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Christian Dittus
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English

THE ECONOMISTS' HOUR

Binyamin Appelbaum

False Prophets, Free Markets, and the Fracture of Society

In this fascinating character-driven history, a New York Times editorial writer and Pulitzer Prize finalist spotlights the American economists who championed the rise of markets and fundamentally reshaped the modern world.

Before the 1960s, American politicians had never paid much attention to economists. But as the post-World War II boom began to sputter, economists gained influence and power -- first in the United States and then around the world as their ideas inspired nations to curb government, unleash corporations, and hasten globalization.

Milton Friedman's libertarian ideals, Arthur Laffer's supply-side economics and Paul Volcker's austere campaign against inflation all left a profound mark on American life. So did lesser-known figures like Walter Oi, a blind economist whose calculations influenced President Nixon's decision to end military conscription; Alfred Kahn, who deregulated air travel; and Thomas Schelling, who put a dollar value on human life.

The economists promised steady growth and broadly-shared prosperity, but they failed to deliver. Instead, the single-minded embrace of markets has come at the expense of soaring economic inequality, the faltering health of liberal democracy, and the prospects of future generations.

Timely, engaging, and expertly researched, The Economists' Hour is a "powerful must-read" (Mohamed A. El-Erian, New York Times bestselling author) about the rise and fall of a revolution - and a compelling call for people to retake control of markets.

Binyamin Appelbaum is a Washington correspondent for the New York Times, where he covers the Federal Reserve and other aspects of economic policy. Before joining the Times in 2010, he was a reporter at The Washington Post, The Boston Globe, and The Charlotte Observer, where he was part of a team of reporters nominated for the Pulitzer Prize in 2008 for reporting that uncovered the earliest signs of the subprime mortgage crisis.

A Chris Parris-Lamb Book for The Gernert Company.

DIE STUNDE DER oeKONOMEN
Falsche Propheten, frei Maerkte und die Spaltung der Gesellschaft
Deutsch von Martina Wiese
[HC S.Fischer 05/2020]
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Published 2019-09-01 by Little, Brown (US)

Comments

UK: Picador; Holland: de Bezige Bij; Brazil: Sextante; Korea: Bookie Publishing;

"I very much enjoyed reading The Economists' Hour, an entertaining and well-written look at how market-oriented ideas rose from the academy and transformed nations. I do not agree with each and every perspective, but found this a valuable and highly recommendable book, which I devoured in a single sitting." --Tyler Cowen, New York Times bestselling author of The Great Stagnation "Binyamin Appelbaum has written a powerful must-read for all those interested in reinvigorating the credibility of economics, especially in policymaking circles. Through an engaging discussion of how economists' influence grew and spread, he shows how free-market economics evolved into an over-promising 'affirming religion,' only to disappoint too many of its followers and lead others astray. His insightful analysis also helps us identify what's needed to ensure that the market economy remains 'one of humankind's most awesome inventions.'" --Mohamed El-Erian, New York Times bestselling author of The Only Game in Town: Central Banks, Instability, and Avoiding the Next Collapse

"Writing in accessible language of thorny fiscal matters, the author ventures into oddly fascinating corners of recent economic history...Anyone who wonders why government officials still take the Laffer curve seriously need go no further than this lucid book."