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Redeeming Economics: Rediscovering the Missing Element (Culture of Enterprise) [Hardcover]

John D. Mueller
4.8 out of 5 stars  See all reviews (6 customer reviews)

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Book Description

October 18, 2010 Culture of Enterprise

“The scope of Mueller’s intellectual ambition in this book is truly astonishing, as is the scope of the research involved. . . . People should invest the time needed to read, absorb, and promote this important book.”
Jennifer Roback Morse, Ph.D.

“Groundbreaking.”
The Washington Examiner

“Mueller points out, the family is the fundamental productive unit. It produces a nation’s most valuable resource: human beings, hopefully socialized ones. . . . There is much hype about the conflict between economic and social conservatives. But if Mueller is right, the two visions are basically complementary. . . . His writing does suggest some of the weaknesses of modern conservatism. . . . Conservatives may need to outgrow Adam Smith and develop a newer, deeper understanding of economics, the family and justice.”
Daily Herald (Utah)

“Mueller opens discussion on essential topics for people of all faiths, political orientations , and worldviews and does so in ways that probe the limits of rational choice and foster interdisciplinary conversation.”
Choice

 Economics is primed for a revolution, says respected economic forecaster John D. Mueller. To make this leap forward will require looking backward, for as Redeeming Economics reveals, the most important element of economic theory has been ignored for more than two centuries. 

Since the great Adam Smith tore down this pillar of economic thought, economic theory has had no way to account for a fundamental aspect of human experience: the social relationships that define us, the loves (and hates) that motivate and distinguish us as persons. In trying to reduce human behavior to mere exchanges, modern economists have lost sight of how these essential motivations are expressed: as gifts (or their opposite, crimes). Mueller makes economics whole again, masterfully reapplying economic thought as articulated by Aristotle, Augustine, and Aquinas. 

Contrarian and compelling, Redeeming Economics covers everything from unemployment, to inflation, to the economics of parenthood, to the greatest geopolitical challenge facing the United States, to flaws in the mega-bestseller Freakonomics, to the author’s illuminating exchange with the controversial philosopher Peter Singer. 

 


Frequently Bought Together

Redeeming Economics: Rediscovering the Missing Element (Culture of Enterprise) + Toward a Truly Free Market: A Distributist Perspective on the Role of Government, Taxes, Health Care, Deficits, and More (Culture of Enterprise) + What Matters?: Economics for a Renewed Commonwealth
Price for all three: $44.14

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Editorial Reviews

About the Author

John D. Mueller is director of the Economics and Ethics Program at the Ethics and Public Policy Center, and president of LBMC LLC, a firm specializing in economic and financial-market forecasting and economic policy analysis. Mueller’s articles have appeared in the Wall Street Journal, the Weekly Standard, the Washington Post, and the Harvard Business Review. He and his wife live in Washington, D.C.


Product Details

  • Hardcover: 400 pages
  • Publisher: Intercollegiate Studies Institute; 1 edition (October 18, 2010)
  • Language: English
  • ISBN-10: 1932236945
  • ISBN-13: 978-1932236941
  • Product Dimensions: 6 x 1.5 x 9 inches
  • Shipping Weight: 1.8 pounds (View shipping rates and policies)
  • Average Customer Review: 4.8 out of 5 stars  See all reviews (6 customer reviews)
  • Amazon Best Sellers Rank: #348,656 in Books (See Top 100 in Books)

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Customer Reviews

4.8 out of 5 stars
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4.8 out of 5 stars
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Most Helpful Customer Reviews
41 of 41 people found the following review helpful
Format:Hardcover
I come to this book via a circuitous background. I am a mathematician by training and worked on Wall Street as a strategist, portfolio manager, and risk analyst for a buy side equity firm until it folded in December 2008, a casualty of the financial crisis. In that context I studied a lot of economics on my own, reading Ricardo, George, Smith, Samuelson, Mises, Hayek, Keynes, Rothbard, Friedman, John Paul II, etc. Talking to Wall Street economists and strategists, juggling Keynesian, monetarist, and supply side forecasts, and incorporating them into our investment views (mostly by ignoring them!) was an education in itself. In any event, in the area of economics I am basically self-taught.

Along the way, I have come to believe more and more deeply that a free economy is the path to prosperity and the only moral social system. (Footnote: our current system is very far from a free economy - I would characterize it as "crony capitalism", or "corporatism".) I found the Austrian school of economics to be the most intellectually coherent, and its critique of "scientism" to be especially relevant in the devastation caused, in part, by overreliance on quantitative models of human behaviour.

That said, Mueller is no Austrian, and views Austrianism merely as one branch of the neo-classical school, which is not unfair. His approach to economics is based on Aristotle, Augustine, and Aquinas (the three A's), and he argues convincingly that the synthesis of these three sources contains and supercedes current theory. Along the way, he demolishes Adam Smith's contribution, and shows it to be a step backward from what was already known to the Scholastic School (and what he in fact taught before he wrote Wealth of Nations). It was also a direct precursor to the work of Marx, because if the labor theory of value is true, as Smith asserted, then it logically follows that landlords and capitalists indeed do "expropriate" the "surplus value" from the workers. What Smith did was ignore and suppress the role of utility in creating demand and as an explanation of value, a factor that was not unknown to the three A's. This factor was rediscovered by Menger, Walras, and Jevons - the marginalist revolution - and this was the genesis of the neo-classical school, whose hegemony Mueller thinks is coming to an end. He expects it to be superceded by a neo-Scholastic revolution.

After the marginalist revolution we had a theory for production, exchange, and utility. There's still one equation missing, and that is the equation for "final distribution". Here is where Augustine comes in. Along with a preference ranking for scarce means, which is the driver of marginal utility, all human beings also have a preference ranking for ends - which are persons. And it is this preference ranking which controls the final distribution of goods and services. This is the "missing ingredient" in economic theory, and Mueller shows that it can explain much that currently remains a mystery to the economic profession.

Mueller is a vastly educated man, and the book is a delightful exposure to many aspects of intellectual history. I love the way he thinks and writes. His ability to integrate, summarize and compare systems of thought is exciting and a great pleasure to observe. I am enjoying waves of fresh insights into the human condition, and expect to use his framework to gain further understanding.
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16 of 16 people found the following review helpful
5.0 out of 5 stars Brilliant April 16, 2011
Format:Hardcover|Amazon Verified Purchase
I've taught economics and statistics at the high school level for thirty-five years, the last twenty-five in Jesuit institutions. I wrote Apostles and Markets as a way to bridge what I perceived to be a gap between Catholic social doctrine and sound economic analysis. As Mr. Mueller pointed out when he generously looked at some of the A&M lessons, my first attempt was trying to put a round peg (Chicago school economic analysis) in a square hole (Catholic social doctrines). He was correct. Mr. Mueller's book is the most profound book on the subject that I've ever seen. The enterprise to recover a coherent synthesis of economics and morality is a tremendous gift. It is a triumph of clearly expressed scholarship. It has inspired me to begin work on a second edition of Apostles and Markets, one that builds high school lessons on all four pillars of economic analysis from the Catholic scholastic synthesis. Economic freedom, properly understood, is a key element in this synthesis. Thank you John D. Mueller.
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11 of 11 people found the following review helpful
5.0 out of 5 stars Exceptional! April 3, 2011
By Lydia
Format:Hardcover|Amazon Verified Purchase
Can't recommend this book enough. Clear, concise writing, and common sense approach are a breath of fresh air after all the other drivel that's out there. Do give this a go. Bravo Mr. Mueller!
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