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A review by chelton
The Economists' Hour: False Prophets, Free Markets, and the Fracture of Society by Binyamin Appelbaum
5.0
It’s not that everything was perfect before American politicians began paying attention to economists, but things sure were different. Between 1969 and 2008, author Binyamin Appelbaum argues that economists rose from the deepest depths of academia to rest in positions like secretary of the treasury and chairs of the Federal Reserve and, more broadly, as policymakers. From deregulation to antitrust to conscription, economists have spent fifty years with their fingerprints on everything. So how did it happen and, better yet, what’s been the result of this economist-driven revolution?
Appelbaum has crafted one of the most readable economic histories imaginable. While detailing the major players behind the current free-market economy and its gradual evolution could easily be dry, he avoids this by exploring its practical application to everyday life across the decades. For example, Milton Friedman and his University of Chicago gang share a bulk of Appelbaum’s focus, and Friedman’s theories led to him pushing for an end to the military draft in the U.S.—a major plus. Yet this same worldview led to the deregulation of financial institutions, eventually resulting in the subprime mortgage crises—a major yikes. Similar anecdotes, both positive and negative, are peppered throughout the book and break up some of the more detail-dense topics.
Since Appelbaum’s focus on the historical aspects at the beginning of the book shows off the breadth of his research, there’s an added sense of authority when he reaches his later criticisms. He takes issue with the idea that free-market-focused economists manufacture riches to anyone beyond the ruling class, instead pointing to their deficiencies as the catalyst for the Great Recession. In this instance, it’s a measured, focused rebuttal to this way of governing, but Appelbaum’s delivery can veer from patient to sharp and, frankly, funny depending on how absurd he finds each proposal.
With carefully researched analysis and an easy style, The Economists’ Hour provides something Appelbaum might argue many economists don’t: accessibility.
Note: I received a free ARC of this book through NetGalley.
Review also posted at https://pluckedfromthestacks.wordpress.com/
Appelbaum has crafted one of the most readable economic histories imaginable. While detailing the major players behind the current free-market economy and its gradual evolution could easily be dry, he avoids this by exploring its practical application to everyday life across the decades. For example, Milton Friedman and his University of Chicago gang share a bulk of Appelbaum’s focus, and Friedman’s theories led to him pushing for an end to the military draft in the U.S.—a major plus. Yet this same worldview led to the deregulation of financial institutions, eventually resulting in the subprime mortgage crises—a major yikes. Similar anecdotes, both positive and negative, are peppered throughout the book and break up some of the more detail-dense topics.
Since Appelbaum’s focus on the historical aspects at the beginning of the book shows off the breadth of his research, there’s an added sense of authority when he reaches his later criticisms. He takes issue with the idea that free-market-focused economists manufacture riches to anyone beyond the ruling class, instead pointing to their deficiencies as the catalyst for the Great Recession. In this instance, it’s a measured, focused rebuttal to this way of governing, but Appelbaum’s delivery can veer from patient to sharp and, frankly, funny depending on how absurd he finds each proposal.
With carefully researched analysis and an easy style, The Economists’ Hour provides something Appelbaum might argue many economists don’t: accessibility.
Note: I received a free ARC of this book through NetGalley.
Review also posted at https://pluckedfromthestacks.wordpress.com/