Keys to Prosperity: Free Markets, Sound Money, and a Bit of Luck [Hardcover]

Rudiger Dornbusch (Author)

Book Description

Publication Date: October 16, 2000

The underlying theme of Rudi Dornbusch's work is unabashedly Chicago, namely, the University of Chicago belief that markets solve problems best and that most bureaucrats, even when well-intentioned, are distracted by politics or excessive zeal for perfect solutions. Dornbusch seeks to challenge those in charge with alternative answers and to limit their ambitions. He takes aim at central bankers, bureaucrats, unions, do-gooders, and politicians from Brazil, Japan, Russia, and other scenes of economic disaster.This book collects Dornbusch's recent commentaries from such publications as Business Week, the Wall Street Journal, and the Financial Times, as well as longer essays from recent and forthcoming books. The pieces focus on issues of domestic and international economic policy, including inflation and debt, exchange rates, trade policy, emerging markets, and the intersection of politics and economics. The writing is lively, opinionated, and informative.

Editorial Reviews

From Booklist

Although Dornbusch has been a professor at MIT for more than 20 years, he graduated from the University of Chicago, and he is an undaunted stalwart of the "Chicago school" of economics. Emphasizing freedom over equality, Chicago school adherents believe in competitive markets, disdain government regulation, and focus on monetary systems. These beliefs color Dornbusch's views on inflation, debt, exchange rates, trade policy, emerging markets, and the "intersection of politics and good economics." Here Dornbusch offers a collection (mostly from the past five years) of his writing on these topics. Included are pieces from Business Week, Financial Times, and the Wall Street Journal; several longer articles from scholarly economics journals; and the text of Congressional testimony that Dornbusch gave on several of these topics. A common theme that runs throughout is Dornbusch's argument that "bureaucrats. . . even when well-intentioned, are distracted by politics or excessive zeal for perfect solutions." David Rouse
Copyright © American Library Association. All rights reserved

About the Author

The late Rudi Dornbusch was Ford Professor of Economics and International Management at MIT.

Product Details

• Hardcover: 369 pages
• Publisher: The MIT Press; 1st edition (October 16, 2000)
• Language: English
• ISBN-10: 0262041812
• ISBN-13: 978-0262041812
• Product Dimensions: 9.2 x 6.2 x 1.1 inches
• Shipping Weight: 1.5 pounds (View shipping rates and policies)
• Average Customer Review: 4.5 out of 5 stars  See all reviews (2 customer reviews)
• Amazon Best Sellers Rank: #3,456,857 in Books (See Top 100 in Books)

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Customer Reviews

Most Helpful Customer Reviews

6 of 6 people found the following review helpful:

4.0 out of 5 stars the true key to prosperity - good governance!, February 20, 2001

By A Customer

This review is from: Keys to Prosperity: Free Markets, Sound Money, and a Bit of Luck (Hardcover)

Dornbush forwards a convincing argument for free markets and sound money. However one question begs to be answered. Why didn't these countries adopt the recommended policies?

There's more to prosperity than mere free markets and sound money. The ability (or rather the lack of) to sail these policies through the congress/parliament appears to be a major impedence. And luck only plays a minimal role in good governance.

Overall a good read. Non-technical approach makes this an entertaining book, only to let down by poor documentation (especially the 1st article which contains dubious looking charts with no references)...

5.0 out of 5 stars Packed With Knowledged!, September 27, 2001

By 

Rolf Dobelli "getAbstract" (Switzerland) - See all my reviews
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This review is from: Keys to Prosperity: Free Markets, Sound Money, and a Bit of Luck (Hardcover)

This entertaining and sharply written collection of essays surveys the essential elements needed to assure prosperity in the 21st-century global economy. Some of the essays are dated (the only major flaw here), and some of author Rudi Dornbusch's predictions have already been proven wrong, but enough of his predictions are dead-on accurate that his views command attention. His policy prescriptions are rooted in the real world and grounded in practical experience. The region-by-region, nation-by-nation analysis is particularly intriguing and accentuates the clarity and accessibility of Dornbusch's sophisticated - if sometimes controversial - economic arguments. We [...] recommend this book as excellent reading for policymakers, investors and anyone interested in international markets and globalization.