Customer Reviews

Inside the Economist's Mind: Conversations with Eminent Economists

5 star:		(3)
4 star:		(2)
3 star:		(0)
2 star:		(0)
1 star:		(1)

 

 

This is a collection of interviews commissioned for a journal, Macroeconomic Dynamics. The idea is to gauge the position of the profession by asking the people who invented large swathes of the theory their motivations for doings what they did, when they did it, and how they did it. Readers find eccentric and irascible characters behind some of the major innovations in economic science. I loved this book, and read it cover to cover in a day.

The book purports (pg. xi) to "contain[] unique insights into the thinking of some of the world's most important economists, whose work contributed to the evolution of modern economic thought", and indeed it does.

Scientific biography is a passion of mine, ever since reading Richard Feynman's writings on his life and work. Looking at the path integral method as an undergraduate, you can see how he came up with it (if, in fairness, I didn't really understand it), how startlingly original he was in doing his physics, because that's how he lived his life---he followed different paths as he felt he needed to, and arrived at different destinations that others because of his personality.

So it's great that William Barnett, the editor of Macroeconomic Dynamics, and the co-editor of this book, decided to ask these men these questions.

In future editions of this book and the further volumes to come, I'd love to see a focus on the characters behind different approaches to economics and their reasons for taking contrarian positions to the mainstream---Foley, Nell, Solow and Velupillai (my thesis advisor, in full disclosure), as well as more traditional mainstays of the profession. A focus on economists regarded primariy as great teachers would be great as well, not just the theoretical giants.

The book is a very rare thing---an economic page-turner, like The Worldly Philosopher, Adam's Fallacy, and Freakonomics. The personalities behind the science's blleding edge make for compelling reading.

Thomas Keene has an Amazon Listmania List called "Book Reviews: Must Reads." It links to each of the books in Amazon that he recommends as a "must read," and there currently are eighteen of them on his list. But oddly the Amazon system does not provide reverse links from the Amazon page for each of the recommended books back to his review.

He is the very influential Host of the radio program, "Bloomberg on the Economy." This book is on his list of "must reads." Here is his review:

"Rules are meant to be broken. Samuelson & Barnett goes on the list without a complete read. Sixteen stunning interviews; the candor shocking. But then, this is Samuelson. Taylor interviews Friedman; Blanchard interviews Fischer. You get the must-read picture."

Keene's rule that he says he is breaking is never to put a book on his "must read list" before he has finished reading the book. When he finishes reading this book, as I have, I am sure that he will not change his mind.

I have only one criticism of the book. The stellar endorsement quotations that appear on the back cover are set in a rather small font on a black background. It would seem that the publisher could have found a way to make those quotations more inviting to read. But of course this is not a criticism of what is in the book.

A review of this new book just appeared on the British blog, New Economist, in London. The first line of the review is "Published earlier this week, Inside the Economist's Mind: Conversations with Eminent Economists, has all the hallmarks of an economic bestseller."

I have read the book, and indeed the New Economist is right. What most distinguishes this book is its "no holds barred" revelations and astonishing statements by many of the world's most famous "celebrity" economists, including eight Nobel Laureates, a former Federal Reserve Board chairman, the current Governor of the Bank of Israel, a former chair of the Council of Economic Advisers, along with other economists of similar importance. This book is filled with inside information from those who know the truth, but had not previously revealed it.

The book contains some unusual photos, such as photos of Franco Modigliani with the Kings of Sweden and Spain and Paul Samuelson with Bill Clinton.

"Inside the economist's mind" is not a title that will attract readers without some background in economics, nor should it. This collection of interviews is by economists and for economists: there is a fair amount of economic jargon used that will make the book hard to read for laypeople.

Having said that, most of the interviews are entertaining for economists. Getting an author's personal view on well-known ideas makes those ideas come alive, and it is interesting to read about the career paths and choices of famous academics. The selection of people is impressive, although in my personal view (as a micro-economist) there is an overrepresentation of macro-economists, and within this category an exaggerated interest for the rational expectations `revolution' and monetary policy.
For those with other interests, treasures are more limited. There is a great and provocative interview with Robert Aumann that ranges from the existence of God to the foundations of game theory. The interview with János Kornai is great because having started his career on the other side of the iron curtain, he has a different perspective on the discipline. This is welcome, because it turns out that top-economists are a rather incestuous bunch, mostly bred within the top 10 or so departments in the US. This generates a lot of uninteresting institutional insider talk, the summit of which is reached in the useless last chapter in where James Tobin and Bob Shiller argue about the existence or not of a `Yale school' in economic thought, as if anyone cares.

Some reviews talk about the `astonishing revelations' or the 'fabulous storytellers' in this book. Don't get your hopes up, it's still economics, unless they refer to the fact that Cass once said "[...]" to his head of department. The reviewer who calls this "A Beautiful Mind scaled up 16 times" must have read a different book (or did not read ABM).
I would recommend getting this book from the library. Although interesting and occasionally entertaining, there is not too much here that you want to keep for reference. Still, 4 stars for the Aumann interview.

$111 for a hardcover book of interviews? I almost fell out of my chair! This information must be revolutionary if only millionaires can read it. I don't know why publishers can put a hardcover on a book and then triple what it's worth.

This book can make you fall in love with economics all over again. A collection of interviews with sixteen eminent economists, it presents the attractive face of the field--one rediscovers an economics concerned with improving the human condition by putting to good use tools borrowed from disciplines as diverse as mathematics and psychology.

The book is a labor of love for William Barnett, the editor of the journal Macroeconomic Dynamics in which these interviews originally appeared between 1997 and 2005. Though the interviews were aimed at professional macroeconomists, much of the book is of broader interest. That's because these eminent economists, interviewed by their peers, are often able to describe their complicated work in simple terms, with modesty and humor, and enriched with anecdotes from their lives.

Link to full review: http://www.imf.org/external/np/vc/2008/072508.htm