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EconoPower: How a New Generation of Economists is Transforming the World 1st Edition
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From the Inside Flap
In 2006, the Nobel Peace Prize was for the first time awarded to an economist. Once ridiculed as the "dismal" science, economics has now emerged as the "imperial" science that influences every aspect of daily life, from politics to education to religion to Wall Street. Like an invading army, the science of Adam Smith is overrunning the whole of social sciencelaw, finance, politics, history, sociology, environmentalism, religion, and even sports. In EconoPower, professional economist Mark Skousen shows how this is happeningand how economists are solving the world's problems on both the individual and national level.
EconoPower offers practical advice on personal financial mattersearning, saving, investing, and retiringbased on the breakthrough contributions of behavioral economists. It reveals exciting discoveries by economists to solve domestic problems, such as road congestion, health care, public education, crime, and other issues high on the public's list. And it looks at how economists are working successfully on international issues from global warming to religious wars. Looking toward the future, the book also reveals what kind of new dynamic economic philosophy will dominate the new millennium.
Skousen reveals how economists have gone beyond writing abstract academic papers and books and are now applying their theories in the real world by running businesses, consulting companies, and taking positions in government. Economics can change people's lives and nations' fortunes for better or for worse, he explains, depending on how closely they adhere to or violate basic principles. Those key principles include accountability, cost-benefit analysis, investments, and entrepreneurship. By understanding and incorporating these principles, better decisions will be made on individual, corporate, and government levels. To explain this thesis, the author offers analyses of key economists who have changed their views over time, an examination of major domestic and international issues, and an explanation of how economists can predict which politicians will be successful.
With EconoPower as their guide, readers will gain a firm understanding of the influence of economics and how it can be used to improve the world we live in.
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Top Customer Reviews
Mark Skousen may just be that man. His works over the past two decades have been both prolific and profound. Like Friedman, he is an economist who can actually write in a prose style that is engaging. With his latest book, EconoPower, Skousen gives us a splendid analysis of why the intellectual progeny of Adam Smith is retaking the battlefield from the Keynesians.
EconoPower is all about how economists of the modern day are no longer satisfied with remaining in ivory towers to scribble out theories about the mysterious thing called Economy. Such a focus on "highly abstract mathematical modeling," says Skousen, is what is called the "Ricardian vice, named after the nineteenth-century economist David Ricardo who developed unreal and oversimplified models without testing them against factual evidence." This has taken economics "down the wrong road."
Today a whole new wave of Smithian progeny is going out into the real world -- the messy, problematic world that we all have to confront every day -- and showing how the science of economics can be applied to the ever-present problems of history to solve dilemmas often thought to be intractable. And they are doing so with dramatic results.Read more ›
Interesting book and good food for thought!
Why does Skousen not make it clear that this "new generation" is really old wine (Austrian school economics) in new bottles (Skousen and a few modern economic policy experts who heed the ancient Austrian doctrine)? I think probably the reason is that the Austrians were extremely elitist and arrogant, having little appreciation for the ignorant masses who actually vote leaders into and out of office in a democratic society. Hayek himself, a brilliant thinker and Nobel prize winner, once said, when asked what he thought of the brutal Chilean dictator Pinochet, that he preferred a "liberal dictator" to a "democratic government lacking liberalism" (of course, "liberalism" here means classical free market ideology, not the modern American liberalism, which is more akin to social democracy, which the Austrians despised).
Because of their rigid purism in defense of free markets and a minimal state, their policy views have been largely ignored in the modern world. There is no nation that even remotely conforms to the Austrian idea of laissez-faire.Read more ›
Most Recent Customer Reviews
This is an excellent discussion of many aspects of modern political economics. Its the best combination of economics and finance that I've seen. Read morePublished on November 20, 2012 by Gderf
I imagine the biggest problem for Mr. Skousen is that his book was written just before supply-side economics drove our economy into a severe recession. Read morePublished on June 26, 2011 by A. Peterson
Mark Skousen is the BEST writer among sound economists. He makes complex ideas understandable and clear. He frequently uses the voice of other economists to make his points. Read morePublished on April 14, 2010 by Joseph Brady Amoon
A good read and informative about how economics is part of everything and how it affects the solutions to problems.Published on October 30, 2009 by Robert J. Dean
Apparently economists are becoming more, not less important. Politicians use them to justify what they already decided to do and that can make economics undeservedly suspect. Read morePublished on October 2, 2009 by Afia
This was my vacation book this year. Good, fairly quick read. Short chapters. Gives insight to seeing beyond the numbers.Published on July 14, 2008 by Amazon Customer
Great Book! Very entertaining and readable. Every 6th grader would benefit from it and it should be mandatory for all politicians and government employees.Published on July 11, 2008 by Ann Smith
Mark Skousen has emerged as one of the clearest writers on all matters economic today, the next Milton Friedman, and his latest contribution to the literature is a brilliant primer... Read morePublished on May 20, 2008 by Michael Shermer
This book needs to be read by every American citizen. If you value freedom and want a better future where you control your life and property, read this book and share its wisdom... Read morePublished on May 15, 2008