There is a fundamental problem with economists – they are seldom right. Could the problem be economics itself? This is an underlying theme in this book even as the authors strived to discover why economists do not agree with each other, and why the public often do not agree with the government and the economists who advised them.
The authors discuss whether free trade is the solution for poor economic growth, or is free trade the problem? They study countries (such as India) that have gone through different approaches and arrived at uncertain conclusions. After opening up to trade – in return for IMF money – it took India more than a decade after 1991 to see economic growth. They discuss the economic benefits of tariffs versus free trade. The conclusions are far from clear, because trade and growth are a complex mix, but it seems that tariffs often backfire.
Economic growth id not entirely dependent on trade, and even in trade, one factor stands out in contrast to capital – labour. Once the authors launch into the supply of labour, we see the problems of immigration and racism. The authors point out that the traditional bias against immigrant workers is mistaken. People do not move just because the pay is better elsewhere. In fact, we are blinded into not seeing that people generally do not like to move, and there are many strong reasons for that. There is the issue of connection. People are more likely to move if they have connections in their intended destination. Then there are family ties back home, in contrast to the poor living conditions elsewhere, and so on. The authors also point out that anti-immigrant sentiments have existed from time immemorial, only the subject changes. First people were against Jewish immigrants, then Italian immigrants, then African immigrants, and now, it is Muslim ones. Eventually, the authors say, the immigrants get assimilated, and the nation’s attention (or prejudice) turn to others.
The authors examine and analyse the factors that lead to growth and those that do not. The question whether using GDP is the accurate way to measure growth. In the history of modern times, there has only been one growth spurt, and that ended on 16 October 1973 with the Arab oil embargo – a spurt never to return, say the authors.
The authors presented a detailed and persuasive argument that taxation is beneficial and useful in lowering the inequality gap. They explain that when people get poor, they tend to blame the wrong factors, for example, immigrants for taking away their jobs. Lowering the income inequality is thus a important priority. Unfortunately, politicians do not have the will to impose or increase taxes. The authors further explain that taxing the rich helps but not enough. There should be a wealth tax on the assets of the rich. They present powerful arguments as to why that is so.
This is a remarkable book that covers a wide range of economic topics with an aim of making the dots connect, and disabusing us of seeing magic dots that don’t connect. It is a book worth reading even if one is sceptical about some of its claims – after all, the Messiah of Economics has yet to come.
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Good Economics for Hard Times: Better Answers to Our Biggest Problems
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Reviews with images
Brief overview of good and bad economics, 20th century to present.
This book serves as an antidote to the common misconceptions of economic and social issues in today’s politics. In a rapidly changing global economy, it’s never been more important to understand the dynamics that undergird them. The authors tacitly debunk the many merits of today’s policies on trade, immigration, economic growth, UBI, climate change, among others. They brilliantly shed light on issues that tend to lie on the periphery of our perception or elude it all together, to paint a multifaceted picture of the seemingly infinite factors of an economy. While the authors do not purport to offer solutions to all problems raised in the book, they do offer many and at the very least offer a good starting point. The authors conclude with a passionate plea for economic action in academia, politics, and urge individuals to make informed policy decisions. Overall this is a concise and well-researched guide to understanding contemporary, hot-button social/economic issues.
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Rule 62 Ken
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Reviewed in India on January 3, 2021"freiername"
Sehr gute populärwissenschaftliche Darstellung
Reviewed in Germany on November 25, 2020