“In the four decades between 1969 and 2008, a period I call the ‘Economists’ Hour,’ borrowing a phrase from the historian Thomas McCraw, economists played a leading role in curbing taxation and public spending, deregulating large sectors of the economy, and clearing the way for globalization.” (p. 5)
The four decades Binyamin Appelbaum refers to featured colorful economists like Milton Friedman, Arthur Lafffer, Paul Volcker, Alan Greenspan, Alice Rivlin, Janet Yellen, and Ben Bernanke. Appelbaum puts economic ideas in context. For example, economics was behind Nixon’s decision to discontinue the military draft. Economics persuaded courts to abandon much of the regulation of corporations. Milton Friedman and Arthur Laffer persuaded Congress and President Reagan to cut taxes (kicking off the start of the horrible debt we’re burdened with today). Of course, many of these economic ideas led to our present income inequality and class struggles. But in order to critique our present economic position, you need to understand how we got here. Appelbaum’s The Economists’ Hour describes the players and ideas and economic arguments that transformed our Economy. Scary stuff. What do you think of our Economy today? GRADE: A
TABLE OF CONTENTS:
INTRODUCTION 3
PART I
1. Markets in Everything 21
2. Friedman v. Keynes 46
3. One Nation, Under Employed 67
PART II
5. In Corporations We Trust 131
6. Freedom from Regulation 161
7. The Value of Life 185
PART III
8. Money, Problems 217
9. Made in Chile 254
10. Paper Fish 285
Conclusion 315
Acknowledgements 333
Notes 337
Index 427
I’ll say only one thing: there’s a reason Economics is referred to as “the dismal science.”
Deb, if Iran retaliates with an attack on our Economy, things will get dismal quickly!
George, I read about economy every day even though I have a poor grasp of the subject, especially when it comes to numbers and financials. I have a feeling I might understand THE ECONOMISTS’ HOUR, the ideas and arguments that have shaped the US economy over four decades.
Prashant, Bünyamin Appelbaum presents the economic concepts in THE ECONOMISTS’ HOUR in easily understood terms. You would enjoy it.
The economy today? I wouldn’t trust this crew with handling the finances of the Grifter in Chief’s personal scam economy. Look at the damage that has been done since so-called Reagonomics (“A goddamn cowboy actor is running the country, and I’m supposed to sleep at night without drugs?” – Richard Belzer). This crew and their enablers didn’t learn dick from what happened in 2008 and anyone who thinks they can’t crash the economy again just hasn’t been paying attention.
Jeff, gold and oil stocks are up. When Iran strikes, the U.S. Economy will take a hit. Will this be enough to dethrone Trump? Stay tuned…
Boooor-ring!
Bob, I always enjoy reading about money!