While the ongoing Greek financial crisis lurches toward another ineffectual bailout and China’s stock market bubble threatens to pop, I’m struck by the economic ignorance of politicians everywhere. The European Union is fatally flawed because a common currency–the euro–needs a centralized budget entity. But none of the EU countries wan to give up their financial power. Our economy is still struggling because politicians refuse to fund bills that would fix our roads and bridges (and create jobs) because of politics not economics. If politicians just read Popular Economics they’d have a much better idea of how the Economy works. If you want to understand what’s happening in the financial markets and how the world really works, start here. GRADE: A
TABLE OF CONTENTS:
FOREWORD By Steve Forbes
INTRODUCTION
PART I: TAXES
1. Taxes are Nothing More than a Price Placed on Work
2. When We Tax Corporations, We Rob Them of Their Future
3. Government Spending Did Not Create the Internet, and Has Never Created a Job
4. It’s the Spending, Stupid: Budget Deficits Really Don’t Matter
5. Capital Gains Are the Elusive Jackpot That Drive Innovation
6. The Best Way to Spread the Wealth Around is to Abolish the Estate Tax
7. Wealth Inequality is Beautiful
8. Savers Are an Economy’s Most Valuable Benefactors
9. Job Creation Requires Perpetual Job Destruction
10. Conclusion: Bulldoze the U.S. Tax
PART II: REGULATION
11. Appalachian State Almost Never Beats Michigan, and Government Regulation Almost Never Works
12. Antitrust Laws: The Neutering of the Near-Term Excellent
13. Conclusion: Don’t Dismiss College Dropouts Delivering Alternative Weeklies
PART III: TRADE
14. “Trade Deficits” Are Our Rewards for Going to Work Each Day
15. Comparative Advantage: Could LeBron James Play in the NFL?
16. “Outsourcing” is Great for Workers, and as Old as the Pencil
17. “Energy Independence” Would be Economically Crippling: “Global Warming” is a Crippling Theory
18. Conclusion: Free Trade is the Path to Knowledge, Liberty, World Peace, and Big Raises
Part IV: MONEY
19. A Floating Foot, Minute, and Second Would Give You Ugly Houses, Burnt Wings, and Slow NFL Draft Picks
20. Do Not Be Fooled by Rising and Falling Computer, Flat Screen, and VHS Prices: They Are Not an Inflation or Deflation Signal
21. True Inflation is Currency Devaluation, and It is a Cruel Blast to the Past
22. If they Tell You They Predicted the “Financial Crisis,” They’re Lying
23. Conclusion: “Do-Nothing” Politicians Deserve a Special Place in Heaven
ACKNOWLEDGEMENTS
NOTES
INDEX
George, “Popular Economics” sounds like an interesting take (or twist) on contemporary events and situations revolving around the American economy, though the issues the author has raised would apply to any country including the emerging markets.
Prashant, John Tamny uses plenty of international examples in this book. I liked his use of the Rolling Stones to explain British tax issues.
Will these frightening economic times never resolve?
Patti, you have to carve out your own little safe haven economically and hunker down. We’re in for a rough ride.
We’ve already been hunkering for a decade.
Rick, your smartest decision was to move from Southern California. According to the U. S. Weather Bureau Southern California is facing massive flooding in the months ahead because of El Nino.
That’s what we’ve done. It’s upsetting what is going on but I have to worry about me. I certainly can’t count on our so-called elected representatives to do it.
You’re right – studying economics should be a requirement for all incoming Congresspersons, let alone Presidents. Ophthalmology doesn’t qualify you for President. Nor does “I made a sh!tload of money, therefore I’m ready to be President!” cut it.
And American and World History should be a must as well.
Jeff, I totally agree. Sadly, my College doesn’t require students to take any History courses. When I make a historic reference in my lectures, I see a lot of puzzled expressions on the faces of my students. So I have to stop and explain what the Manhattan Project was or whatever. It’s a sad state of affairs in Education.
Sorry, but based on the chapter titles, this book seems more than a little too “libertarian” for me. And the “Introduction by Steve Forbes” is also a red flag as he is another in a long line of extremely wealthy people who were born on third base and has gone through life thinking he hit a triple.
The government’s sole job is not to make life easier for billionaires. Harrumph!
/Dismounting soapbox now!
Don’t tell that to Congress, Deb. They don’t want to hear such heresy.
Jeff, Congress’s abysmal poll numbers are well deserved. Money rules them all.
Deb, I completely agree that the government should not be making life easier for billionaires. But, it does. The billionaires “influence” government with their lobbyists, lawyers, and campaign contributions. And they pretty much get what they want. And, if they don’t, they just move their money to a Swiss bank or the Grand Cayman Islands.