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The Terrible 10: A Century of Economic Folly [Kindle Edition]

Burton A Abrams
3.8 out of 5 stars  See all reviews (5 customer reviews)

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Book Description

The U.S. economy made impressive gains in the 20th century, but this progress makes it easy to forget a harsh reality: Americans were the victims of disastrous government policies that cost trillions of dollars in wasted resources, created mass unemployment, and kept millions of people in poverty who otherwise would have participated in the nation’s growing prosperity. A complete dissection of the 10 most egregious economic blunders of the past century, this work provides the key lessons to help in avoiding such policy mistakes in the future. The Terrible 10 notes that, unlike the private sector, when the governance of the federal government fails, the role and scope of government is usually increased and that politicians from both parties tend to favor short-run benefits for friends while imposing costs on current and later generations. With issues and blame divided equally among Democrats and Republicans, this work stands as a highly readable history of how government economic blunders affect everyone.

Editorial Reviews

About the Author

Burton A. Abrams is a research fellow at the Independent Institute, the director of the Independent Institute’s government cost calculator, and a professor of economics at the University of Delaware. He is the author of An Economic Theory of Lobbying: A Case Study of the U.S. Banking Industry and Return to Animal Farm. He lives in Newark, Delaware.

Product Details

  • File Size: 1439 KB
  • Print Length: 208 pages
  • Publisher: Independent Institute (October 1, 2013)
  • Sold by: Amazon Digital Services, Inc.
  • Language: English
  • Text-to-Speech: Enabled
  • X-Ray:
  • Word Wise: Enabled
  • Lending: Enabled
  • Amazon Best Sellers Rank: #753,770 Paid in Kindle Store (See Top 100 Paid in Kindle Store)
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Customer Reviews

3.8 out of 5 stars
3.8 out of 5 stars
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Most Helpful Customer Reviews
6 of 7 people found the following review helpful
3.0 out of 5 stars A Bit Disappointing November 6, 2013
Format:Hardcover|Verified Purchase
Nothing to scream and write home about. In general the areas are worth reading and fairly terrible as the title suggests. Some are not written up very well and most don't have convincing enough supplemental data to show that the analysis is correct. i was hoping for more.
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1 of 1 people found the following review helpful
3.0 out of 5 stars A lot of what we already knew October 11, 2014
This book does not cover much ground. A lot of it is Things That We Already Knew.

The author takes us on a journey of 10 bad economic ideas:

1. Prohibition
2. Monetary Policy During the Great Depression
3. The Smoot Hawley Act
4. Social Security
5. Tax Follies
6. Medicare and Medicaid
7. The Nixon Burns Political Cycle
8. Environmental Mismanagement
9. Government Failure and the Great Recession
10. Decades of Deficits

To be honest, I don't think anyone that has read even a few books about popular economics will not know these things.

So then, who is this book for? I think it is for people who have not read much Economics (and don't read newspapers or pay attention to current events) but need a bit of introduction to the facts. If you have some less-informed friends who are willing to make time to read this, then give it to them.

I do believe that much of this is covered in Capitalism and Freedom: Fortieth Anniversary Edition by Milton Friedman.

Verdict: Recommended at the price of $3 (plus shipping).
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4 of 7 people found the following review helpful
4.0 out of 5 stars What they do with your money and why November 10, 2013
Format:Paperback|Verified Purchase
Interesting to read about economic matters from the perspective of an economist and not from the perspective of a politician. Critical of the policies of both US parties
and of politicians in general, since they are demonstrably more interested in their chances of re-election than in the long-term consequences of the laws they pass and the decisions they make. Unfortunately, it seems that a new century's worth
of terrible decisions is well under way.
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0 of 1 people found the following review helpful
5.0 out of 5 stars A wonderful book and he nails it November 12, 2014
Format:Paperback|Verified Purchase
100% right on! A wonderful book and he nails it. Love it. Dave
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0 of 2 people found the following review helpful
4.0 out of 5 stars Four Stars September 11, 2014
Format:Kindle Edition|Verified Purchase
Outstanding to the point explanation of SERIOUS policy errors and long-lasting effects.
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