Like all economic books of this kind, the book should NOT be read without a pen in hand. With pen in your hand, you should use it to mark up the book vigorously with your notes, thoughts, questions, approvals and disapproves.
As you read books like this, you must be aware of the Six Deadly Sins of Economists: 1) They ignore the cold, hard, inhuman principles of finance and accounting—the kind you use to balance your check book; 2) They do not acknowledge national borders; 3) They ignore movements in the strength and weaknesses of a nation’s currency; 4) They tend to ignore and not recognize scope of corruption; 5) They do not recognize a basic financial principle -- surpluses are good, deficits are bad; 6) They ignore the history of and building stages of hyperinflation—one of the greatest manmade destructive forces of societies.
On page 265 of the book, I find evidence the author himself of being corrupt. He states “And, indeed, in a wealthy society like the United States…” He believes it is a fact that the United States is wealthy in spite of a 30 trillion dollar debt, and fifty years of trade deficits. Financially, the these hard, cold numbers show the United States as being one of the poorest countries in the world. Only the currency’s momentum is keeping the economy afloat.
I do not blame the author however; the vast majority of well-educated and highly intelligent people of this country are overcome with corruption from the abundance of luxury and leisure.
I found the author uses an amiable, friendly writing style. He makes many good and not so good points in his book and can be inconsistent with his points from chapter to chapter. However, the last two or three chapters of the book, he somewhat redeems himself in my eyes with deeper insight into the complexities of humans in an economy. But his points fall far short of helping human beings achieve “the chance of a eudaimonic life…” Him being a professor at Notre Dame, I have hopes that perhaps his next book will accomplish this goal.
Do read this book, but you must have pen in hand.
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