Customer Reviews

SPIN-FREE ECONOMICS

5 star:		(11)
4 star:		(3)
3 star:		(1)
2 star:		(1)
1 star:		(5)

 

 

I was shocked by how much I liked this book. I think of it as a kind of contemporary *Capitalism and Freedom* (Milton Friedman), although it comes across as less partisan and the coverage is much more global. I agreed with almost everything the author said and I thought the framing was effective and spot on just about all the time.

Many economists may already know too much to be the appropriate audience here (but many still need this book), but if you wish to give someone an economics book as a gift, or as an introduction to thinking about economic policy, here you go. I'm still astonished at how remarkably good this book is and yes I did read it all the way through. Greg Mankiw wrote a very nice blurb for it.

Tyler Cowen

The world economy is becoming increasingly more complicated and SPIN-FREE ECONOMICS: A NO-NONSENSE, NONPARTISAN GUIDE TO TODAY'S GLOBAL ECONOMIC DEBATES takes away the politics as it considers how modern economics affects everyone. From effects of immigration and unemployment to considering regulation in the face of economic crisis and policies that influence and possibly harm world markets, SPIN-FREE ECONOMICS is outstanding reading both for general-interest audiences interested in global economics and for college-level business students debating the economic impact of globalization processes.

Behravesh covers the general consensus of economists on many hot button issues including health care, energy policy, immigration, tax levels, education, minimum wage, monopolies, social security, and many others. The book is written in an interesting and readable way. Behravesh also explores many claims by both parties around the 2008 election cycle which are at odds with the views of economists. I didn't agree with everything in this book (especially the cheerleading for the federal reserve). However it is fantastic as a resource for better understanding the current economic consensus on many popular issues.

More regulation will not necessarily prevent financial crises. Japan and Korea were highly regulated yet they suffered financial crises. The author is realistic and balanced about our problems (and he seems to at least touch on every economic issue we face) but remains optimistic that our market system will continue to serve us well in the future. At the end the book he seems to think the meltdown of 2007 and 2008 is mostly behind us (but the economic news continues to be dismal after the publication of Nariman Behravesh's book). He clearly does not see another Great Depression. He is confident forecasting how bad it will not get but not about how bad it might get. A Great Recession or something like that.

Like many readers, I have had trouble understanding the many policy nuances associated with the current economic crisis. Glancing at the book, I doubted whether it could really be "spin-free". We hear so much partisan rhetoric on the mainstream news channels masquerading as objective. I noted, however, that the book was recommended by the both the non-partisan Congressional Budget Office and by Harvard economist N. Gregory Mankiw. So I picked up a copy.

I'm pleased to say that "Spin-Free Economics" is an excellent, eye-opening primer on a wide variety of economic front-burner issues. It is clearly written and conveys information rapidly. It is, indeed, as free of spin as one could hope for. Idealogues on the Right and the Left will find some conclusions irritating. For example, Behravesh shows that there is little correlation between illegal immigration and job loss, and that while health care for illegals approaches $9B annually, we spend $12B combating it. He recommends a simplified guest worker program to accommodate seasonal labor demand. At the same time, he shows that income taxes penalize positive behavior, and if taxation is necessary, so-called "sin taxes" (consumption taxes) are preferable to income tax. Similarly, the author shows that the Earned Income Tax Credit has been far more beneficial to poor families than welfare transfer payments. Behravesh explains why Europe exhibits far slower growth and much higher unemployment than the US. Other topics include Deregulation, which can be very effective if implemented intelligently, or disastrous if implemented poorly. He shows how technology fuels job creation rather than unemployment. He recommends, on many occasions, that policies designed to alleviate the pain of displaced workers should "protect workers, not jobs". Similarly, the author shows that Globalization has helped alleviate poverty in emerging markets, and that direct aid to developing countries has been very unsuccessful, even at times harmful.

Most importantly, Behravesh addresses the common misperception that "for every economist, there is an equal and opposite economist". He punctures that myth by examining a survey of 1000 top economists on a host of economic issues. It shows that economists do largely agree on many points. The reason we have perceive that economists have no consensus is because the media often pits a competent, mainstream economist against a fringe economist in order to create drama and "balance". This has the deleterious effect of convincing the public that economic conclusions are unattainable. Far from it.

These are just a small sampling of the topics addressed in the book. Throughout, the author uses charts, diagrams, and case studies to analyze problems and promote sensible policies that can solve them.

So, I hear people say things all the time like "The rich get richer, the poor keep getting poorer". Is it true? This book explains: No.

I've talked to people who are positively PANICKED that we will suddenly run out of oil, causing an immediate global recession. Is it likely? You can find out here (hint: no).

Is there more poverty now than 50 years ago in the U.S.? (No, far less). How about worldwide? (50 years ago over half the world was in poverty, it's now closer to 20%).

These are fascinating facts to anyone who is trying to sincerely sort through political jabber. The book provides facts and opinions along with the reigning principles behind the tidbits.

I loved this book because I'm not an economist, yet I hear claims about the economy all the time. I've never taken Econ 101. So I got some really insightful understanding from this book, allowing me to look at issues from a different point of view. It's written at a high level, summarizing issues, with very simple charts and concepts.

There may be other economists who quibble with some details of Dr. Behravesh's opinions, even in reviews online. But academics often disagree about details, while conceding that the bulk of what was said is correct. I have heard Dr. Behravesh speak about economics - he tours the world to consult for businesses who want to understand possible future economic trends. He is highly skilled in the ability to summarize and explain current economic trends and thinking.

Behravesh has been rated consistently in the very top few by various newspapers (USA Today and Wall Street Journal) for the accuracy of his predictions.

Definitely worth reading!

This book is a great introduction and overview of the various concepts of economic principles and presented in a fashion any layperson to the field can appreciate and absorb.

Don't listen to the critics who claim that this book is anything but spin-free. If this book is right-wing spin, then economic principles themselves are right-wing. But that's actually not the case, the problem is that if the reader comes at this book from a far-left-wing bias, then he is going to see nothing but adversarial arguments because economics as a field of academics doesn't conform to, or confirm, the tenets of extreme liberal principles. Go back to reading "Das Kapital" if its economic falsehoods you want.

The same goes for those coming from the extreme right; there are plenty of economic arguments made that will make the extreme conservative froth at the mouth in anger, especially the parts dealing with healthcare, education, and immigration. But to me, when both extremist groups see a dangerously-opposed viewpoint in this book then it means that Mr. Behravesh is hitting all the right points.

Some of the things in this book will challenge your thinking, regardless of your ideological inclinations. That should be the point of reading it. It certainly made me consider my outlook on things I had accepted as truths. And that's what it should do to any reader who rational and reasonable.

This is the most comprehensive book on economics I have ever read (and I've read plenty). If you need a good starting point in the field of economics or just want to put your assumptions to the test, this is the book to buy.

The book is a very good summation of why markets work - and why interfering, even with good intentions, will often be counterproductive... with a few exceptions. It's not a technical book and would make a good gift for any super-partisan friends or family members who are inclined to repeat fallacies spread by their media demagogues and politicians of choice. Unfortunately, the book falls apart when Behravesh beings writing about the 2008 crisis - he states the Fed was so quick to take such powerful action that the situation was not allowed to snowball into a deep recession. Well, ah, turns out the Fed didn't do enough and here we are in a deep recession. Still though, as a primer who for someone who only thinks they understand economics, the first 90% of this book is top notch.

Behravesh is way too quick to make his points - not that I necessarily disagree with many of his arguments, but I found myself questioning many of the conclusions and ultimately couldn't even finish the book as he lost too much credibility in my eyes. Typically he'll throw out one statistic and then make his conclusion - and many times he shows no direct cause and effect link for the statistic he uses.

An example is on p. 133 when discussing the impact of free trade on jobs and wages during the 90's: "the economy generated about 22 million net new jobs... at the same time, income per capita rose 13 percent, after adjusting for inflation. This means that the new jobs were typically higher-paying ones." There is no way he can make that statement from the data he provides - if he quoted median income, maybe - but per capita income could all be going to the upper end and not the folks in the newly created jobs.

Too bad because the book is well laid out and is enjoyable/easy to read; maybe a bit too easy...

This book enabled me to see the world from a totally different perspective. Its title is "Spin-free economics" but this book is really about what has been truly going on with the world and what must be done. Some might say that this book is biased. But it is only because this book provides different perspectives, which I now believe are true, from the mainstream media which we heavily rely on as our fact references.

One example used in this book:

Germany has a whopping 60% of the global solar energy installation. First of all, this stat was quite surprising. Why Germany? Germany does not look like one of the favorite countries for solar panel installation in terms of sunlight capacity, geography, etc. The reason is because the German government provides much better corporate welfare for the companies making or installing the solar system. Basically, a majority of the global solar energy installation is located in a single, not so solar-friendly country just because of the government intervention.

This book will be definitely one of my favorite economy books along with The Bottom Billion and Freakonomics (Is this an economy book anyway?).