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Redeeming Economics: Rediscovering the Missing Element (Culture of Enterprise) Hardcover – October 18, 2010
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“The scope of Mueller’s intellectual ambition in this book is truly astonishing, as is the scope of the research involved. . . . People should invest the time needed to read, absorb, and promote this important book.” —Jennifer Roback Morse, PhD, in The Family in America: A Journal of Public Policy
“Both Washington and Wall Street sorely need Redeeming Economics.” —Larry Kudlow
“Bold, interesting, and thought-provoking—a book that could fundamentally reground the discipline of economics and reorient the study of political economy.” —William Kristol, the Weekly Standard
“Mueller opens discussion on essential topics for people of all faiths, political orientations, and worldviews and does so in ways that probe the limits of rational choice and foster interdisciplinary conversation.” —Choice
“Mueller is that rarest of thinkers and writers: one who can make the ‘dismal science’ thoroughly engaging at a very human level—a man who knows his economics but never loses sight of people amidst a forest of data.” —George Weigel, Distinguished Senior Fellow at the Ethics and Public Policy Center
About the Author
John D. Mueller is director of the Economics and Ethics Program at the Ethics and Public Policy Center, and president of LBMC LLC, a firm specializing in economic and financial-market forecasting and economic policy analysis. Mueller’s articles have appeared in the Wall Street Journal, the Weekly Standard, the Washington Post, and the Harvard Business Review. He and his wife live in Washington, D.C.
Top Customer Reviews
Along the way, I have come to believe more and more deeply that a free economy is the path to prosperity and the only moral social system. (Footnote: our current system is very far from a free economy - I would characterize it as "crony capitalism", or "corporatism".) I found the Austrian school of economics to be the most intellectually coherent, and its critique of "scientism" to be especially relevant in the devastation caused, in part, by overreliance on quantitative models of human behaviour.
That said, Mueller is no Austrian, and views Austrianism merely as one branch of the neo-classical school, which is not unfair. His approach to economics is based on Aristotle, Augustine, and Aquinas (the three A's), and he argues convincingly that the synthesis of these three sources contains and supercedes current theory. Along the way, he demolishes Adam Smith's contribution, and shows it to be a step backward from what was already known to the Scholastic School (and what he in fact taught before he wrote Wealth of Nations).Read more ›
Meuller's argument is, at essence, that economists have looked into the same box of formulas and social philosophy and decided it's too difficult to manage all in one piece --so they've simply removed all the humans from their economic systems. This leaves them with very tidy systems with which to predict the future, but those systems turn out to be completely wrong because they've left out the only piece of economics that really matters, the people. Leaving people out economics almost seems like an absurd idea, but as the author explains the history of economic thought, you can see the reasoning behind the removal.
If you see people as mere "meat machines," who are not really capable of rising above their environment, this removal almost makes sense. But the reality is that humans are not, in fact, "meat machines," capable of being predicted and controlled through various market forces. Economics, then, comes down to a question of worldviews, like most other questions do -- the crucial question becomes why, not in the sense of "how," but in the sense of "purpose." What is the intent behind the individual's economic activity.
Returning to this question is ever more important in our current age, where we seem to think "big data" is somehow going to find the "ghost in the machine," or prove there is no ghost after all.Read more ›
"This book unearths a forgotten piece of the puzzle that could prove to be the holy grail of modern economics." Edwin Feulner, president of Heritage Foundation.
This is not for the frivolous reader .
See an introduction by the author, John D. Mueller : on .isi.org/books/bookdetail.aspx?id=60260279-5db7-4061-9549-71356eb6c530
Most Recent Customer Reviews
This is an excellent book. It directly addresses what I have always thought was a missing piece in economics in general, and Austrian economics in particular (I mention that... Read morePublished 9 months ago by Karl Gruner
Most economics majors and certainly all other business students are given the briefest history of the subject of economics. Read morePublished 12 months ago by Adam Vass Gal
Utterly genius in richly describing and elucidating foundational economic thought and theory at the most profound levels. Read morePublished 18 months ago by G C on a lake N of Dallas
Economics is not one of my primary interests but more an occasional fascination. Many economics texts, frankly, are dry and rather dull. Read morePublished 21 months ago by Stratiotes Doxha Theon
Rxplains why Adam Smith just did not make complete sense, like something missing. For a non economist like myself it is an easy read, great to bring the metaphysical in a world... Read morePublished on April 10, 2014 by Sir Knight
Over the years various models of human behavior have been devised wherein each person is a rational utility maximizer. Read morePublished on January 26, 2014 by David Prizio
This book was quite a stretch for me, but I'm glad I made the effort. Parts of it I had to reread multiple times, but I feel like I've got the basic outline. Read morePublished on January 4, 2014 by Settler
Mueller provides an in-depth explanation of what is missing from popular economical theory. He begins with a thorough explanation of the history of economics and the basic... Read morePublished on December 3, 2013 by Kamilah Peebles
Impressive to say the least! I found Chapters 11 and 13 on demographics particularly interesting, very insightful. A paradigm changing read.Published on November 26, 2013 by Neftali De Jesus