Product Description
Named as a 2009 Outstanding Academic Title by Choice

The Skeptical Economist rejects the story told by other popular economics books. It shows that economics is not an agreed body of knowledge or an objective science. In reality, economics is built on ethical foundations, distinctive and controversial views about how we ought to live, and what we value.

In this revealing and entertaining book, the author exposes these hidden assumptions, and in doing so opens the black box of modern economics to reveal that the conventional wisdom is not what it appears to be. Often the conventional wisdom has hoodwinked us; ordinary people sometimes understand the economy better than professional economists. In short, The Skeptical Economist rediscovers the ethics at the heart of economics.

The book responds to Western malaise about quality of life, and a growing curiosity about economics and its relevance to these concerns. It is for readers who know that economics is unavoidably central to any attempt to improve our quality of life, but do not know why. It conveys a sense of hope, without being utopian. It is a book of ideas and will challenge us all to examine the assumptions behind the economics of our current way of life. ... Read more

Customer Reviews (1)

An important message for economists and non-economists alike
If you are someone who shies away from economics books, fear not. This is a book written for lay readers, and yet conveys an important message that economists (and aspiring students) would do well to heed.

I would sum up Aldred's major points as follows:

- Orthodox economists make assumptions about human behavior that are not only incomplete, but in some cases, completely opposite to reality. More recent developments (such as behavioral economics) are not only far from the mainstream, but offer only a limited recourse.

- Economics has encroached into areas where it is not appropriate. This is mostly in the form of applying monetary value to things (like human lives, the environment, the future) that real humans do not monetize. This leads to flawed decision-making apparatuses like cost-benefit analysis (e.g. 'what is the present value of future ecological calamity?') and over-commodification/marketization.

- Implicit, underlying ethical judgments made by economists can influence policy and create self-fulfilling ethical frameworks. Chief among these is the presumption that human individuals always act selfishly. While plenty of evidence suggests otherwise, this can lead to policies which actually increase the affected individuals proclivity to act selfishly.

Aldred's arguments give the reader the distinct impression that he is approaching issues from a center-left perspective. Conservatives should not despair, however. Behind Aldred's apparent political tilt, his points could be equally applicable to conservative agendas as liberal. His overarching theme is not that one ethical judgment is necessarily better than the other, but that they must be made visible in economic policy, and subject to philosophical discussion and democratic debate.

While I haven't read Bryan Caplan's The Myth of the Rational Voter, based on the synopsis, this book seems like a suitable rejoinder to it. Where Caplan seems to argue that democracy leads to bad economic policy because the average voter is uninformed (read: not an economics graduate), Aldred (who does briefly respond directly to Caplan in the book) might respond that economics professors lead to bad policy because they are unable to model real humans, or to recognize the unchallenged ethical assumptions at the root of many of their theories. ... Read more

Product Description
Hedge fund managers are the new "masters of the universe." The best earn more than $1 billion a year and are so sought after that they can afford to turn investor money away. The funds they run have, to some extent, established an alternative financial system, replacing banks as lenders to risky companies, acting as providers of liquidity to markets and insurers of last resort for risks such as hurricanes, and replacing pension funds and mutual funds as the most significant investors in many companies—even in some cases buying companies outright. The revised and updated second edition of this lively guide sheds much needed light on the world of hedge funds by explaining what they are, what they do, who the main players are, the regulations affecting them, the arguments as to whether they are a force for good or bad, and what the future holds for them.

"More people have a view about hedge funds than know about them. Philip Coggan bridges the knowledge gap in this clearly written guide. Every chapter is a goldmine of information and analysis, making it easy to learn about hedge funds. No investor, no investment adviser, no trustee, no dinner-table conversationalist should express opinions on the sector until they have read this book."
—Elroy Dimson, BGI Professor of Investment Management, London Business School

"While much has been written about hedge fund strategies and their (occasionally spectacular) failures, we have not yet seen a general primer to help the investor understand the world of hedge funds. Philip Coggan presents us with exactly that—a well-written, succinct summary of a world we all need to understand better."
—Rob Arnott, Chairman of Research Affiliates and Editor Emeritus of the Financial Analysts Journal ... Read more

Customer Reviews (7)

Fantastic introduction, but some context required
This book is concise and follows an appropriate structure. Author Philip Coggan writes with authority and wit.However, no matter how well written this 2007 book is, I wonder how relevant chapters 2 and 3 are given the sweeping changes in financial regulation as well as industry practice following the credit crisis. Perhaps foreseeing this, Coggan demonstrates very clearly just how quickly the industry changes.

What is most impressive, however, is seeing just how many of Coggan's predictions in the last chapter have born fruit.

I would not recommend this book to the uninitiated. However, if you have some prior training in economics or finance, it is invaluable to understanding financial markets. I eagerly await an updated edition.

Good basic overview
This is a great basic overview of hedge funds and shows you some of the problems that can arise within the economy from their use and abuse.I kindof wish that they had better coverage of the academic theory and principles of hedge funds but for that you're going to have to look elsewhere like a finance textbook.

I really don't think you're going to get a ton of insight from this book but if it's an overview of hedge funds that you need, then this is an excellent and cost effective choice.

My recommendation is that you buy this from Amazon vs from the Economist website.The economist website was the same price only in pounds sterling and at the time I bought it that made it 2x more if I had bought it from the Economist's website.I do like the form factor of this book it's small like a paperback but hard bound, easy to read and easy to get through (took me about 2hrs to skim thoroughly from cover to cover).

Amazon saved me 50% just for buying from Amazon.

excellent guide for novices
An excellent guide for novices to the industry, particularly in the light of the recent upheavels in the stock markets and the closing of many funds. All the issues from fees to investment strategies are covered.

jack from new jersey
A wide-ranging review of the hedge fund industry aimed at anyone thinking of working for or investing in the sector. The most useful sections are the explanations of the wide variety of strategies and the debate (particularly relevant given recent events) over whether hedge funds earn their fees

Not much Information
This book is mostly a list of the existing hedge funds.It doesn't allow you to make judgements about whether a hedge fund is risky or safe, good or bad.You come away not knowing much more than when you started. ... Read more

Product Description
Good management is a precious commodity in the corporate world.  Guide to Management Ideas and Gurus is a straight-forward manual on the most innovative management ideas and the management gurus who developed them.

The earlier edition, Guide to Management Ideas, presented the most significant ideas that continue to underpin business management. This new book builds on those ideas and adds detailed biographies of the people who came up with them-the most influential business thinkers of the past and present.  

Topics covered include: Active Inertia, Disruptive Technology, Genchi Genbutsu (Japanese for "Go and See for Yourself"), The Halo Effect, The Long Tail, Skunkworks, Tipping Point, Triple Bottom Line, and more.  

The management gurus covered include: Dale Carnegie, Jim Collins, Stephen Covey, Peter Drucker, Philip Kotler, Michael Porter, Tom Peters, and many others. ... Read more

Customer Reviews (5)

Just what you need to know!
As an economist teaching in a college of management, I am often exposed to the latest ideas in management but I tend to seem them as something of the flavors of the month, if not the week.This book tells you all that you need to know about scores of management ideas, terms and gurus that have come (and gone) over the years in perectly efficient two page installments.References are provided for those seeking a deeper treatment, but for many readers this book will provide just what they need to know in order to be conversant in nearly any management concept.

Good reading!
Great book for overview of several decades of management ideas. Hindle provides the current status of these ideas in management circles, which is very valuable. The individual descriptions are too short in some cases, but Hindle provides references to follow on. First half on management ideas is great, didn't have patience to go over the second half on management gurus.

A Priceless Management Guide for the Millennium
I was fortunate enough to have discovered this wonderful book by Tim Hindle while reading a "management" article in the Economist.I had a feeling it would be a great book, but what Hindle delivers is a classic piece of managerial wisdom like few other books I've ever come across.It's a virtual warehouse of information from some of the greatest management gurus ever to offer advice on how to cope in this volatile world of 21st Century business.

It's the perfect compliment to Peter Drucker's masterpiece, "The Daily Drucker", and will help anyone perform their management skills with a much higher level of expertise.For anyone in any level of management, this is a terrific guide.

Excellent Item!
This guide is excellent for acquiring a management culture. You can learn about a lot of people who has already change the world of management.

Very good coverage and delivers exactly what is advertised
I was happy to see that even obscure "gurus" such as Elliott Jaques are covered in this book. ... Read more

Product Description
"Depressions are not the result of the operation of the market. They are the result of government controls, particularly in the sphere of monetary policy".Professor F.A.Hayek,Nobel Prize winner in Economics."It is because I want to make economics more human that I want to make it more time conscious." Professor Sir John Hicks, Nobel Prize winner in Economics."The most important challenge facing the world economy is the need to strengthen the adjustment mechanism between the growth of supply and demand for primary products".Professor N.Kaldor, Cambridge University."Many people in the Soviet Union are aware that our economic system is not perfect...It is true that the Soviet economy's growth rate has decreased".Professor L.V.Kantorovich, Nobel Prize Winner in Economics."The unemployment of developing economies arises because productive capacity and effective demand have never been at an appropriate level".Professor J.Robinson, University of Cambridge."Schumpeter was wrong when he thought there is a timetable for the disappearance of capitalism".Professor P.Samuelson, Nobel Prize winner in Economics."I am not as optimistic as Keynes in the sense the economic problem will disappear as a result of compound interest and technical progress."Professor J.Tinbergen, Nobel Prize Winner in Economics.-----------------------------------------------------------------------------------------------------------"A useful and important book".Professor P.Samuelson, MIT, Nobel Prize winner in economics."A lively addition to the economics literature".ProfessorA.Hirschman, Institute for Advanced Study, Princeton, New Jersey."You will have read, studied or taught the work of these outstanding economists.Now you get a chance to meet them.Through the work of Diego Pizano we learn about how they thought and not just what they thought". Professor R.Bates, Harvard University."Through penetrating and well structured questions, Colombian economist Diego Pizano manages to reveal the thought processes of five of the first Nobel Prize winners in Economics and two who could have obtained it, Joan Robinson and N.Kaldor.This book has to be read by all researchers interested in the history of economic thought and by all persons interested in economics as a discipline." Professor D.Hueth, University of Maryland___________________________________________________________________________________________________DIEGO PIZANO was economic advisor to the President of Colombia between 1982 and 1986.He is the Chairman of the Board of the University of the Andes(Bogotá, Colombia) and the President of the Common Code for the Coffee Community Association(Bonn, Germany). ... Read more

Customer Reviews (5)

The Thinking of a Group of Prominent Economists
This book by my old college classmate Diego Pizano presents conversations that he held about thirty years ago with eminent economists that were active at the time. Its preparation benefited from the author's deep familiarity with the writings of these economists and from an intelligent selection of issues that he discussed with them. Dr. Pizano's book also deserves credit for the clarity and readability of a subject matter that is at times complex, albeit always considerably interesting. With these ingredients, the reader will readily appreciate a set of economic controversies of the time, important both because of the academic interest they elicited as well as for their application to issues that were in fact not too different from those we face today.

The economists covered by the book span the widest ideological gamut, ranging from the free market extreme represented by Professor Hayek, to Professor Robinson's Keynesianism, and to Professor Kantarovich's economic planning. The author exploits this wide range of views to elicit responses from these economists to issues of interest that mark the book's thematic unity. By way of example, I point to two of those issues that should be of interest to readers. One relates to the methods that these economists used to develop their arguments, an issue that straddles the threshold between economics and philosophy and in which the book displays the author's deep interest and knowledge.The discussion highlights Hayek's support for an approach akin to the philosophy of Karl Popper, who argued that scientific theories, by their abstract nature, can be verified only by probing into their observable implications (the "pattern of a process", in Hayek's formulation). This contrasts with the more Kantian approach that emerges in the conversations with Professor Robinson or with the "a priori truths" of Lionnel Robbins and Ludwig Von Mises that Samuelson, in turn, rejects in his chapter.

The second example refers to the ubiquitous debate between free-market advocates and those that support planning and state intervention. It is particularly interesting that the pendulum of public opinion between the two continues to this day as each of the two approaches shows its positive and adverse manifestations. The chapter covering Kantarovich is an interesting testimonial of optimism on the merits of planning ten years prior to the disintegration of the Soviet Union. At the other extreme, Hayek's aversion to the concept of "social justice" in a market economy is something of a shock at a time when governments increasingly collect taxes, reputedly to achieve greater "social" justice through public spending.

The two examples above illustrate the depth and ample thematic content of a book that also discusses several other issues such as economic development and economic cycles. The care that Dr. Pizano afforded to the preparation of these discussions and the clarity in their presentation deserve my five-start rating of this book, which I took the opportunity to read and enjoy again in its second edition.

the humanside of great economists
To interview the world's greatest living economists: that was the brilliant idea that a young Colombian graduate student had during his time at Cambridge in the 1970s. He had the audacity to approach these eminent thinkers, and they, with the generosity that only true greatness can bestow, granted him the interviews. The very fact that they took the time to talk to a young academic reveals a great deal about them and their attitudes in life. The conversational question and answer format sheds light on their thoughts (and personalities) in ways that texts written for publication never could...they talk about their theories in language that is easy to understand. The brief descriptions of the different settings where these interviews took place in addition to the clear and direct answers ---which at times reveal playful sides to their characters-- make these formidable figures seem approachable and real and adds to our understanding. With the passage of time this book has gained in value as a testament of what these greats were really like.
It is a book that works for heavy duty economists as well as for people like me that are not experts but wish to understand more of the dismal science as the crisis looms. In particular I was fascinated to read about an outstanding woman economist Joan Robinson at Cambridge. I first read this book in Spanish and can personally vouch for the English version: it is an accurate translation that reads like "true" English.

Terrific interview with Hayek
This book contains an excellent interview with Friedrich Hayek on a variety of topics.The interviewer is well informed, and Hayek is in top form providing substantive and concise answers to good questions.

Dream team dialogues
Pizano, the young man, chose the Platonic formula of the dialogue between teacher and pupil. It works well.
The new edition in times of crisis is fortunate for an economy in which sense and great ideas have been assaulted by the vulgar voracity of buccaneers and adventurers.

I recommend the reading of this book to better understand economic policy
"Conversations with Great Economists" by Diego Pizano
Commentary by Jorge Ramírez-Ocampo, Former Minister for Economic Development of Colombia
Bogota, 28th September 2009

I met Diego Pizano in London in the early seventies. I was impressed by his maturity, devotion to academic work and profound concepts on economic issues. I have confirmed that impression during the last nearly forty years.
The book I comment is a small jewel. It was possible thanks to the impressive erudition in economic matters of the author and to the audacity of a young Colombian scholar who was bold enough to propose to some of the most important economists of the time a very ambitious project.
The method he used and his capacity to get to the point in his well prepared questions, allowed the people he interviewed to be very specific in their answers. The book will help his readers to understand some of the most complex concepts of economic theory.
Pizano did not limit the scope of his enquiries to people whose opinions were close to his own. Among the seven eminent economists interviewed there is a wide range of economic thinking: from Leonid Kantorovich, one of the main inspirers of economic planning in the Soviet Union, to Friedrich Hayek, a prophet of the political right in the XXth Century.
I strongly recommend the reading of this excellent book to whoever wants to try to understand the apparent contradiction between the progress of economic thinking and the frequent failures of economic policy during the last 70 years. This is much more relevant now, when we have to cope with the crisis we have been witnessing during the last two years.
... Read more

Product Description
The Travels of a T-Shirt in the Global Economy has been lauded by the New York Times, Financial Times, and reviewers worldwide. Translated in fourteen languages, Travels has received numerous awards for its frank and nuanced discussion of global economic realities.  Now updated and revised--including a discussions of environmental issue--this fascinating book illustrates crucial lessons in the debate on globalization.

The major themes and conclusions from the first edition are intact, but in  response to questions from readers and students around the world, the second edition now includes:

• Updates on the people, businesses, and politics involved in the production of the T-shirt.
• Discussions of environmental issues related to both international trade and the T-shirt's life story.
• A look at the maturing of the anti-globalization movement, and the recent shift in public opinion against internationalism.

Customer Reviews (39)

an important book
This book was recommended to me by a friend.It is an insight into the global economy that is so well written and clearly explained that it should be required reading in high schools and colleges for Americans to understand the implications of individual responsibility of choices in many aspects of life such as jobs, shopping, travel, voting and you name it!

What all of us SHOULD know, before we buy...
The Travels of a T-Shirt in the Global Economy, by Economist Pietra Rivoli, is my second "where do t-shirts come from and how do they fit in the global economy" book.The first was a much slimmer publication, T-Shirt: One small item, one giant impact (also reviewed).This book certainly goes into greater detail, particularly regarding the economic and societal forces affecting the production of cotton, the history of mechanization in production and processing cotton, the affect of the fabric industry on workers and the work environment, and the "last stage" of a T-shirts life in the US, as extraordinary numbers of cast-off clothes are shipped to entrepreneurs in Africa to resell as serviceable clothing, then finally recycled as rags or as raw material to make, once again, into T-shirts.

Here are some of the interesting snippets from this book:

"It takes a little over a third of a pound of cotton lint to produce a T-shirt, maybe 15 cents' worth, so an acre of West texas farmland can produce about 1,200 T-shirts each year" (p. 62).

"Globalization's critics continue to charge that the price of cheap T-shirts is high indeed.Sweatshops spawned by global capitalism exploit the poor and the powerless, forcing people without alternatives to work in prison-like conditions for pennies a day.The factory villages also destroy traditional family structures and cultures, and weaken indigenous agriculture.In short, the critics claim, the cheap T-shirts from China are a victory for US consumers and for corporate profits, but a failure for humanity" (p. 72).However, Rivoli demonstrates that the truth is more complicated.If the textile industry allows young women to escape the drudgery and toil of life, marriage, children, and death on the farm, having an opportunity to develop their own life, perhaps with educational opportunities, is this all negative?Rivoli writes, "Like their sisters in time, textile and clothing workers in China today have low pay, long hours, and poor working conditions.Living quarters are cramped and rights are limited, the work is boring, the air is dusty, and the noise is brain numbing.The food is bad, the fences are high, and the curfews are inviolate.As generations of mill girls and seamstresses from Europe, America, and Asia are bound together by this common sweatshop experience - controlled, exploited, overworked, and underpaid - they are bound together too by one absolute certainty, shared across both oceans and centuries.This beats the hell out of life on the farm [last sentence italicized by author]" (p. 90).

"When the benefits of cheaper T-shirts for millions across the country are placed alongside the costs of job loss for a few thousand in a North Carolina mill town, the public's internal calculator often works much differently than does an economist's....Even when it looks futile, Americans seem to want to try" (p. 150-1).

I found the final chapter on "castoff T-shirts" fascinating.Who hasn't taken those extra clothes to their local charity, to help cloth the poor?

They were probably sold by the ton, shipped to Africa, and sold again.

"Observers have sharply conflicting views about the global trade in castoff T-shirts.Is the recycled clothing business a villainous industry - a shadowy network that exploits the goodwill of charities and their donors, and suffocates the apparel industries in developing countries under the mountains of castoffs?Or is it a great industry, a model of nimble, free market dynamism that channels charitable impulses into clothing for the poor? (p. 176-7).In Tanzania, these castoff clothes are called "mitumba" - clothing thrown away by Americans and Europeans, including many T-shirts (p. 190).

"Donated clothing quickly makes its way to mitumba markets, though the trade becomes more illicit and hidden.Researchers in Sweden cite evidence from several countries that suggests donated clothing is unlikely to reach those who have a true physical need for clothing but instead is rapidly sent into the markets.Researchers have also found that clothing intended for refugees in Asia efficiently enters the market.Clothing given away in this manner will still enrich a middleman, but it will be an illegal one.And whether we like it or not, charities are no match for markets when it comes to giving people the clothing that they need or want.trailer loads and ship loads of clothing are often donated following natural disasters such as hurricanes, but without people... to match clothing with customers, most of these donations rot in warehouses.Charities are ill-equipped to provide the sorting, grading, and distribution functions so ably provided..., and so most disaster relief organizations nearly beg thewell-intentioned not to send clothing to disaster areas" (p. 202-3).

Interesting stuff.This book is another one in the genre of giving the reader a deeper, richer understanding of where things come from, and why.I also read a book recently about the cut flower industry (Flower Confidential: The Good, the Bad, and the Beautiful.The similarities here are very interesting.

Fascinating Look at the Connections and Complexities of Globalization
As an economist telling the story of t-shirt bought at an American drugstore, Pietra Rivoli weaves together a narrative of the connections and complexities of globalization.Arguing that the life of her t-shirt is not influenced heavily by markets, Rivoli instead insists that history, politics, and creative strategies of market avoidance are the major factors determining this life cycle, which is composed of four journeys. Cotton is grown and harvested in the United States before being sent to China. Once there, the cotton is spun into fabric and perhaps at the same factory or another location, the fabric is then made into a t-shirt.At this point, the t-shirt comes back to the U.S., where it is bought, sold, and eventually thrown out or donated to a thrift store.And what turns out to be perhaps the most interesting part of the book, our (Americans) used clothing is sent around the world, particularly to African countries.The selling and buying of used American t-shirts has created a new industry and market that only typifies the worldwide links that globalization creates.

A serendipitous mix of ecological conditions, policies, economics, and history facilitated the U.S.'s rise to cotton dominance.To start, cotton factories and innovation in the growing, harvesting, and manufacture of the crop helped give the U.S. advantage of any other cotton producing country.Slave labor was, as Rivoli states, "the first significant American `public policy' that served to protect cotton growers from the perils of operating in a competitive market...a risk growers were loathe to assume" (pg. 11).Other countries, such as India and China did not yet have a modern market that would enable them to compete with American cotton production.Even though the U.S. did not have to rely on a labor market and could instead use slave labor in the cotton fields, Rivoli suggests that the U.S. also had in place "institutions necessary to support factory-style cotton production," those being chiefly property rights, incentive structures, what she calls "governance" and what will and continues to play a major role in cotton production and in the modern, American textile industry.

Rivoli makes a strong argument that the avoidance of the labor market was a successful and enduring strategy of earlier cotton producers.This is a technique that continues today in an interesting way.No longer do cotton producers have to rely on any manual labor on the farms.As cotton production shifted from the southern U.S. to the largest cotton producing state of Texas (environmental and technological reasons primarily) and as the main example of the Reinsch farm illustrates, an eighty-seven year old man can now work his 1,000 acre cotton farm essentially alone, with the use of different technologies that have enabled him to produce about 500,000 pounds of cotton that will make 1.3 million t-shirts.Partnerships with local schools, such as Texas Tech University, which specialize in various cotton production methods, along with tractors and other machinery allow for the extensive harvesting of cotton fields.Even with government sponsored initiatives, such as the Bracero Program that allowed Mexican laborers to enter the country for agricultural work (started in 1942), farm machinery could do the work of many men in various weather conditions.Furthermore, genetically modified cotton seeds have given even more advantages to growers, even though the safety of certain genetically engineered crops and food still remains questionable.Rivoli's discussion of Monsanto's monopoly on genetically modified crops and products aimed at creating the most efficient cotton growing is one of the highlights of the book, one that deserved more attention.Monsanto's questionable tactics raise concerns over the freedom for producers of any crop to maintain a sense of detachment from Monsanto's ever widening political and economic grasp.

From the cotton fields of Texas, the cotton is sent to China, where workers spin the cotton, knit it into cloth, cut it into pieces, and then sew it to form a t-shirt.Here, the story focuses heavily on the working conditions in the various clothing factories that have been springing up all over China.Rivoli's glimpse into the lives of factory workers seems almost standard, at least for anyone with any knowledge about sweatshops.In the chapter, "Cotton Comes to China," Rivoli writes about several experiences she had when visiting the Shanghai Brightness Number 3 Garment Factory.Workers are subject to harsh working conditions, make little money, and work tremendously long hours.The next few chapters deal mainly with reasons why China, and other Asian countries have become preferred destinations for the manufacture of t-shirts and other apparel.This "race to the bottom" refers to the idea of making as much profit out of a product for the least amount of money; accordingly, sweatshop like factories are places in which these garments can be cheaply produced through the hard work of low paid staff.Throughout this section, Rivoli makes excellent comparisons between modern Chinese workers and English cotton mill laborers at the beginning of the industrial revolution.This comparative aspect does not seem to suggest any earlier stages of globalization, but rather that distinct historical processes are similar to the same ones today and also that history has had a profound affect on today's modern economic and political practices.

Once the cotton is fashioned into t-shirts, they are shipping back to the U.S. to be sold to consumers.Here, Rivoli presents another interesting and less noticed aspect of the global clothing trade, that being the "governance" of the U.S. textile industry.The American textile and apparel trade, according to Rivoli, "is one of the most managed and protected manufacturing trade in U.S. history" (pg. 143).While this section is of interest, it is the most complex and confusing due to the shear number of different textile policies that have been influenced by political interests.Rivoli does an outstanding job of presenting two different sides of contention in the textile industry, one who would rather see textile manufacturing remain in the U.S. and not outsourced to other countries, and the other that is more "pro-trade" in relation to places like China, which quotas for textile imports to the U.S. were lifted as of 2009.This section provides the most examples that relate to the overall argument that the cotton industry's success is tied to market avoidance because as is clearly shown, policies enacted to protect American cotton growers and producers have played a far bigger role than any market interactions.

The last section and part of the t-shirt's life cycle focuses on an emerging market of donated clothing.Specifically, an American company is profiled that buys bulk donated clothing and then sells it to customers all over the world.These sellers of donated clothing must be very adept at knowing what their customers want and most often they are; they must satisfy the need for certain kinds of clothing, Japanese buyers might covet certain t-shirts, while European buyers are looking for particular jeans.The phrase that sums up these few chapters is, "one man's trash is another man's treasure."After the clothing is bought by foreign buyers, it continues to trickle down to the local economies, where second hand shirts from wealthy American's, some with sport's team logos other's with trendy designs, are sold by small entrepreneurs at community marketplaces.

As an economist, Rivoli's take on the global economy is refreshingly broad and incorporates much historical and political background.My major complaint is the lack of focus on the cultural aspect of the life cycle of a t-shirt.While the reader can imagine how certain political or economic factors as a result of the production, manufacturing, selling, and redistributing of a t-shirt could have a profound affect on local, regional, and national cultures, but it is left mostly vague with a focus on other topics.Nonetheless, the clear, informative, and well written book is a must read for anyone interested in contemporary issues in globalization, politics, or economics.The overall strength of the book, as I have stated before, is highlighting how connected the world, especially when policies of one entity, whether business or government affect practices, processes, economics, and politics places on the other side of the world.

Disappointment
I thought that this book would be very interesting given the topic. I also especially had high expectations from reviews I have read and everyone seems to think it is the best book. I found it very very hard to keep my attention when reading. The book dragged on and on. I don't think that it connected very well and it is definitely not "thrilling" like I have heard it being described as. The book did have valuable information but I do not think that it was executed wrong. It really was a big disappointment because I really wanted to like this book!

Spinning a Political Thread
Understanding how the threads of a T-shirt are woven out of political desires to retain power by leaders anywhere in the world may not be shocking, but the author's scholarship and approach delivers a balanced account of free trade and job protection and the unexpected outcomes.Learning about the mitumba markets of Africa adds to the completeness of the story of fibre into t-shirt and to its end as either rag or used article of clothing. Despite the full review of all the academic studies and literature related to the topic, the prose never strays into to academic-speak and the organization of the iconic t-shirt's story from birth to death from a non-abstract perspective makes it a compelling read.In many ways it is similar to Kurlansy's studies of cod or salt; but the insights about free trade bear more weight than just an historical perspective about what happenned with textiles from a macro-economic perspective. Highly recommended.rw ... Read more

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Product Description
Designed as a companion to "The Economist Style Guide", the best-selling guide to writing style, "The Economist Numbers Guide" is invaluable for everyone who wants to be competent, and able to communicate effectively, with numbers. In addition to general advise on basic numeracy, the guide points out common errors and explains the recognized techniques for solving financial problems, analyzing information of any kind and effective decision making. Over 100 charts, graphs, tables and feature boxes highlight key points. Also included is an A-Z dictionary of terms covering everything from amortization to zero-sum game. Whatever your business, "The Economist Numbers Guide" will prove invaluable. ... Read more

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Customer Reviews (1)

How economists and sociologists explain
This little book is a gem. By discussing how economists and sociologists have tried to explain political behavior, Barry discusses some conceptual problems within the social sciences at large. The value of reading thisbook comes not only from the lucid treatment of it's main objective: thesuccesses and failures of the economic and sociological approaches topolitical behavior. It is also a great help to understand the foundationsand implicit assumptions within these approaches. The treatment isexceptionally lucid and should be of interest not only to students ofpolitical science. ... Read more

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MATHEMATICAL ANALYSIS FOR ECONOMISTS by R. G. D. ALLEN. Originally published in 1937. FOREWORD; THIS book, which is based on a series of lectures given at the London School of Economics annually since 1931, aims at providing a course of pure mathematics developed in the directions most useful to students of economics. At each stage the mathematical methods described are used in the elucidation of problems of economic theory. Illustrative examples are added to all chapters and it is hoped that the reader, in solving them, will become familiar with the mathematical tools and with their applications to concrete economic problems. The method of treatment rules out any attempt at a systematic development of mathematical economic theory but the essentials of such a theory are to be found either in the text or in the examples. I hope that the book will be useful to readers of different types. The earlier chapters are intended primarily for the student with no mathematical equipment other than that obtained, possibly many years ago, from a matriculation course. Such a student may need to accustom himself to the application of the elementary methods before proceeding to the more powerful processes described in the later chapters. The more advanced reader may use the early sections for purposes of revision and pass on quickly to the later work. The experienced mathematical economist may find the book as a whole of service for reference and discover new points in some of the chapters. I have received helpful advice and criticism from many mathe maticians and economists. I am particularly indebted to Professor A. L. Bowley and to Dr. J. Marschak and the book includes numerous modifications made as a result of their suggestions on reading the original manuscript. I am also indebted to Mr. G. J. Nash who has read the proofs and has detected a number of slips in my construction of the examples. R. G. D. ALLEN THE LONDON SCHOOL OF ECONOMICS October, 1937.Contents include: FOREWORD ----------v A SHORT BIBLIOGRAPHY - ..... xiv THE USE OF GREEK LETTERS IN MATHEMATICAL ANALYSIS - - ...... xvi I. NUMBERS AND VARIABLES -------1 1.1 Introduction ---------1 1.2 Numbers of various types ------3 1.3 The real number system -------6 1.4 Continuous and discontinuous variables ... - 7 1.5 Quantities and their measurement ..... 9 1.0 Units of measurement - - - - - - - 13 1.7 Derived quantities - - - - - - - - 14 1.8 The location of points in space - - - - - 1G 1.9 Va viable points and their co-ordinates 20 EXAMPLES 1 The measurement of quantities graphical methods ---------23 . JpOJ ACTIONS AND THEIR DIAGRAMMATIC REPRESENTATION 28 2.1 Definition and examples of functions 28 2.2 The graphs of functions - - - - - - - 32 2.3 Functions and curves - - - - - - - 3 5 2.4 Classification of functions - - - - - - 38 2.5 Function types - - - - - - - - 41 2.6 The symbolic representation of functions of any form - 45 2.7 The diagrammatic method - - - - - - 48 2.8 The solution of equations in one variable 50 2.9 Simultaneous equations in two variables 54 EXAMPLES II Functions and graphs the solutionjof equa- tions ......... 57 III. ELEMENTARY ANALYTICAL GEOMETRY 61 3.1 Introduction ......... 61 3.2 The gradient of a straight line ..... 03 3.3 The equation of a straight line - - - 66 viii CONTENTS CHAP. 3.4 The parabola 09 3.5 The rectangular hyperbola - - - - - - 72 3.6 The circle 75 3.7 Curve classes and curve systems . - ... 76 3.8 An economic problem in analytical geometry 80 EXAMPLES III--The straight line curves and curve systems 82 IV... ... Read more

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A useful text for math and economics
I have an old copy of this text and was happy to find that was still in print.I used it during my graduate work back in the early 70's and found its review of mathematical principles and its application of those principles to economics most understandable and useful.It remains relevant. ... Read more

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How To Think Like an Economist offers instructors a tool to both motivate students and get them to recognize how economics affects their everyday lives. In less than 200 pages, How to Think Like an Economist consists entirely of economics "stories" and real-world applications that the author has used in his class to help hundreds of students make the connection between economics and their lives. ... Read more

Customer Reviews (2)

NEVER RECIEVED THE BOOK AND DID NOT GET A CREDIT!!!
NEVER GOT THE BOOK AND THE SELLER FORGOT TO SEND ... sTILL WAITING FOR A CREDIT OF 18.99 TO MY ACOUNT. i WILL NOT USE aMAZON AGAIN AND PURCHASED ALL MY USED BOOKS FROM OTHER SITE, AS i HAVE HAD NUMEROUS PROBLEMS WITH aMAZON SELLERS.

Crrystal Clear
This book really helped me understand economics. Great writing style and crystal clear explanations. ... Read more

Customer Reviews (1)

Excellent Background -
"The emerging world, long a source of cheap labor, now rivals the rich countries for business innovation." Thus begins "The New Masters of Management" special section in "The Economist," devoted to how emerging nations are innovating their way up the value chain. It all began sixty years ago with Japan, then South Korea, and finally China and India - first reverse engineering parts made elsewhere, then making replacement parts with Western equipment and management, then also assembling components while also learning design for and management of manufacturing. National governments often played key roles - picking the timing and menu of industries to participate in, selecting, financing and encouraging entrepreneurs, twisting the arms of expatriate firms to give up trade secrets in return for access to their markets and low labor costs, increasing local enrollment in their universities or sending large numbers overseas for technical education and training, building needed infrastructure and education, and protecting neophyte industries from foreign competition.

Then, after years of making fun of Japanese imports (eg. Henry Ford II - "those little sh*tboxes"), Detroit realized Japan had taken over its leadership role by 1980. "Unfair competition" (state subsidies) were blamed; eventually Detroit realized the problem was Japanese manufacturing innovation - 'lean production.' First Japan, then South Korea became the leaders in shipbuilding. The 'world's largest steel producer' crown moved from Pittsburgh to Japan to India. Etc. Asian producers didn't stop there, however, fearing cheaper competitors (eg. Vietnam) and wanting a bigger piece of the economic pie. So they began designing more and more of the products they contract manufactured, and then introduced new technology - eg. flat-screen plasma, LCD, and LED TVs, lithium-ion batteries, solar films, specialized steels. (We hardly noticed.)

Early on, Japan and South Korea substantially boosted the number of college graduates to support their economies. Later China and India did likewise - China now has over 5 million graduating/year and India another 3 million - 4X and 3X the levels of ten years ago. (President Levin of Yale University elaborates in the current "Foreign Affairs" how both nations are working to establish 'world-class' universities, reduce their dependence on Western education, and encourage their expatriate graduates to return.)

'Reverse innovation,' a term coined by the late Professor C. K. Prahalad, came soon after the new millennium. Seventy percent of the world's growth over the next decades will come from emerging markets - 40% from China and India alone. Participating in that growth requires new cost-benefit performance levels that can only be achieved through Asian designs for Asian markets that are then exported to developed nations. Conversely, products developed first for developed nations are likely to be too expensive for the developing nations' massive middle class. G.E.'s Mac 400 illustrates Prahalad's point - an Asian-developed ECG machine costing $800, instead of the typical $2,000 in developed nations, and allowing readings for only $1/patient. Exported to the U.S., the low-cost machine also expanded the market for ECG uses here. Fortune 500 companies now have 98 R&D facilities in China and 63 in India, IBM has moved its main office for global procurement from New York to China's Shenzhen province, and China's Huawei telecommunications applied for the world's most international patients in 2008. Meanwhile, a Booz & Co. survey found two-thirds of Americans trading down to cheaper products and services - a finding reinforced by Wal-Mart becoming the world's largest retailer.

Now Indian health-care innovators are bringing Henry Ford's scale economies to health care. Cataract surgeries at world-largest Aravind Eye (300,000/year) cost an average of $25, including replacement lenses. Childbirth costs $40. India's largest (private) heart hospital has 1,000 beds (vs. 160 U.S. average), and performs the world's largest number of heart surgeries. Open-heart surgery patients pay $2,000 (cost = $1,500), vs. $20-100,000 in the U.S. Founder Dr. Devi Shetty also built a large cancer (1,000 beds), eye hospital (300 beds) and six specialized institutes nearby - they all share laboratory and blood bank facilities. The cost of expensive machinery is reduced by being used about 6X as often as in American hospitals. Six million Americans are expected to travel this year to India or other locales for low-cost surgeries. Dr. Shetty is also building a 2,000 bed hospital in the Cayman Islands to shorten the trip for some (Wall Street Journal, 11/25/2009). 'Clinics on wheels' provide free screening services around India; Shetty health insurance costs 11 cents/month. By 2016, Dr. Shetty predicts India will do twice the number of procedures as current leading U.S. (The Times of India, 4/23/10).

The unimpressed might claim lower-cost Indian health care is lower-quality, and simply due to lower wages. "The Economist" article lacks the desired detail; however, Dr. Jack Lewin, chief executive of the American College of Cardiology, visited Dr. Shetty's facilities and was favorably impressed (WSJ, 11/25/2009). Both Aravind Eye and Shetty Health report their staffs working longer hours than Americans. Another example, outside health care - Chinese producers significantly lowered lithium-ion battery costs by using less expensive raw materials and learning how to operate at lower-cost ambient temperatures; Chinese manufacturing productivity improved 8.2% in 2009.

Now we are entering a new era - 'reverse M&A,' per the "The Economist." This involves Chinese and Indian firms spending billions to buy Western ones to acquire distribution and marketing skills, as well as additional manufacturing skills (eg. Geely Auto's Volvo acquisition).

Concluding - "The West is ripe for frugal innovation,. . . the age of profligacy is giving way to an age of austerity. . . . These spending cuts will inevitably dampen growth in the West, creating yet more demand for frugality." Emerging market firms are already 'world-class' in 25 large industries. These firms (some mostly state-owned) were not listed, but undoubtedly include China Petroleum and Chemical, and PetroChina, the Industrial and Commercial Bank of China, China Construction Bank, and Bank of China, Lenovo (PCs), BYD (green cars), Alibaba (B2B source), Cipla (HIV, generic drugs), Haier Electronics (appliances), Tata (autos), China Mobile (cell-phone operations), Huawei (telecommunications), HTC and ZTE (cell-phone manufacturing), Reliance Industries (textiles, energy), ArcelorMitta, Tata Steel (steel), Tata Consultancy, Wipro, and Infosys (outsourcing), and Shetty Health and Aravind Eye (health care). Meanwhile, U.S. high-tech jobs, the hope for replacing lost high-paying manufacturing jobs, have fallen 16% since 2000 [...].

Bottom-Line: The world's economy has changed, primarily due to government-led Asian successes. We could learn a lot from them - the role of effective government, how it functions, and the importance of a cohesive society. Or, we could continue to deny our economic problems, blame and lecture China ('undervalued currency,' 'human rights abuser'), debate the theoretical 'proper role of government' and reaffirm 'American exceptionalism,' patriotism, and Free Trade, erroneously equate 'Wall Street' and 'Main Street,' continue wasting $1.4 trillion/year on poor health care, education, and defense management, dream about large numbers of high-technology jobs magically appearing, and worry instead about 'secular socialism.'
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Customer Reviews (3)

Cutting edge economics and the people who do it
It has been a while since I read a serious book as quickly as I read The Changing Face of Economics! I see two reasons for this: First, the book is very well written; it is easy to read. Second, the topics are captivating.Alleleven interviewees are very interesting people. They work, or have worked sometime in their academic life, at the very frontier of economic thought.

Of the eleven Ken Arrow and Paul Samuelson are best know. However, all the interviewees are connected by the fact that they are innovators and inventors. The book is about how those innovations and inventions have changed, and continue to change, economic thinking. Behind innovations and inventions are people. These people paid a heavy cost, especially initial sunk cost, in human and personal suffering. Most readers would remember that Paul Samuelson had to endure anti-semitism as a young graduate student and professor. Ken Arrow was not immune from discrimination either, and his personal experience may have helped him develop the economics of discrimination. But imagine just as you are graduating the head of your department sends out a letter warning other institutions not to give you a job. How terrible!

The scholars profiled in this book are unique individuals. All are dynamic thinkers and doers as evidenced by their accomplishments. All pursued economics as a small part of a large system of anthrosociobiology. Nearly all simultaneously studied mathematics and economics just as hard as they advanced some other cause: anti-Vietnam war, environmentalism, civil liberties, etc. Their causes may not be what the reader would approve, but any fair mind would acknowledge the effort.

The book demonstrates that it is nearly as productive to be orthodox and heterodox. However, orthodox is the past; heterodox is the future, and as Arthur Schopenhauer would say, the future is always longer than the past.
The last question of the interview is" "Where do you see the economics profession going in 25 or 50 years?" The answers varied, but none of the interviewees said the economics profession will disappear. Nearly every one of them is doing something to make sure economics will thrive. Please read this book.

Amavilah, Author

National Wealth Accounting and Baseball Player Exports: Economic Implications for Performance
ISBN: 978-3838330099

Economic Versus Non-Economic Dimensions of the Well-being of Nations.
ISBN: 9783838320984

Modeling Determinants of Income in Embedded Economies.
ISBN: 1600210465

Quotable Arthur Schopenhauer
ISBN: 9781430324959

The Economics You Didn't Hear About As An Undergrad
It's an unfortunate (though, to some degree, unavoidable) fact of undergrad education that introductory courses in economics focus on core theory that's at least a few decades old. (The bulk of what's taught in a typical "ECON 101" course was state-of-the-art some 50-100 years ago!) Even first-year PhD courses seldom stray close to the "cutting edge". So this book, which gives a snapshot of some of the most interesting work in economics circa 2002 through interviews with a dozen economists, provides a valuable service to potential and current grad students. It may also be a useful antidote to straw man attacks on economic science, though those with no background in economics might gain more from reading one of the many recent popular books on economics.

The authors interview ten working economists: Deirdre McCloskey, Ken Binmore, Herb Gintis, Robert Frank, Matthew Rabin, William Brock, Duncan Foley, Richard Norgaard, Robert Axtell, and H. Peyton Young. These "cutting edge" economists aren't necessarily young (most earned their PhD in the 60s or 70s); indeed, all are in the midst of well-established research programs, with plenty of publications on their CVs. Interviews with two Nobel laureates, Ken Arrow and Paul Samuelson, provide additional perspective.

The selection of interviewees is representative, not comprehensive or definitive. I could probably come up with a list of ten equally-interesting interview subjects (Leigh Tesfatsion, Al Roth, Ernst Fehr, Steven Durlauf, Larry Blume, Oded Galor, and Sam Bowles spring to mind immediately), but the authors seem to have chosen a sample that's about the right size. Perhaps within a few years it will be time for a sequel to this volume with a new sample of economists. If so, it would be interesting to hear from a few economists earlier in their careers. Macroeconomists are also underrepresented in the current book, but perhaps the authors were wise not to duplicate the work in Conversations With Leading Economists : Interpreting Modern Macroeconomics, not to mention the classic Conversations With Economists: New Classical Economists and Opponents Speak Out on the Current Controversy in Macroeconomics.

I recommend this book to anyone thinking about a career in economics and unsure whether there are open areas of research they'd find interesting. I also recommend it to anyone mired in their first year of study toward the PhD, as a reminder that there's life beyond their core coursework.

An interesting book for readers with a BA in economics
Colander and his coauthors have provided an interesting inside view on a group of economists(some examples are McCloskey,Binmore,Gintis,Rabin,Foley,and Samuelson)whose scholarly work attempts to integrate new techniques and approaches(for example,evolutionary theory,fractals,chaos theory,catastrophe theory)into the mainstream of standard neoclassical economics.Unfortunately,this is not leading to any significant change in economics.This can easily be confirmed by reading any of the current and new economics textbooks at the undergraduate or graduate level.None of these textbooks integrate any of this new material into the teaching of economics.For example,the Mas-Collel graduate microeconomics textbook makes no attempt to integrate into its chapters on decision making the extremely important work done by Ellsberg on ambiguity.Ambiguity is introduced in an exercise problem and treated as a minor anomaly that has no real theoretical importance.A better title for the book would be "Conversations with Some Cutting Edge Economists".I especially enjoyed reading the interviews conducted by the authors with McCloskey,Foley,and Samuelson.The interview with McCloskey highlights her major point about the misuse of statistical significance levels,this time in regards to mammograms.The interview with Foley touches upon the importance of the work done by Mandelbrot on power law distributions because "...skewed,self-similar,and fat tailed distributions are extremely common in economic data...".Unfortunately,the standard neoclassical approach is to model"...according to a Normal Probability Law."(2004,pp.205-206) .Samuelson'ssmall interview is excellent.Strangely,he has to state again for the nth time that he does not accept Say's law.He even commits a small miscue in bracketing Mandelbrot with Markowitz,Modigliani,Merton,Bachelier,Tobin,Sharpe,and Fama(2004,p.310)as regards modern finance theory.All of theseindividuals,except Mandelbrot,rely on the normal probability distribution. ... Read more

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The Classical Economists Revisited conveys the extent, diversity, and richness of the literature of economics produced in the period extending from David Hume's Essays of 1752 to the final contributions of Fawcett and Cairnes in the 1870s. D. P. O'Brien thoroughly updates, rewrites, and expands the vastly influential work he first published in 1975, The Classical Economists. In particular, he sets out to make clear the shaping of a comprehensive vision of the working of an open economy, building on the great work of Adam Smith in Wealth of Nations, a development that was substantially affected by the contributions of David Ricardo. He shows that the Classical literature was in fact the work of a host of thinkers from a wide range of backgrounds.

Covering the intellectual roots of the Classical literature and its methodological approaches, and the developed theories of value, distribution, money, trade, population, economic growth, and public finance, and examining the Classical attitudes toward a rich variety of policy issues, The Classical Economists Revisited considers not only the achievements of the Classical writers but also their legacy to the later development of economics.

A seminal contribution to the field, this book will be treasured for many years to come by economists, historians of economics, instructors and their students, and anyone interested in the sweeping breadth and enduring influence of the classical economists. ... Read more

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Economists direct their research mainly to the technical frontiers of the discipline. But the actual decisions of political economy are made, not by experts, but by ordinary public officials and voters--the "Everyman." However, the task of educating the Everyman is neglected, sometimes even denigrated, by academic economists.

Customer Reviews (3)

excellent
Hayek's bit alone is worth buying the book.
Heck, I'll quote a line that is worth buying the book:
'As economists we should at least always suspect ourseves if we find that we are on the popular side.'


Those who, like the reviewer, are for a free society (i.e. liberals -- called libertarians in the US, where liberal means just the opposite) will enjoy the book the most.

A superb introduction to an esoteric subject.
Economists deal in an esoteric subject that is often beyond the grasp of the general public, who are often confused with the chronic presentation of conflicting opinions by credentialed and experienced economists on almostevery economic issue of our day. In What Do Economists Contribute?, editorDaniel Klein has compiled outstanding essays from nine great economists ofthis century (Friedreich Hayek, Ronald Coase, Thomas Schelling, GordonTullock, Israel Kirzner, Frank Graham, William Hutt, Clarence Philbrook,and D. McCloskey) to address the existential issue of "how do wecontribute to human betterment?" from an economists perspective. theresult is a lively, informative, engaging discourse that provides insightand a significant clarification of the role the evolving science ofeconomics plays in our understanding of why things happen in the ways thatthey do. What Do Economists Contribute? is highly recommended reading forlay readers as well as students of economics, and has a great deal ofsubstantive value for even experienced, practicing economists as well.

A timely book that needs to be read by all.
Daniel Klein, Professor of Economics at Santa Clara University, brings together some of the best minds in economics on a very important and unsettled issue:what do economists contribute to society?In today'sworld, most economists do not care about educating the general public as tohow government policies work or how economics can address and solve manysocial problems; rather, they are concerned with demonstrating theirmathematical "wizardry."Unfortunately, economists who canexplain principles to the layman are not taken seriously; their work isviewed as not being rigorous enough.The "Everyman," to useKlein's term, needs to understand the beauty and power of economics.Ifeconomists stopped preaching to the choir and stopped their quest to beknown as great mathematicians, then maybe people would actually come toknow the power of economic reasoning.This book is enlightening and shouldbe read by economists and noneconomists alike. ... Read more

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A collection of interviews with 11 of the nation's leading economic theorists providing an introduction to current issues in economic theory and to the ways in which economists think. ... Read more

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Praise for THE PASSIONATE ECONOMIST

"In this powerful and insightful book, Diane Swonk brings economics to life. I highly recommend The Passionate Economist to anyone who wants to use the lessons of our past to create a better future."
–Charles R. Schwab
Chairman and Co-CEO
The Charles Schwab Corporation

"Leave it to Diane Swonk to put a soul in statistics. Diane figured it out a long time ago. People matter. Their fears matter. Their hopes matter. Their dreams matter. Diane takes us into a world never before explored by an economist . . . the real one. A great read. A great book."
–Neil P. Cavuto
Vice President, Anchor and Managing Editor
Business News, Fox News Channel

"Growing up in Detroit, Diane Swonk saw friends and neighbors suffer hardship as a result of layoffs and corporate downsizing. Leveraging her intimate knowledge of the Midwestern economy, Diane rose to the top of her profession, applying insights into human nature to predict financial markets, economic policy, and key shifts in the global economy. This powerful and personal story by one of America’s leading economists shows how economics touches the lives of real people. It explains where the American economy has been and where it is likely heading."
–Janet Yellen
Trefethen Professor of Business and Professor of Economics at the University of California at Berkeley
Former Governor of the Federal Reserve and former Chair of the Council of Economic Advisers ... Read more

Customer Reviews (6)

Intellectual Farce
This lady is one of those typical "mainstream" economists who thought she got it but in fact didn't know what she was talking about when it comes to Federal Reserve and its impact on economy. A brainwashed mouthpiece who had been indoctrinated by her statist interventionism economics professors in college and business school, she will do more harm than good doling out any economic advices.

Watch this CNBC clip recorded back in June 13, 2006 in which she debated Peter Schiff on inflation and Fed's policy impact. Have you been to Detroit lately, Ms. Swonk? How's that economic efficiency been working all these years? I wonder why she is still having a job.

[...]

Impassionate Economist?
Logical Disconnect: She laments that there are fewer macroeconomists that have an overall view of the bigger picture; however, she then talks about the GDP and market economics as being the end all of economic theory.As another reviewer has pointed out, GDP does not measure many things -- e.g. education, externalities.In the US, market economics is more for smaller firms and foreign countries -- bigger corporations have more of a nanny state.

Good But Some Blind Spots
This is an interesting account of the career of a successful business economist.Diane Swonk puts plenty of passion into her economics, which is great.She's a good writer. Her call for more accurate economic statistics is well taken.I like her definition of economics as "the study of collective human behavior."She states one of her purposes as educating armchair economists; as a biochemist and patent attorney by profession, I certainly feel I have learned something from her.
The book's flaws are mostly in its assumptions.Ms. Swonk thrills to every tiny increase in GDP, but she never stops to ask what GDP really means.GDP by definition excludes any consideration of depletion of resources, costs of pollution, effects of population growth, or quality of life.GDP has its uses in making short-term business forecasts, but applying it more generally to say how the country's economy is going is questionable at best.More accurate measures of the U.S. economy, such as the Index of Sustainable Economic Welfare (ISEW), tend to show that the amount of true economic growth per capita since 1947 has been fairly small, and that there has been little or no real growth since 1980.It strikes me as odd, therefore, that Ms. Swonk believes so sincerely that increasing GDP is the key to improving our country's prosperity. Most people's sense of economic well-being depends greatly on whether they're better off than others, so that trying to improve people's lives by continually increasing GDP strikes me as a squirrel cage to nowhere.
Ms. Swonk states that immigration is good for the economy, which I think is very questionable.Immigration may be good for business in the short term; in the long term it is simply subsidizing other countries by letting them export their population problems here.Ms. Swonk includes a push for more deregulation.I agree that deregulation is helpful in some instances, but where significant externalities exist deregulation is likely to make our country's economic situation worse.
Ms. Swonk's discussion of her personal life seems to show the same blind spot.She details her struggles dealing with an asthmatic son, but it never crosses her mind that polluted air could be affecting him.

Economic Events and Tips for Succeeding
?The lines between economics and who I am are often blurred,? writes business economist, Diane Swonk; and indeed, this is contributes to the charm, readability, and usefulness of The Passionate Economist.But let me get back to that later.

This book is of interest to business economists, and others, for at least two reasons.First, Swonk has had a successful career for almost two decades at Bank One in Chicago.Although the times were turbulent, she kept her same job and phone number through six chairmen and two mergers, she tells us.This book provides insight on how she did it and lessons for how we, in a highly competitive business world and tight job market, might do it.She advises us to ask the right questions, worry about how the world might change, and make economic analysis relevant for our firms.She describes how a successful economist operates?not just relying upon economic models, but using them in conjunction with other sources of information from clients, policy makers, and other economists.Use clients not only as customers but also as sources of industry information.Develop a deep pool of sources that can provide insights into economic policy issues and policy-making.Develop ties with the top economists in key industries and countries and draw upon their knowledge and information.Further, become an expert in the data, but use data with caution.Lay out a road map of where the economy will move next, what structural changes can be expected, and advise management so it won?t be surprised.She relates her experience forecasting the industrial Midwest economy and then the tactics she used to convince senior management of her views, ultimately influencing a change in the bank?s own strategy.She advises us to develop good rapport with the public relations person in our organizations.She also outlines her approach for getting her message across to the business press?among them, promptly return calls to press members and kick stories around with them (even if you aren?t a part of the story).All this helps in building relationships.She gives tips on how to become a good speaker?practice is essential, but the challenge is to connect with the audience; and she tells you how to do it.

Secondly, the book serves as a useful review and analysis of economic events over the past two decades and provides insightful interpretations. The book covers the 1980s, when Swonk began her professional career, to the present.Chapters 9 through 16 provide a narrative of these decades.Among the events that she discusses are the early 1990s jobless recovery, changes in credit markets, the low inflation/high growth of the 1990s, the Asian financial crisis of 1997-98, the 1998 debt crisis in Russia and other countries, and the more recent U.S. asset bubble.She weaves in Fed policy actions through much of the narrative.Swonk compares the stock market crashes of 1929 and 1987 and demonstrates how they were not alike.She illustrates the importance of timely and quality data, noting that policymakers might have acted differently in early 1990 if they had better data: ?revisions, which did not occur until two years later, revealed that the recession was already well under way in the fourth quarter of 1990.?

The book overflows with practical advice such as five old rules for the new economy and reprints of Bank One reports including ?A Road Map to the Internet? and ?A Scapegoat or an 800-Pound Gorilla? on the global economy.The book identifies two structural changes that can help us analyze the economy going forward.Type I changes that ?have a fairly fast and dramatic effect [and] tend to be more cyclical than secular in nature.?Type II changes ?are rooted in long-term shifts in the economy.?While Type I changes are the focus of much attention, Type II changes are more important and easier to analyze.She gives a ?Structural Change Watch List? in Chapter 28.A bonus is an outlook for the economy over the next five to ten years in Chapter 30.

The book is not without controversy.Some readers may take issue with her characterization of armchair analysts and of MBAs complaining about lack of jobs, or her opinions about the quality of economic research and analysis.Others might have a different take on the interpretation of economic events.But the usefulness of the book to the business economist overwhelms these minor criticisms.

The Passionate Economist is partly a professional and personal autobiography.A discussion of the personal is necessary because it provides a framework for economic interpretation, as it does for most of us.It makes economics intuitive for her rather than abstract.And through the use of many personal anecdotes, the book also makes economics intuitive for us.She draws on experiences from her childhood family car trip to Mexico to the more recent September 11, 2001 terrorists attack at the NABE annual meeting, where she served as past president. She also uses brief biographies of friends and colleagues to illustrate her points.

There is no question that Swonk has a successful and rewarding career.She generously shares how she did it and offers helpful hints how we can do it.

The title describes this book
Swonk begins her story with the events of Septmeber 11, 2001, as she saw them from her perspective at the World Trade Center. Her story demonstrates her belief that economics is about much more than just about cold, hard numbers. Against the wishes of her family, she chose economics as a field and went on to become a star. As chief economist of Bank One, she is widely respected and a leader in her field. Well known as a public speaker, she has often appeared on television and her story is worth reading. ... Read more