Customer Reviews

Smart Economics: Commonsense Answers to 50 Questions about Government, Taxes, Business, and Households

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As a former academic economist, I wish this book had been available to assign as outside reading back when I was teaching introductory economics in earlier decades. I first learned about this little volume from a colleague known for his clear thinking about policy issues, and it doesn't disappoint. A good, quick read and chock full of common sense, it will be equally useful inside or outside the college classroom, to any reader with or without a background in economics who wishes to think clearly about economic issues of the day -- perhaps now more than ever. The book is deceptively sophisticated; it presents complicated concepts in simple language, backed by sound logic and empirical observations, without ever lapsing into jargon. The author discusses his "50 questions" with cogent explanations that demonstrate a firm grasp of economics and the ability to apply these ideas to current policy issues. He had me at question 3, when -- without ever invoking the term "Ricardian equivalence" except in an endnote -- he deftly explains how expecations of future tax increases influence current behavior of businesses and households. And he keeps it up throughout, in a reasonable tone without exhortation or shrillness and with due consideration given to varying points of view on controversial topics. "Smart Economics" will make any reader smarter in thinking about today's economic issues.

This book is a collection of his articles from his bi-weekly newspaper column, "You Decide" Published 2005

He is for continuing as is with;

*unfettered globalization / free trade. So what, he says, if we've lost jobs. So what, he says, if the minuscule jobs we've gain from free trade are not of the same quality as the ones lost.

*deregulating businesses because competition trumps all. Forget about all the con-men and cooperate thieves stealing billions from the American people. So what if CEOs make 400% more than the employees.

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He's pro immigration saying they will fix Social Security and Medicare yet in preceding chapters he more or less said there was nothing wrong with Social Security and Medicare! And forget that, as he says, immigrants depress wages and cause increased costs for public assistance (welfare, medicaid, food banks, shelters...) and education.

He says peoples wages have gone up compared to prices of goods. In fact it is the opposite.

He says women do not make less than men. "the pay gap has virtually disappeared." BULL!

He's into privatization of government programs believing competition for contracts will "eliminate wasteful spending.". Well it's been proven time and time again that the only thing price competition accomplishes is cheaper products made with cheap/cheapest materials and unskilled labor doing sub-par, unsafe work. Why? Because profit is the motive, the only driving force. I think that's the wrong way to go when it comes to the nations roads, bridges, dams, water treatment & supply, sewage treatment, etc. That kind of stuff needs to be of a top quality with consistent national standards.

His solution to globalization for the American worker is to go to college and get yourself a job skill that can't be outsourced. Right. If you happen to have the IQ and money to pay for college great. If you are not so blessed or lucky, tough. It's survival of the fittest in Michael L. Walden's world.

The unfortunate fact of life tho that Mr. Walden refuses to acknowledge is; not everyone can be a winner. Yeah wouldn't it be grand if we only begat pups with high IQs and tons of ambition, creativity, ingenuity and imagination. Making money, money, money. It'd be Walden's ideal world.

If we could just beget pups who were honest and unselfish I'd be happy. If we could beget way fewer pups everyone and the planet would be happy, cuz like it or not, water, oil and all resources are diminishing. Growth is not the smart way to go.

Oh that reminds me...Walden says America will always be awash in food. Another delusion of his. He's into "unimpeded production and trade." regardless of the damage done to land and water. You can't get more irresponsible than that.

Are we headed to or in a recession; is the government overextended thanks to Iraq, Afghanistan, tax cuts, bank bailouts, etc.? Nah. Everything is hunky-dory according to Walden (professor of agricultural/resource economics, north carolina state university).

Walden obviously lives the cloistered theoretical academic life.

Table of Contents:

ECONOMIC QUESTIONS ABOUT WHAT GOVERNMENT DOES, WHAT GOVERNMENT DOESN'T DO, AND HOW GOVERNMENT SPENDS OUR MONEY

Has Government Spending Been Out of Control?

Will the National Debt Sink Our Economic Future?

Do Budget Deficits Increase Interest Rates?

Can Government Spending Be Cut by Eliminating Waste?

Does Government Spend Too Much, or Not Enough, on the Poor?

Does Spending on War Help the Economy?

Does More Spent on Education Pay-off in Student Achievement?

Has the Social Security Surplus Been Stolen?

Is Social Security Going Bankrupt?

Should Our Money Be Backed by Gold?

Should Government Enforce a Living Wage?

Should the Government Control the Prices of Necessities?

Should Government Pay Businesses to Create Jobs?

Can Government Create Prosperity?

ECONOMIC QUESTIONS ABOUT HOW MUCH TAXES ARE PAID, WHO PAYS TAXES, AND THE FAIRNESS OF THE TAXES

Do We Pay 60% to 80% of Our Income in Taxes?

Does a Tax Bracket of 40% Mean the Government Takes 40% of Your Income?

Can Cutting Tax Rates Increase Tax Revenue?

Will a Tax Cut of $1 Create $7 to $10 of New Income?

Do Corporations Pay Too Little in Taxes?

Would Rich Investors Benefit from a Flat Tax?

Is the Sales Tax Regressive?

Do the Rich Get a Break on Social Security Taxes?

Has the Marriage Tax Ended?

ECONOMIC QUESTIONS ABOUT WHAT BUSINESS DOES AND WHY AND HOW THAT AFFECTS JOBS, CONSUMERS, AND THE COUNTRY

Is American Manufacturing Dying?

Are Low-Paying Jobs Replacing High-Paying Ones?

Are Companies Out-Sourcing Good-Paying Jobs?

Will Free Trade Destroy Our Economy?

Can U.S. Workers Compete with Low-Paying Foreign Workers?

Do Countries Only Prosper If They Run a Trade Surplus?

Is a "Strong" Dollar Good and a "Weak" Dollar Bad?

Are Profits Bad?

Does Business Make Obscene Profits?

Does Big Business Control the Economy?

Can Pro Teams and Facilities Hit Economic Home Runs?

Why Are Pro Sports Stars Paid So Much for Playing a Game?

Are We Running Out of Farmers, Farmland, and Food?

Are Gas Prices at an All-Time High??

Do Big Oil Companies Manipulate Oil Supplies and Gas Prices?

Should We Become Energy Self-Sufficient?

Is Immigration Hurting Our Economy?

ECONOMIC QUESTIONS ABOUT HOW HOUSEHOLDS LIVE AND HOW THEY EARN AND SPEND MONEY

Is Everything More Expensive Today, or Should You Wish for the "Good Old Days"?

Does It Take Two Incomes for Families to Get Ahead Today?

Are Americans Drowning in Debt and Not Saving?

Do Women Earn Less Than Men?

Are the Rich Getting Richer and Everyone Else Getting Poorer?

Is Poverty Getting Worse?

If It Saves One Life, Is It Worth the Cost?

Can Families Afford College?

Would Importing Drugs Lower their Prices?

Can the Government Lower Consumers' Health Costs?