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Seven Deadly Economic Sins: Obstacles to Prosperity and Happiness Every Citizen Should Know

by James R. Otteson (Author)
4.4 4.4 out of 5 stars 114 ratings
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You have heard of the Seven Deadly Sins: pride, greed, lust, envy, gluttony, wrath, and sloth. Each is a natural human weakness that impedes happiness. In addition to these vices, however, there are economic sins as well. And they, too, wreak havoc on our lives and in society. They can seem intuitively compelling, yet they lead to waste, loss, and forgone prosperity. In this thoughtful and compelling book, James Otteson tells the story of seven central economic fallacies, explaining why they are fallacies, why believing in them leads to mistakes and loss, and how exorcizing them from our thinking can help us avoid costly errors and enable us to live in peace and prosperity.
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  1. ISBN-10
    1108843379
  2. ISBN-13
    978-1108843379
  3. Publisher
    Cambridge University Press
  4. Publication date
    April 8, 2021
  5. Language
    English
  6. Dimensions
    5.75 x 0.75 x 8.75 inches
  7. Print length
    322 pages
  8. See all details
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Editorial Reviews

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'Otteson, a philosopher, has written for non-economists the best short introduction to economics, and to a wider political economy. It is lucid, generous, open-handed yet thorough, and solidly based scientifically. Come to think of it, most economists should read it, too. They might stop using 'philosophical' as a term of contempt, and get back to an Adam-Smithian depth of understanding.' Deirdre McCloskey, University of Illinois, Chicago

'The word 'Deadly' in Otteson's title is no exaggeration. The great frustrations and famines of recent decades have been failures of state management, rather than contradictions of capitalism. Otteson's contribution is to explain why these catastrophes are the result of good intentions, moral misunderstandings, and confusions about what markets can do. As society moves toward reopening the economy and restoring prosperity, this book is essential reading for what might be done, what can't be done, and the things that lie in between.' Michael C. Munger, Duke University

'James Otteson is not just a scholar of markets, he is their Mozart. In this compelling tour, Otteson lays out economic principles the way Mozart laid out a sonata. Otteson orders and presents key principles in a fashion any American can understand and appreciate.' Amity Shlaes, author of Great Society

James R. Otteson’s Seven Deadly Economic Sins is a fine effort to introduce readers to the basic principles of market economics. The hamartiological framing - the 'sins' are bad assumptions about how markets work - is part of the author’s effort to make the subject more engaging than a typical treatise on economics. It works. Mr. Otteson, a professor of business ethics at Notre Dame, writes with an apt combination of casual wit and rigorous logic." Barton Swain, The Wall Street Journal

Book Description

Compelling basic principles of economics every citizen should know to enable better personal decision-making and better evaluation of public policy.

Product details

  • Publisher ‏ : ‎ Cambridge University Press (April 8, 2021)
  • Language ‏ : ‎ English
  • Hardcover ‏ : ‎ 322 pages
  • ISBN-10 ‏ : ‎ 1108843379
  • ISBN-13 ‏ : ‎ 978-1108843379
  • Item Weight ‏ : ‎ 2.31 pounds
  • Dimensions ‏ : ‎ 5.75 x 0.75 x 8.75 inches
  • Customer Reviews:
    4.4 4.4 out of 5 stars 114 ratings

About the author

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James R. Otteson

James R. Otteson

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James R. Otteson is the John T. Ryan Jr. Professor of Business Ethics in the Mendoza College of Business at the University of Notre Dame. He received his BA from Notre Dame and a PhD from the University of Chicago. His published work focuses on Adam Smith, eighteenth-century moral and political thought, liberalism, political economy, and business ethics.

Customer reviews

4.4 out of 5 stars
114 global ratings

Customers say

Customers find the book interesting, fascinating, and highly readable. They also describe it as thought-provoking, well-reasoned, and well-written. Readers mention it provides a good explanation of what's wrong with the economy.

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ReadabilityThought provoking
6 customers mention "Readability"6 positive0 negative

Customers find the book interesting, fascinating, and highly readable. They also say it's applicable to real life.

"...by liberal Democrats but this registered independent found it fascinating, highly readable and applicable to real life decisions...." Read more

"...This is a good read for people who are not afraid to think about Economics beyond superficiality and slogans." Read more

"...A great book, please read and share it with your friends." Read more

"The myths that the author highlight are definitely on-point and interesting to read...." Read more

6 customers mention "Thought provoking"6 positive0 negative

Customers find the book thought-provoking, well-reasoned, and interesting. They say it has great points and an explanation of what's wrong with the economy. Readers also mention it's highly readable and applicable to real-life decisions.

"...independent found it fascinating, highly readable and applicable to real life decisions...." Read more

"...This books is one of the best written pieces I've bought in some time...." Read more

"This is a very good explanation of what is wrong with our economy." Read more

"This is a well reasoned and interesting book, but it was a little too theoretical and repetitive to me. Still an interesting read." Read more

Top reviews from the United States

Dr. WHO
5.0 out of 5 stars I bought 3 more to send to thoughtful friends!
Reviewed in the United States on September 20, 2021
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This book will probably not be well received by liberal Democrats but this registered independent found it fascinating, highly readable and applicable to real life decisions. I bought gift copies for two Democrats and two Libertarians! :) How pleasant to be reminded by a philosophy professor that Adam Smith’s first work was on moral economics and that “Wealth of Nations” was secondary. Because the author builds his premises and decisions from the ground up, I can now verbalize what I previously suspected was true but had difficulty expressing.
- I hope book clubs around the world (Do book clubs still exists?) chose this easy read. I entreat those few remaining pockets of civil discourse and respectful debate to chew on the professor’s positions and not each other.
14 people found this helpful
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Roboticist
4.0 out of 5 stars Very well written, thought-provoking.
Reviewed in the United States on January 12, 2022
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The author has taken seven Economics concepts and given them a good airing. This is a good read for people who are not afraid to think about Economics beyond superficiality and slogans.
2 people found this helpful
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Rob Kirk
5.0 out of 5 stars Bravo, a fantastic read.. should be mandatory reading for anyone that cares about our future
Reviewed in the United States on June 23, 2021
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Ok, I am conservative. But mostly, I am an economics respecting person. This books is one of the best written pieces I've bought in some time. Highly recommend it to anyone that wants to know how the real world works from people who give the real world thought, not political sound bytes. A great book, please read and share it with your friends.
28 people found this helpful
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Jim Ludlow
5.0 out of 5 stars Most economic books are garbage but this one...
Reviewed in the United States on March 24, 2022
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is the best I've ever read. Easy to understand and when you're done you'll be able to figure out what is going on economically and which politicians (and their beholden economists) have no idea what they're talking about.
One person found this helpful
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Jim Sitnik
3.0 out of 5 stars Do read this book, but you must have a pen in hand.
Reviewed in the United States on January 14, 2022
Verified Purchase
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.
5 people found this helpful
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Jay D
5.0 out of 5 stars Half way through, but brilliant so far!
Reviewed in the United States on July 30, 2021
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To paraphrase JFK’s speech writer: the enemy of the truth is often not the lie, but the myth. This author exposes many popular myths.
10 people found this helpful
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jewelry guy
5.0 out of 5 stars I wish our politicians would read this book.
Reviewed in the United States on June 2, 2021
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This is a very good explanation of what is wrong with our economy.
9 people found this helpful
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GXSC
2.0 out of 5 stars Great points, poor agenda.
Reviewed in the United States on October 3, 2021
Verified Purchase
The myths that the author highlight are definitely on-point and interesting to read.

However, once the myths are elaborated, the author then tries to stretch the points too far to justify certain political agenda and moral high ground. In these attempts, the examples start to get unbalanced and often ignore counter examples and alternative views.

The writing is also overly verbose (typical for philosophical writings in order to be rigorous, which the book failed to do due to stretching too far and failing to consider obvious counter examples). The entire content could probably fit into 1/3 the volume, and if we remove the extra agenda from the book, perhaps 1/10 the volume. Generally, the current verbosity makes the book a poor investment of time to read.
13 people found this helpful
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Top reviews from other countries

Richard
5.0 out of 5 stars Excellent read!
Reviewed in Canada on September 23, 2021
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Well researched and thought out concepts and explanations of economics - significantly enhanced my understanding of key principles.
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