear at some points. Perhaps the most instructive part of the book is chapter 11, his view of the philosophies behind the four fundamental types of economic systems. Overall, a good read but heavy going in parts.