Two Hallmarks of a great book are: 1. the work makes you think more deeply on a topic and 2. you keep coming back to the book to think about and chew on the ideas further. Living Economics by Peter Boettke succeeds on both these counts. I originally read the book a few years ago and I continue to dip back into it every few months to further explore many of the ideas it contains.
I learned a lot about mainline economics and got exposure to a range of thought that really improved both my economic thinking and provided insights that continue to help me in my role as a program manager for large scale IT and business transformation programs.
One of the most valuable learnings for me was from the work by the Ostrom's on Governance. I was further exploring this work when I also came across this topic in a very good business book by Julian Birkinshaw - "Reinventing Management". In the third chapter, Birkinshaw discusses Bureaucracy versus Emergence. In discussing the "risks of flexible bureaucracy" he mentions the work of Elinor Ostrom (Governing the Commons) and how her findings "apply directly to this discussion." By having read "Living Economics", I felt I had a much better grasp of this topic and I have been able to find ways to do my job better as a result.
There are a lot of great ideas and thinkers covered throughout the book. There are insights from a wide range of thinkers: Adam Smith, F.A. Hayek, Vincent and Elinor Ostrom, Kenneth Boulding, Israel Kirzner, and James Buchanan just to name a few. There is also a insightful chapter on "Where did economics go wrong?"
This book is worth your time and energy. It would also make a great gift for those interested in economics, ideas, social thought and if you are fortunate, as I was, it may spark thoughts that help in your career! Highly recommended!
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