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Economics Does Not Lie: A Defense of the Free Market in a Time of Crisis
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There are a fair number of books explaining the current crisis - the causes and and proposed fixes. Most are pretty good, but many seem to be very agenda driven - i.e. lets use the crisis to force some government to spend money fixing our favorite problems. Mr. Sorman write a very calm, well-reasoned and mostly-apolitical explanation of what nearly all economists would agree on.
The chapters on India, China, Brazil and Japan were especially well-thought-through.
Certainly, the model being displayed by America and other successful free market societies helped facilitate that dramatic transformation; score one for the Reagan adminstration; our champion of smaller government and bigger economic growth. They weren't called "The Big '80s" for no reason.
In the meantime, nearly a billion people in China, Brazil & India have benefitted from the free market, as a continuing collapse of "state socialism" has fueled this progress. In short, we live in a global free market economy, thanks in large part to the growth of the internet, which has essentially connected the entire world over the past fifteen years; that trend will only grow stronger.
Sorman concludes that the study of economics has recently become more quantitative; in fact, we are now experiencing a scientific revolution in economics. With this comes the understanding that economic cycles---some good & some bad---results from innovation; a process of trial & error which is necessary for a free market economy to flourish. The only detriment to the economic balance of nature is when our leaders enact bad economic policy.
This is a call to action for any free market society. Clearly, socialism doesn't work & big government needs to go on a diet.
While I do disagree with some elements of this book, this mostly concerns the type of finer theoretical points that economists find interesting, and most other people find mind-numbing. My guess is that most amazon.com review readers are interested in general conclusions and I have too few disagreements with Sorman on those issues to bother with here. Generally, free market capitalism has a proven track record, despite some obvious faults. Not everyone wants to recognize the overall success of capitalism, but it is true. Not everyone wants to admit that government policy drove the Subprime boom and bust, but its true.
This book is highly readable, well reasoned, and timely. People are learning the wrong lessons from the past decade, and are forgetting the lessons of the past century. Buy EDNL. Read it. Learn from it.
Most Recent Customer Reviews
Yes. Economics does not lie, but you lie! People lie. Goldman Sachs, NWO, Rothschild, JP Morgan, bankers who lied and cheat and alter the world's financial wealth into their pot of... Read morePublished 20 months ago by David Ip
Between an exceptionally vague title and a hubris filled conclusion the book includes a number of very good points, though not all convincingly in defense of free trade. Read morePublished on October 16, 2013 by Gderf
This was a great book. I'm glad I bought it. This book chronicles the opinions of a group of economists around the world. It is very enlightening.Published on February 25, 2013 by Sidney Tran
Absolute nonsense from start to finish. The author simply repeats soundbites and ideological claims, no doubt gleaned from a conference hosted by the WTO, about the superiority of... Read morePublished on March 26, 2012 by Mr. Luke Buckley
Gave insight into a lot of areas. Only got to read half, because I left it on a plane.Published on June 25, 2010 by Ned Williams
Sorman's book has three major elements:
- a triumphant assertion of the victory of free markets over socialism (fully crediting Chicago-style economics for that victory)... Read more
As is becoming ever clearer, the US has drifted dangerously far from it's roots in free markets, individual liberty, and personal responsibility. Read morePublished on September 12, 2009 by A. Cleasby