The Price of Prosperity: A Realistic Appraisal of the Future of Our National Economy (Peter L. Bernstein's Finance Classics) [Paperback]

Peter L. Bernstein (Author), Paul A. Samuelson (Foreword)

Book Description

Series: Peter L. Bernstein's Finance Classics | Publication Date: September 2, 2008

One of the foremost financial writers of his generation, Peter Bernstein has the unique ability to synthesize intellectual history and economics with the theory and practice of investment management. Now, with classic titles such as Economist on Wall Street, A Primer on Money, Banking, and Gold, and The Price of Prosperity?which have forewords by financial luminaries and new introductions by the author?you can enjoy some of the best of Bernstein in his earlier Wall Street days.

First published in 1962, The Price of Prosperity speaks to today's uncertainties as clearly as to those of the past. With chapters like "The Burden of Government" and "The Economics of Democracy," Bernstein probes the future of an economy during rapidly changing times and the appropriate role of government in determining the ultimate outcome.

The questions have not changed over time, but Bernstein's answers help us understand these issues from today's perspective. How much government control is too much control? How much can government spend? How can government influence the level of unemployment?

As Bernstein shows how to navigate an ever-changing economic landscape, his timeless insights throughout these pages make The Price of Prosperity as vital and important today as when it appeared in an environment fundamentally different from our own.

Editorial Reviews

From the Back Cover

The Price of Properity
A Peter L. Bernstein Finance Classic

One of the foremost financial writers of his generation, Peter Bernstein has the unique ability to synthesize intellectual history and economics with the theory and practice of investment management. Now, with classic titles such as Economist on Wall Street, A Primer on Money, Banking, and Gold, and The Price of Prosperity—which have forewords by financial luminaries and new introductions by the author—you can enjoy some of the best of Bernstein in his earlier Wall Street days.

First published in 1962, The Price of Prosperity speaks to today's uncertainties as clearly as to those of the past. With chapters like "The Burden of Government" and "The Economics of Democracy," Bernstein probes the future of an economy during rapidly changing times and the appropriate role of government in determining the ultimate outcome.

The questions have not changed over time, but Bernstein's answers help us understand these issues from today's perspective. How much government control is too much control? How much can government spend? How can government influence the level of unemployment?

As Bernstein shows how to navigate an ever-changing economic landscape, his timeless insights throughout these pages make The Price of Prosperity as vital and important today as when it appeared in an environment fundamentally different from our own.

About the Author

PETER L. BERNSTEIN is founder and President of Peter L. Bernstein, Inc., established in 1973 as publishers of Economics & Portfolio Strategy and consultants to institutional investors around the world. He is also the author of ten books, including three recent volumes from Wiley—Against the Gods: The Remarkable Story of Risk, The Power of Gold: The History of an Obsession, and Capital Ideas Evolving.

Product Details

• Paperback: 176 pages
• Publisher: Wiley; 1 edition (September 2, 2008)
• Language: English
• ISBN-10: 0470287578
• ISBN-13: 978-0470287576
• Product Dimensions: 7.9 x 5 x 0.5 inches
• Shipping Weight: 6.4 ounces (View shipping rates and policies)
• Average Customer Review: 2.3 out of 5 stars  See all reviews (3 customer reviews)
• Amazon Best Sellers Rank: #1,446,411 in Books (See Top 100 in Books)

More About the Author

Peter L. Bernstein's nine books include the worldwide bestseller Against the Gods: The Remarkable Story of Risk. Bernstein is also an economic consultant and publisher of Economics and Portfolio Strategy, a semimonthly letter for institutional investors.

Customer Reviews

Most Helpful Customer Reviews

1 of 2 people found the following review helpful:

1.0 out of 5 stars Misguided Thinking, August 26, 2009

By 

Patrick W. Rau "pwr" (charlotte, nc) - See all my reviews
(REAL NAME)   

This review is from: The Price of Prosperity: A Realistic Appraisal of the Future of Our National Economy (Peter L. Bernstein's Finance Classics) (Kindle Edition)

Writing in the early 1960s, the author basically argues that the federal government should increase taxes significantly in order to be able to employ the coming wave of 20 somethings on the front end of the baby boom. The underlying thesis: people often waste their money on frivolous things - better for Uncle Sam to claim it in order to spend it more wisely by addressing social issues. Frankly, I found the book very disappointing. I expected more from the author of "Against the Gods."

1 of 2 people found the following review helpful:

5.0 out of 5 stars This book is definitely worth the read, August 14, 2009

By 

Mariusz Skonieczny "Author" (Schaumburg, IL) - See all my reviews
(REAL NAME)   

This review is from: The Price of Prosperity: A Realistic Appraisal of the Future of Our National Economy (Peter L. Bernstein's Finance Classics) (Paperback)

Since there is a constant battle between government officials on how much the government should be involved in fixing the current financial crisis, I wanted to read this book to gain greater understanding of how the government's involvement can help the unemployment situation. There is really no question that the unemployment level is making our economy suffer.

In this book, the author says that output and employment doesn't improve because people are looking for jobs. If they did, there would be no poverty and no unemployment. The answer lies in demand. Unless demand improves, unemployment will stay high. When private demand is falling short, government spending can be used to fill the gap, decrease unemployment, and therefore, stimulate the economy.

This is a short book, but I really enjoyed it. It allows readers to understand more what is happening with the government policies designed to fight the current economic crisis.

- Mariusz Skonieczny, author of Why Are We So Clueless about the Stock Market? Learn how to invest your money, how to pick stocks, and how to make money in the stock market

2 of 7 people found the following review helpful:

1.0 out of 5 stars disappointed, February 22, 2009

By 

Harley Dillardx "Harley" (Westminster, Co USA) - See all my reviews
(REAL NAME)   

This review is from: The Price of Prosperity: A Realistic Appraisal of the Future of Our National Economy (Peter L. Bernstein's Finance Classics) (Paperback)

Bersteins "Against The Gods" was a well written summary of the history of risk, then migrated to current relevancy of risk management thorugh probability and statistics. However, I found this book to be a promotion of name, a perspective of liberal economic philosophy, wordy, and to me presents a biased opinion. I would not recommend this book, but suggesten enrolling in a few hours of economics at a local university.