SPIN-FREE ECONOMICS (Hardcover)

by Nariman Behravesh (Author)
Key Phrases: financial instability, most other rich countries, other consumption taxes, United States, Social Security, Great Depression (more...)

Editorial Reviews

Product Description

With technology and globalization advancing at breakneck speed, the world economy becomes more complex by the day. Activists, politicians, and media enablers—conservative and liberal, left and right, informed and just plain wrong—consistently seize this opportunity to present woefully simplistic explanations and hype the latest myths regarding issues affecting the economy. Their purpose is not to educate but to advocate and, in many cases involving the media, manufacture outrage to drive ratings higher. So, where can you find the truth about today’s economy and how it affects you? Turn off the TV, put down the magazine, log off the Internet—and read this book.

Spin-Free Economics places the current economic debates where they belong: in the middle of the road. With no political ax to grind, Nariman Behravesh takes a centrist approach to explain how today’s economic issues affect individuals and businesses. Along the way, he debunks myths regarding the effects of immigration, unemployment, regulation, productivity, education, health care, and other headline issues. Spin-Free Economics answers today’s most pressing questions, including

• Will more regulation prevent financial crises?
• Are outsourcing and foreign ownership good or bad for Americans?
• Should we fear or embrace Asia’s emerging economic powers?
• Is aid or trade the solution to global poverty?

The vast majority of economists, Behravesh points out, are independent analysts who are in agreement on many of today’s issues. Unfortunately, the subject has been taken over by opportunists, whose answers to the questions above invariably fall along partisan lines. Spin-Free Economics is a breath of fresh air for those seeking an alternative to the chatter of ideologues and cynics. Rejecting the manipulative approach of “sound-bite economics,” Nariman Behravesh uses facts and insight tempered by clearheaded reason to present the most accurate assessment of the subject to date.

About the Author
Nariman Behravesh is Chief Economist for Global Insight, an economic and financial analysis firm. He previously served as Chief International Economist at Standard & Poor's.

Product Details

• Hardcover: 384 pages
• Publisher: McGraw-Hill; 1 edition (October 21, 2008)
• Language: English
• ISBN-10: 007154903X
• ISBN-13: 978-0071549035
• Product Dimensions: 9.1 x 6.3 x 1.4 inches
• Shipping Weight: 1.4 pounds (View shipping rates and policies)
• Average Customer Review: 3.6 out of 5 stars See all reviews (16 customer reviews)
• Amazon.com Sales Rank: #368,590 in Books (See Bestsellers in Books)

Customer Reviews

Most Helpful Customer Reviews

42 of 49 people found the following review helpful:

5.0 out of 5 stars Wonderful introduction to economic policy, November 12, 2008

By	Tyler Cowen (Fairfax, VA United States) - See all my reviews

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

5 of 7 people found the following review helpful:

2.0 out of 5 stars Same Old Thinking!, April 18, 2009

By	Loyd E. Eskildson "Pragmatist" (Phoenix, AZ.) - See all my reviews (TOP 100 REVIEWER)    (REAL NAME)

Behravesh contends that the subject of economics has been taken over by opportunists whose answers to questions invariably fall along partisan lines. I agree. However, his "Spin-Free Economics" fails to diverge from this pattern, and is loaded with right-wing nostrums. These include:

1)Attempts to slow or stop globalization hurt the public, especially the poor. (Never mind the millions of Americans who have lost their jobs, health care and pension benefits to overseas outsourcing.)

2)Central banks should mostly focus on keeping inflation low. (Ignores the fact that every financial crisis since 1985 has been caused by financial bubbles or miscalculations - the 1987 crash, the LTCM crash, the dot.com crash, and now the residential real-estate crash.)

3)We will never run out of oil and other scarce commodities - eg. Saudi Arabia has 70+ years' supply, and Alberta's tar sands and Venezuela's clay fields hold another 100+ years' worth. Ingenuity will also provide new techniques to pump more oil from abandoned fields. (Ignores the contrary opinions of almost all experts on the topic.)

4)(Illegal) immigration is not hurting America. (Again, ignores the studies of other respected economists, and common sense - the U.S. cannot absorb the uneducated unemployed masses from Central and South America.)

Behravesh then goes on to make an unsatisfactory attempt to explain Japan's "lost decade," and provide a brief explanation of Africa's inability to match Asia's recent economic miracle (political instability, corruption, low education).

Not all of Behravesh's claims are superficial, however. American education wastes enormous amounts of money, spending about 40% more per-pupil than most other OECD countries, while scoring less on math, reading, and science, and having a higher dropout rate. South Korea spends 60% less per pupil, and its average 15-year-olds score 10-15% higher. In addition, American per-pupil inflation-adjusted expenditures have more than doubled since 1970, with little or nothing to show for it. Behravesh also makes the point that American primary and secondary education achieves poor results because of a general lack of competition, while our colleges and universities are world-class because they face competition.

Similarly, American health care expenditures in 2005 averaged 15% of GNP, vs. 9% for the OECD average, while having a lower life expectancy at birth. However, Behravesh's recommendations are patently silly - reduce malpractice awards (credible assessments have concluded that this would have limited financial impact, while harming quality), and diminish the market power of providers and insurers. (The latter ignores both the high administrative costs added by health care insurers, and the mountains of evidence that about half the health care provided has no demonstrable benefit.)

4 of 6 people found the following review helpful:

5.0 out of 5 stars A Wonderful Book!, January 26, 2009

By	Voracious Reader - See all my reviews

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!