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Economics Does Not Lie: A Defense of the Free Market in a Time of Crisis

3.9 out of 5 stars 17 customer reviews
ISBN-13: 978-1594032547
ISBN-10: 1594032548
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About the Author

Marjorie Williams was born in Princeton, N.J. in 1958 and died in Washington, D.C. in 2005. She was a contributing editor to Vanity Fair and a columnist for The Washington Post. Williams is the author of The Woman at the Washington Zoo: Writings on Politics, Family, and Fate, a New York Times bestseller and winner of the PEN/Martha Albrand Nonfiction Award. --This text refers to an out of print or unavailable edition of this title.
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Product Details

  • Hardcover: 250 pages
  • Publisher: Encounter Books (July 20, 2009)
  • Language: English
  • ISBN-10: 1594032548
  • ISBN-13: 978-1594032547
  • Product Dimensions: 1.2 x 6.5 x 9.8 inches
  • Shipping Weight: 1.8 pounds (View shipping rates and policies)
  • Average Customer Review: 3.9 out of 5 stars  See all reviews (17 customer reviews)
  • Amazon Best Sellers Rank: #1,788,904 in Books (See Top 100 in Books)

Customer Reviews

Top Customer Reviews

By Erik Eisel on November 24, 2009
Format: Hardcover
First of all, anyone who appreciates Thomas Sowell's clear writing on economic issues will appreciate and should immediately purchase Guy Sorman's Economics Does Not Lie. Like Sowell, Sorman offers clear arguments about the free-markets and reminds us why this system works. In comparison to Sowell, however, who often justifies the free-market system in terms of human nature, i.e. the free-market system "works" because it is congruous with human nature, Sorman emphasizes that the free-market system works, because it does not "lie," i.e. it follows scientific principles that are based on truth and are falsifiable. Finally, what I appreciated about Sorman's book was his "international" perspective. In the first part of his book, Sorman interviews economists around the world (Europe, Scandinavia, Latin America) who share his appreciation of the free-market system. In the second half of his book, Sorman takes us on a whirlwind world tour, demonstrating how countries, like Chile, have benefitted from the application of these principles, whereas, countries, like Argentina, suffer "unnecessarily" from ignoring them.
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Format: Hardcover Verified Purchase
I've been reading quite a few books on economics and the ongoing crisis. This is the best.

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.
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Format: Hardcover
I love this book because it tries to explain how economics affects the distribution of wealth to individuals, countries, and regions. It is not about people and their personalities, but about how education and the rule of law govern the capital value of a country. It cites numerous examples of governments injecting excess liquidity into banks, with unintended negative results. It refers briefly to past economic events, but concentrates mostly on current events like the emergence of India and China, the Euro, and in the US.
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Format: Hardcover
French economist Guy Sorman has delivered a groundbreaking treatise which debunks several myths about capitalism that have been floating around since our recent financial crisis hit a little over one year ago. In the process, we learn that government intervention of economic policy (i.e. socialism) is the biggest deterrent to economic prosperity; not a failure of capitalism. That's why the Berlin Wall came tumbling down in the late '80s and why the Soviet Union broke apart a couple of years later; they realized capitalism---a free market society---leads to prosperity. They finally got it right.

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.
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Format: Hardcover
Economics does not lie is like a timely book. People are moving to roll back the free market amidst crisis, but Sorman provides good reasons to resist this trend. Sorman effectively puts the current crisis in perspective. Does the overall track record of Capitalism warrant large increases in government regulation and spending? Are cycles and periodic crises inevitable?

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.
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