- Series: Independent Studies in Political Economy
- Hardcover: 456 pages
- Publisher: Independent Institute; 1st edition (June 1, 2012)
- Language: English
- ISBN-10: 1598130722
- ISBN-13: 978-1598130720
- Product Dimensions: 6.2 x 1.4 x 8.9 inches
- Shipping Weight: 1.6 pounds (View shipping rates and policies)
- Average Customer Review: 4.0 out of 5 stars See all reviews (10 customer reviews)
- Amazon Best Sellers Rank: #2,455,298 in Books (See Top 100 in Books)
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Living Economics: Yesterday, Today, and Tomorrow (Independent Studies in Political Economy) 1st Edition
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“A superb book. . . . It is vintage Boettke: engaging, witty, and chock full of insight. This book should be put in the hands of every first-year student of economics, if only to show them what they are missing!” —Bruce Caldwell, research professor of economics, Duke University
“A solid book that counters the excessive simulation of modern academic economics while, at the same time, avoiding the temptation to extend application of the logic beyond reasonable limits. Boettke concentrates on the primary purpose of economics, which is to convey an understanding of how, within properly designed institutional constraints, operative markets generate and distribute value without overt conflict.” —James M. Buchanan, distinguished professor emeritus of economics, George Mason University
“Peter Boettke's book Living Economics not only is splendidly characterized by broad erudition, solid analysis, shrewd observation, and expositional clarity, it appears at a propitious moment.” —William R. Allen, professor emeritus of economics, University of California–Los Angeles
“A remarkable book. The volume luminously reflects the amazing breadth of Professor Boettke’s reading, and the deep and careful thoughtfulness with which he reads.” —Israel M. Kirzner, professor emeritus of economics, New York University
About the Author
Peter J. Boettke is a research fellow at the Independent Institute, a professor of economics at George Mason University, and the editor of the Review of Austrian Economics. He is also the recipient of the Golden Dozen Award for Excellence in Teaching from the College of Arts and Sciences at New York University and the author of several books, including Calculation and Coordination: Essays on Socialism and Transitional Political Economy; The Political Economy of Soviet Socialism: The Formative Years, 1918–1928; and Why Perestroika Failed: The Economics and Politics of Socialism Transformation. He lives in Fairfax, Virginia.
Top Customer Reviews
The title, "Living Economics" has three meanings. The first is to explain economics as a living discipline, capable of growing and changing over time. Economics as a discipline possesses nearly limitless potential to do good and bad, depending on who its stewards are, what they attempt to do with it, and what they understand to be its limits. In this respect, Peter Boettke masterfully describes what economics was "yesterday," what it is "today," and what it could be "tomorrow." In doing so, he describes the origin, decline, and revival of mainline economics as well as the works and scholars who contributed to its revival. This is a journey that Boettke describes not only after years of research but also by living through it and his personal experience with and love of the the teachers he has had throughout his intellectual development.
The second meaning is the acknowledgement that economics is rooted in sound principles; what Boettke refers to as "the three p's and the three i's." In this lesson familiar to anyone who has heard him deliver a lecture, he explains how property rights generate the incentives, prices generate the information, and the profit/loss system generates the innovation. This lesson, how we lost sight of it, how it has made its resurgence, and the role of economists in saving economics from the grips of social engineers is one of the central themes of this book.Read more ›
Section 1 discusses the hows and the whys of teaching economics. Economics is a way of thinking and should be taught as such. Economics, taught correctly, gives us a way to appreciate the spontaneous order that emerges when individuals make individual decisions coordinated by the price mechanism (which, when interfered with artificially, leads to a host of generally unintended consequences). A possibly radical suggestion, echoed throughout this book's essays, is that economics should not focus on the idea of equilibrium as much as the real-world process of disequilibrium (which, per Kirzner, is the only way to think of the economy as a dynamic and innovative, rather than static and steady, order).
On to section 2, which profiles and discusses some of Boettke's favorite economics teachers (those he learned from in classrooms and through reading).Read more ›
Most Recent Customer Reviews
This is more of a comment on the reviews. Someone familiar with the Austrian school of economics will recognize Boettke and the others he draws on, but the reader not versed in the... Read morePublished on July 22, 2014 by J. Hess
Peter Boettke has read a lot and he teaches what he has learnt in a beautiful way in order we understand what the market economy is about. Read morePublished on June 12, 2013 by commieworm
This guy talks on the radio much better than he writes and his assumptions are mostly wrong or marginal: You could learn more valuable economic theory from behind the counter at... Read morePublished on May 16, 2013 by Jim Goodall
Peter, I've just opened your book and reviewed the table of contents and turned to Chapter 7 'Mr. Boulding and the Austrians'. Read morePublished on March 29, 2013 by Jon Purdy