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Popular Economics: What the Rolling Stones, Downton Abbey, and LeBron James Can Teach You about Economics Hardcover – April 13, 2015
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Judy Shelton, author of Money Meltdown.
"Popular Economics is an essential 21st century complement to Henry Hazlitt's Economics In One Lesson. In a book that is happily free of charts and incomprehensible equations, John Tamny uses exciting stories from the world around us to show the reader that nothing is easier than economic growth. Popular Economics is the answer for those confused by the 'dismal science.'"
Arthur Laffer, economist, creator of the "Laffer Curve"
John’s book is many things. It’s a great way to learn economics, it’s a very strong case for economic liberty, and it is an epic myth-buster. I will be giving it out to friends, of all viewpoints, for a long long time.”
Cliff Asness, Managing Principal, AQR Capital
Ignore John Tamny’s easy to read, Popular Economics, at your own moral peril. It’s as close to spiritual as you get in this realma better tutorial than any econ text. I’d make it mandatory for the 95% of econ majorsright up through PhDswho never really got the basics. While making you edgy toward the endless societal consensus nonsense it cuts through like a guillotineit also frees you to see the true creative beauty of reality all around us.”
Ken Fisher, Founder & CEO, Fisher Investments
"In a revelatory analysis of the so-called 'financial crisis,' John Tamny makes the unexpected case that the actual crisis was the huge banking blunder of betting the investment capital of the U.S. economy on housing, a retrospective consumption good already grossly in over supply. Confirming the blunder, government under both Bush and Obama bailed out the banks and debauched the dollar, devaluing the entire entrepreneurial economy of the future. Rare is a book so contrary, so pithy, and so true."
George Gilder, author of Knowledge & Power
"John Tamny offers a wide ranging analysis of some of the most pressing issues facing the American economy today, from income inequality and job creation to budget deficits and tax reform. Through engaging examples and stories, he provides a thought-provoking argument in favor of a free market approach to economic growth. Whether you agree with him or not, there is no question that his perspective needs to be part of the discussion on American economy policy in the new millennium."
Enrico Moretti, Professor of Economics, Cal-Berkeley, author of The New Geography of Jobs
From the Inside Flap
But a lot of people want you to think economics is terribly complicated. Politicians, bureaucrats, special-interest groups, and economists themselves have managed to turn common sense and simple cause-and-effect into a mystery religion. And they want you, the ordinary taxpayer, to keep a respectful distance.
John Tamny is here to break the spell with Popular Economics. You don’t need a Ph.D. and a graphing calculator to understand the economic lessons that are all around usjust the self-confidence to see what’s in front of your nose. Stimulating economic growth is pretty simple, too. It all comes down to Taxes, Regulation, Trade, and Money. Get these four things right, and economic growth would explode.
Taxes. Think of taxes as a penalty for working. If Great Britain raises Mick Jagger’s income tax rate high enough, the Rolling Stones are going to find somewhere else to live, and the amount of taxes Great Britain collects from Mick will be zero.
Regulation. The smartest people in any industry aren’t the regulators, they’re the people making a living at it. Regulation is based on the fantasy that the mediocre can effectively direct the best and brightest. That’s like expecting the Appalachian State football team to beat Michigan every time they play.
Trade. LeBron James could be a pretty good tight end in the NFL, but in basketball he’s the best in the world. So it makes no sense for him to play football. That’s called comparative advantage, and it’s the foundation of free trade.
Money. Imagine playing football if the length of a yard changed on every play. Yet that’s how we run our economy. The value of the dollarthe economy’s unit of measurechanges in value every minute.
Government tries to convince us that free markets are dangerous. To believe that, we have to ignore reality, and plenty of professional economists are trying to help us do that.
But Popular Economics shows that you’re an economist tooand a better one than you think.