5 comments about Power and Prosperity: Outgrowing Communist and Capitalist Dictatorships.

1. Parts of this book are a bit slow and more theoretical than I want, but the chapter on the Soviet Union is one of the best economic essays I've ever read.
   It convincingly discredits the idea that a misguided ideology led Soviet planners astray, by describing how the policies appear shrewdly designed to maximize Stalin's wealth.
   It also provides a compelling explanation of the more recent Soviet and post-Soviet economic problems by documenting the extent to which special interests have made their industry unproductive by adopting work rules/habits designed maximize job security.
   I wish I could believe these problems were unique to countries afflicted with communism, but the book's reasoning suggests that many parts of our economy where bureaucracies aren't shut down if they fail to produce valuable results (much of government, businesses in industries with little competition, and I don't know what fraction of nonprofits) are equally wasteful.



2. Power and Prosperity is an example of economics at its best. First of all, it takes a balanced or neutral approach to its subject matter. The author is not out to prove the superiority of either markets or government. Governmental power is a double edged sword to Olson. Government power promotes prosperity by restraining 'roving bandits' or special interests. Government power is also susceptible to the influence of special interests. Olson also discusses the merits and faults of markets. Markets are ubiquitous and can lead to prosperity, but often do not. Government has a role in this. That is, he finds blame for this in the most negative aspects of government. Olson does not assume market efficiency either. He explains it, as well as some possible limitations to markets.
   
   This is also a highly insightful book. Much of his analysis derives from his earlier work on "the logic of collective action'. He also uses some transaction costs and basic supply and demand/substitution effect reasoning to explain historical events. Students in my comparative classes had more trouble with this book than any other, but it is still manageable. Reading it might be difficult for those who lack an education in economics. But I am not sure if there is an easier way to say what it says, and what it says is most interesting. The concepts the author employs makes a greater understanding of different economic systems and historical periods possible. This is penetrating analysis.
   
   It is also highly relevant. Much of this book focuses on the Soviet Union. One could say that the USSR is a done deal- it failed so forget about it. It is, however, important to understand why it failed so as to avoid repeating such errors in the future. This is what the Author is driving at with in his use of the Soviet example. There were reasons for the failure of the Soviet system that also apply to problems in other nations- not to mention Russia today. The misuse of power has the potential to prevent prosperity as much now as it did under Stalin and Khrushchev.
   
   Does this book have faults? Certainly. Olson takes too positive a view of Stalin's industrialization program (not that he praises Stalin). Olson dismisses complete privatization, or anarchy, too easily. There is nothing wrong with arguing against anarchy. But, his arguments against privatizing the state (i.e private police and courts) are little more than an unsupported dismissal of such arrangements. If he did not want to debate that issue, he should not have taken such a strong stand. He also might have mentioned a few things about FA Hayek- especially on p136 where he wrote "a bureaucracy cannot process all the information needed to calculate an optimal allocation or put it into practice".
   
   While there are a few faults to this book, it is still excellent. It is a must read for anyone interested in either comparative economics and politics, Globalization, or the economic history of the Soviet Union.



3. Olson's book is good but only understandable for those with an economics background. If you are not an economist you are going to have trouble understanding what he is trying to say and the concepts he uses across the pages.
   For those who have an econ background it is a good book and it provides interesting examples on how economic theory applies to real life, and some of the reasons as to why some economic systems and models do or do not work in reality. However, he seriously lacks some other sociological, demographical, and local aspects of power, prosperity and development; therefore you should not stick only to his theories and keep reading other books to understand why some countries achieve prosperity while others do not.



4. In the "Rise and Decline of Nations" Mancur Olson revealed the teacher in himself with a lucid readable account that left the mathematics in the footnotes. It was one of those books that Samuel Britten would give to his bright nephew who wants to know what it is all about without doing the difficult math (with the exception of some graphs in a later chapter, not difficult to interpret, but which the reader can skim over if they are so inclined, for the argument is clearly stated in the text). The "Rise and Decline of Nations", Mancur Olson's prior book for the greater public, is a hard act to follow, but that he does with this sequel, "Power and Prosperity." And how.
   
   "Power and Prosperity" brings the compelling reasoning of Olson's theories of collective action forward with a lucidity and ease unmatched by any other book I have encountered. And yet he still breaks new ground; the prompting was Olson's observations of the former Soviet Russian Federation's failure to rise above anarchy and to harness the power for free markets for the good of her people. In this book Olson answers the question: Why has Russia failed where the West has succeeded?
   
   Olson's use of language is quite outstanding. He uses no big words where simple words will do. He defines the terms of his essay as he goes. He refers the reader to academic publications for those interested in formal proofs. He does not repeat himself except to remind the reader of the main line of argument, which keeps the whole tight and disciplined, yet easy to read.
   
   This book is very strongly recommended for anyone seeking the synthesis of the big picture and a disciplined logical analysis. self with a lucid readable account that left the mathematics in the footnotes. It was one of those books that Samuel Britten would give to his bright nephew who wants to know what it is all about without doing the difficult bits. The "Rise and Decline of Nations" is a hard act to follow, but that Mancur Olson does with "Power and Prosperity." And how.



5. This book covers aspects of Economics that are only too often neglected. These aspects include how power arrangements affect market efficiency and the effectiveness of markets in meeting consumer demand and providing for propserity. The book also provides accounts of different types of market arangements. In one type of market there is no guarantee other than the honor of the buyer and seller concerning the quality of the product and the terms of payment. Thus the market tends toward basic short term transactions. In the market for which property rights are guaranteed by the social structure, however, market arrangements can be much more complex and much better serve the needs of the people in society.
   
   Power arrangements should be studied in Economics.
   
   And this book should be read by all persons interested in Economics.

1 comments about Handbook of Antitrust Economics.

1. I have found this book very useful and well-written. It presents a very thorough and up-to-date review of the literature on economic analysis of antitrust law, which is especially useful for economists doing consulting work in antitrust cases. It is also good as a supplementary reading in industrial economics' courses, and in antitrust courses. The contributors are well-known especialists in their areas, and the level of the book is generally the "right one" for this kind of book (higher than an economics' textbook but lower than an academic paper). I would have liked to see a bit more on demand system estimation, but appart from that everything is fine. I stongly recommend the book.

1 comments about The Dismal Science: How Thinking Like an Economist Undermines Community.

1. There are many things wrong with capitalist economics and I agree with Marglin that economic theory is made up of a great many half truths. I believe that Margin misses the most serious error in capitalism however. Capitalist economics employs a theory of value which is not consistent with traditional human values and society's legal system.
   
   We must begin by distinguishing two different sorts of quantities, scalars and vectors. A scalar is a quantity that can be described by just a number. Your age, or height, or weight, or the number of people in a room, these are scalar quantities. A vector, on the other hand, is a quantity that requires two or more numbers in order to describe it. An example might be the journey "3 blocks north and 5 blocks east." These two distances must remain distinct. Motion northward can not substitute for motion eastward or vice versa.
   
   Value monism is the idea that there is only one thing of value (pleasure perhaps) or that at least it is possible to define a single "common currency" in terms of which the value of all things can be measured (money). Value pluralism is simply the rejection of value monism, the idea that there are two or more things to be valued (e.g. your wife's love and your child's life) and that they can not be reduced to, or compared via, some common currency.
   
   In capitalist economic theory a utility function maps any state of affairs (with its costs, rewards, opportunities, etc.) to a real number, a scalar. Frequently this scalar utility is simply money; in other situations it is some more generalized scalar quantity.
   
   Human beings have multiple needs. For instance, we need air to breathe, water to drink, and food to eat. Many of these needs are "incommensurable," that is, they can not be measured by a common standard; one can not be traded off for another. No amount of water can make up for having no food to eat. A plentiful supply of fresh air can not make up for a lack of water to drink.
   
   Human values, in turn, arise from our needs and are also incommensurable. (Berlin, Concepts and Categories, PU Press, 1998, pg XVIII) Economic utility must be a vector quantity, it can not be a scalar "money." Business and capitalism are profoundly in error when they employ a mere scalar utility. A common currency is simply impossible. (Just the instruction "travel 8 blocks" is not adequate to represent "3 blocks north and 5 blocks east.") In the words of Beardon et al "contrary to the widely held and inveterate belief of economists, there does exist a preference relation which is not representable by a utility function." (Beardon et al, 2002, J. Math. Economics, vol. 37, pg 17) Von Neumann and Morgenstern said "We have conceded that one may doubt whether a person can always decide which of two alternative...he prefers...It leads to what may be described as a many-dimensional vector concept of utility." (von Neumann and Morgenstern, Theory of Games and Economic Behavior, 1944)
   
   Business and capitalism require value monism while the human value system is characterized by value pluralism; you need only observe the legal system. Upon being found guilty of some crimes it is only required that you pay a fine, whereas in other cases you must pay with your life, or at least some years worth. No one would be satisfied to see a serial killer merely pay a fine each time he took another life.
   
   Not all human activities can be accurately modeled as a marketplace.

5 comments about Numerical Methods in Economics.

1. Judd ties together a vast amount of material--from the most basic to the most advanced--that is essential to anyone doing computational work in economics, econometrics or finance. The book is sufficiently self-contained to serve as the single reference book on computational methods for the average economist. In addition, Judd highlights the origins of most methods and points to strengths, weaknesses, and future theoretical research directions. Economic/finance examples are used throughout the book to make the concepts easy to understand and apply. The only thing keeping this book from being perfect is a complete set of software tools, but given the breadth of the book, this might be too much to ask.



2. this book may be good for those who already know smth about numerical methods.



3. This is the type of book I've been looking for for a long time: It tells you directly what problems are solved by numerical approximation, what methods have been developed for such applications, how to use them, what to watch out for and most importantly, what "tricks" are available to make things easier - this is something you will never pick up in an academic paper and in very few courses.
   
   The structure is very illuminating: simple examples of common problems are followed by generalized versions which are usefull for anyone to apply to their own work. Care is taken to point out the strenghts and weaknesses of various procedures so that the best one can be selected.
   
   As to the critisisms that it does not go deep enough: its not supposed to. It covers in enough detail most (all) of the important methods used by the top economic researchers today, and if the problem you are working on requires more detail than is in the text, precise and extensive references are provided to further understand that particular area.
   
   a very practical and forthright book.



4. The book was in a great condition, and it arrived just as promised.



5. This is a great introduction to computational economics. The exercises are well-organized and very useful. His exposition is straightforward. Judd has clearly thought deeply about how computation contributes to economics as well as its limitations.

5 comments about On Classical Economics.

1. This book is more for the trained economist then Dr. Sowell's previous books, Basic Economics and Advanced Economics. While some terms will be unfamiliar to the general reader, with care it is still possible to follow his analysis. I especially found his assessment of Marx to be useful. And not to be found anywhere else.



2. This book is essential reading for anyone aspiring to understand more fully the field of economics in general and classical economics in particular. As often as Dr. Sowell has mentioned one particular author, a first or fifth reading of F. Hayek's, The Road to Serfdom, would make an excellent preface, or addendum, to this book.



3. Thomas Sowell's On CLASSICAL ECONOMICS is about how little Sowell thinks of classical economics, not a critical restatement of classical economic principles to assist modern economic analysis or policymaking. Moreover, it is the dissenters from classical economic principles, in particular, Thomas Malthus, J. C. L. Sismondi and Karl Marx, whom Sowell credits with superior insights. Readers may be attracted by the facts that Sowell wrote two books on classical economics (1972 and 1974) and that he currently writes a weekly newspaper column on topical issues from a perspective many might think reflects classical economic principles. But the book seriously disappoints. Half of the eight chapters are merely a reprint of Sowell's CLASSICAL ECONOMICS RECONSIDERED (Princeton, N.J.: Princeton University Press, 1974), with no attention to the secondary literature since the late 1960s. He repeats claims that have been corrected since the early 1970s, especially on the classical theory of value and Say's Law of markets. The other four chapters also do not benefit from the secondary literature written since the early 1970s. Thus, accepting Sowell's conclusions about classical economics without verification would amount to a four-decade retreat in scholarship. Sowell's copious referencing of the primary literature in his "rapid-fire" style of summarizing classical arguments--often three or four or sometimes even eight (p. 30) citations within a sentence--may give the appearance of reliable scholarship, but several of the citations I checked appear inconsistent with Sowell's interpretations. Thus, to anyone familiar with the classical literature, the book may be quite frustrating. In the hands of someone attempting to understand classical economics, it may be quite misleading....
   
   In ON CLASSICAL ECONOMICS, Sowell seeks to reflect "on a lifetime of research in the field [the history of economic thought] that first attracted [him] to economics" (p. viii), but the field has developed considerably since the early 1970s, even as the subject has been deemphasized in most universities' economics curriculum. Sowell's failure to keep up with the literature since the 1970s thus should caution prospective readers to verify his numerous references, in particular those that appear counter to their expectations. For example, I would not interpret Smith's arguments that "[i]n all great countries the greater part of the cultivated lands are employed in producing either food for men or food for cattle. The rent and profit of these regulate the rent and profit of all other cultivated land" (WEALTH OF NATIONS [New York: Modern Library 1937], p. 152) and "the rent of the cultivated land, of which the produce is human food, regulates the rent of the greater part of other cultivated land" (p. 159) by saying, as Sowell does, that "Adam Smith had long before [J. S. Mill] recognized that rent was a price-determining production cost when the land had alternative uses" (p. 151). Ricardo is also well known for recommending tax, trade, and monetary policies for economic growth. It thus appears inconsistent to interpret his argument that "[i]t has been well said by M. Say that it is not the province of the Political Economist to advise:--he is to tell you how you may become rich, but he is not to advise you to prefer riches to indolence, or indolence to riches" (WORKS [Cambridge: Cambridge University Press, 1951], 2: 338), to mean "Ricardo disavowed any intention to advocate growth-promoting policies in general" (Sowell, p. 33). I also would interpret Ricardo's argument cited on page 69 as a leftward shift of the supply curve rather than as a rightward shift of the demand, as mentioned on page 70. Sowell also credits several writers with being the "first" to have said or done something (e.g., pp. 32, 45, 68, 100, 104, and 175). I would investigate these claims further before repeating them.



4. Many economists at some point of their careers have met Schumpeter's magnificent opus "History of Economic Analysis". However, for the vast majority of them, who are not normally devoted full time to the study of economic doctrines, reading all Schumpeter's work represents a huge effort that maybe they are not willing to do. Thomas Sowell's On Classical Economics is a handy alternative to grasp just the core ideas of the dismal science. I would simply define this book as a concise review of the doctrines of the modern economic science in a brief, methodical and enjoyable manner.



5. This is a good book for those seeking a more detailed understanding of the history of classical economic thought from the perspective of a free market economist. Since Sowell does not spend much time providing broad overviews of the ideas of the major classical economists, I do not recommend this as the *first* book to read on the history of economic thought. Instead, I recommend Mark Skousen's "The Big Three in Economics" as an excellent first book on this important subject.
   
   There is much good to be obtained from this work. From reading this book, you will also learn about, amongst many other things, the following:
   
   * The various ideas underwriting the methodology of the classical economics
   
   * How David Ricardo shifted economists away from empirical observation and ideas and towards mathematical models.
   
   * Say's Law. The extensive discussion on Say's Law is particularly helpful.
   
   * The different theories of value amongst Classical Economists.
   
   * Malthusian population "crises" and Marxian economics "crises". Sowell also does a good job of dissecting these ideas and exposing the fallacies contained within.
   
   * A decent amount of insight on Adam Smith. For example, Smith was an abolitionist on both moral and economic grounds, he thought of landlords as "idle rich", disliked collusion, did not see society as merely a sum of individuals and favored regulations to handle externalities in public works and banking.
   
   * John Stuart Mill's key ideas, including the idea that income is inversely proportional to the intensity of work.
   
   * Karl Marx's exploratory method of sequential approximation in Das Kapital. That is, for example, in the second volume of Das Kapital, Marx refutes assumptions made in the prior volume and subsequently introduces new assumptions to correct the previous flaws. Thus, according to Sowell, many critiques of Marx's arguments, such as the famous one by Eugen Bohm-Bawerk, actually refute Marx on the same grounds that he later refuted himself. Nevertheless, Sowell still concludes that Marx's economic ideas are still deeply flawed, especially due to his overemphasis on the importance of labor.
   
   Overall, this is a very good book to add to your reading list if you want a better picture of the history of economic thought. However, to reiterate, I recommend that this not be the first book on your list.
   
   My main complaints are as follows. One, this book does get a little bombastic at times, which makes it a slower read. Second, although the summarizing conclusions at the end of each chapter are very helpful, Sowell sometimes probes deeply into pedantically settling minor points that are surely largely limited to academic interest when he could be spending more time illustrating the essential ideas at hand. For example, consider how Sowell repeatedly contrasts Sismondi's view with the Ricardian interpretation of Say's Law on whether an increase in savings *necessarily* leads to a subsequent growth in production.

5 comments about International Economics: Theory and Policy (5th Edition).

1. Well, I will start off by saying that the book really probably only deserves somewhere between 4-4.5 stars, but I'll give it 5 to offset some of the questionable reviews below.

   No, the book is not perfect. However, it is an academic standard at pretty much any major college or university for teaching undergraduate International Econ/Trade theory, and for good reason. The book makes a clear a concise presentation of basic theory and policy, perhaps in points it is a little too simple. As pointed out, while I'm not sure about the 6th edition, there were some diagrammatical mistakes in the 5th...I bet, however, these were done by a graduate student. A quick bit of reasoning and a second of thought should yield the appropriate picture, however. And yes, I think a bit of Krugman's bias comes through, though its not terribly off-putting.

   The book could use a bit more math I think. The real equations and difficult problems are few and far between, and are, for the most part, pretty straight forward. At the very most it would take a basic understanding of calculus, but the majority of the problems and equations can be explained and done without it. I have read a number of undergraduate economics books with far more intensive math. Despite this lack, however, the intentions come across pretty well.

   No, this book is not for beginners to economics. At least an undergraduate course or reading in both micro and macro are needed, and really and truly, an intermediate level in each is probably better if one wants to get the most out of the book.

   If you find the subject matter within to be terribly math intensive and you cannot get motivated to read the subject matter because it doesn't use "pizza and beer" (and um...I don't think I'd want an imported pizza anyway, but thanks), well I guess the subject and this book are not for you. However, if you are trying to enrich your understanding of economics at a very basic level, this book provides a good way to do so.

   And, if you want graduate level book, and like Obstfeld, I recommend he and Rogoff's book.




2. First off, even if you totally discount the rest of my review, buy the low price international version of this book. On the March 10, 2005 episode of the daily show Krugman elucidated his feelings quite clearly. "The real money is in textbooks. With other books, people need to decide whether to buy them or not. Students have to buy textbooks." Thanks Paul. I think I'm being charitable when I say that at $125 this book is a ripoff. It isn't even full color.
   
   Anyway, on to the actual content of the book. I have to say that I was excited when I found out that my International economics course at Stanford was going to be using Paul Krugman's book. I've enjoyed his articles for the New York Times because they manage to cut right to the core of issues with an unusual amount of punch. Yet, time and time again I was disappointed with the frequently inpenatrable language and obtuse, unrealistic examples in this book. Unfortunately, the only part of Krugman's characteristic writing style that came through was a feeling of overwrought vitriol, which makes sense in an op-ed but has little place in a textbook. Furthermore, this book occupies a strange niche in the world of econ texts, it is not mathematically rigorous, nor is it well written. Usually we see one or the other but rarely both. Initially, I thought these observations were mine alone, but other students began openly voicing pointed criticisms of the book during class (and I am perhaps being too kind here in not repeating them). I've been in school nearly as long as I can remember and I have never seen such discontent with a text.
   
   During the second half of the course even my econ prof became fed up and abandoned the book altogether. Given that, I find all of the positive reviews for this book rather astounding. My suspicion is that there might have been open rebellion amongst my classmates had not the professor decided to leave this text by the wayside. I also found that it is brimming with misplaced, one-sided arguments that come across as Krugman blatantly strawmanning arguments opposed to his own. One of many examples of this comes out of nowhere near the end of chapter 2. Krugman implies that anyone who doesn't believe in unmitigated free trade is intellectually irresponsible!?! This book pushes for unrestrained market fundamentalism throughout, primarily by misrepresenting any arguments that would effectively challenge it's simplistic and seemingly outdated dogma. This book, in particular, feeds into the same system of self serving scientism so prevalent in economics for the last 60 years.
   
   Please don't mistake this review as the bile of a jilted student, I did quite well in the course. However, this is almost certainly the result of looking for alternative explanations of virtually every topic covered. The reason this book gets one star instead of two is because it lacks a lot of the modern learning tools prevalent in almost every other textbook. Things like quality questions, keywords, vocabulary and historical context all get short shrift in this this volume. If you're into learning about incomplete models that only represent a theoretical version of the world, this book is for you. Unfortunately, just like Krugman said on The Daily Show, if you are a student there is probably little chance that you have a choice on the matter. Buy the cheap international edition for 20 bucks. I would recommend that you use to the difference to buy William Easterly's Elusive Quest for Growth...and a beer.



3. Some complicated theories explained in a way that can be understood.
   
   Esay flow from a concept to the next.



4. Krugman and Obstfeld, two world renowned international economists, provide a full detailed analysis and examples for the basis of trade among nations. It is relatively straightforward to comprehend for both economists and noneconomists. International trade is an important component of economic policy for the growth and development of countries. This book examines various theoretical trade models and provides real world examples of policy formulation and their impact. The authors do not take any political positions, thus making their analysis a purely objective, or positive study.
   
   I would highly recommend this book to students interested in doing research in international trade and development. It is a must read for prospective international economists. Noneconomists might also find it as a useful reference. I found the book to be invaluable in my graduate research and dissertation.



5. This is an older edition of the book. Get the newer, seventh edition. The ISBN for the 7th edition is 0321451341.

5 comments about An Essay on the Principle of Population (Oxford World's Classics).

1. This small and often overlooked essay by Thomas Malthus is probably one of the most important essays ever written.

   Way back in 1798 Malthus wrote this essay to expose how human population is still being kept in check by mother nature. Famine, plague and war pop up whenever a population gets too high.

   The essay has been overlooked mostly because of the stance Malthus takes in this book towards the poor. He suggests that when you give money to people who don't work, you help them have children. This increases the population without increasing production of food. Also, by increasing the standard of living of these people, you then qualify more people to receive without working, exacerbating the situation. Malthus clearly supports workhouses to welfare in this essay.

   This essay had influenced two notable people. First is Charles Dickens. In 'A Christmas Carol' you read how Scrooge said, "that if the poor would not go into workhouses, they might as well die and decrease the surplus population". This was aimed straight at Malthus. The second person he influenced with this essay is Darwin. While reading Malthus, Darwin realized that population pressure was that "natural selector" that made evolution possible.

   If you want to read a piece of history, read this essay. If you then want to get a more modern and thorough take on the subject read Marvin Harris's "Cannibals and Kings".




2. The reverend Thomas Robert Malthus is one of these figures that influences, in his case for good, generations to come. The concepts he developed, which is not the same to say that he discovered the fundamentals of these concepts, are of such working capability, that they can be used even today on a daily basis, some 200 + years after the first publication of his seminal and most important book, certainly one of the most important texts of all times. His name turned itself into an important adjective, malthusian, sometimes associated to a lot of misconceptions and misuse, mainly due to undue interpretations of things Malthus did not said, or did write with a different manifest meaning. Troughout his lifetime, Malthus, already a recognised and famous man, had to revise a lot of editions of his works in order to precise what he meant to say.

   Dipping down into the original malthusian fountain is, in this way, a pretty much refreshing and inspiring experience, shunning aside the many bad interpretations attached to his original thinking by second hand reading. As a plus, the book presents at the end two extremely beatifully written chapters on the philosophical reasons behind Good and Evil, a necessary explanation in a revolutionary theory that could be interpreted as intrinsically evilsome. To add content and lustre to all Malthus wrote, one has to remind that the greatest economist of the XX century, John Maynard Keynes, felt himself philosophically and theoretically affiliated with Malthus in a very great scale, to the point of saying that, if Malthus had been better understood, the world would not had to suffer the weaknesses of David Ricardo's theories.




3. That Thomas Robert Malthus was a cleric might startle some readers, who could look on his pessimism as something that is more typical of a man of hard, God-less science. Malthus was clearly, once one examines deep within the heart of his treatise on overpopulation, a theist, and a hard-hearted "God Disposes" sort of one at that. Underneath everything, we can sense Malthus' view being, "ultimately what does this brief, cluttered, hopeless world matter next to eternal life in Heaven?" Malthus' statements about the human race breeding past its ability to feed itself, have merit, but he failed to take into account the capacity of science to be humanity's deliverer. Revolutions in agriculture, medicine, social health, as well as many other fields, not excluding simple advances in birth control, have to an extent nullified the ABSOLUTE nature of Thomas Malthus' ideas, and instead, alas, made them true primarily in the 21st century for the Third World alone. Malthus was a man both in and ahead of his time--in it because he had but to open his eyes and see starvation and orphaned children, poverty and overcrowding in the slums, and ahead of his time in that he looked forward and forecast a dire warning to the world of a time when the horrors of this state might over-sweep civilization and strangle it to death with numbers alone. Malthus was a cruel man on one hand, advocating the selective starvation of a segment of society. He totally opposed any form of welfare, charity or aid to those who could not contribute to their own upkeep. Those types, he argued, decayed human society and lead it closer to the nightmare state he detailed in his work. He cited wars, plagues, famines, as servants of humanity, in that they thinned the ranks and tried to keep us from reproducing ourselves into extinction. Malthus' fearful prognostications might yet see its consummation one day and some may say that in various parts of the world we are already seeing it, but I take the stance that if our species has one great gift, it is its intellect, and that intellect might-if we are motivated by conditions made intolerable--yet serve to deliver us from even our self-created scenarios of mad destruction.



4. Malthus' Essay on the Principle of Population has been the subject of much debate. 19th Century economists accepted The Population Principle as fact. 20th century economists have arrived at such a strong consensus against the Population Principle, that the subject is considered as closed. The main reason for this consensus is failure to realize Malthus' dire predictions. Declines in birth rates among prosperous nations indicate that Malthus was wrong.
   
   An Essay on the Principle of Population is important today for several reasons. First, it is an important part of history. Second, population issues still loom large. Also, historian Ross Emmett has reinterpreted Malthus in a way that fits better with world experience. My own reading of An Essay on the Principle of Population fits with Emmett's reinterpretation of Malthus.
   
   Malthus reasoned through one of the biggest issues. This is a classic of political economy, worthy of careful consideration. Don't listed to those who say Malthus has been proven wrong. Read this book and judge its merits yourself.



5. This book is available, for free reading on internet.Then , I read almost all of it, some years ago.
   In XVIII Century, the science was begining, but instead of going to rational view, many people instead was looking to change normal religions, to a godless religion.And the reverend Malthus wrote this trash-book.It was a sucess, specially among upper class.
   The main bad ideas of this book are:
   1-Mankind is doomed to a massive extermination.
   2-How much the time pass, the world will become worse and worse.
   3-Only if a massive part of mankind, would be exterminated by war, famine or desease, the world can becomes bettter.
   4-The main problem in the world is mankind.
   
   About England itself, in XIV, England had just about 2 million people and famine was massive.The life expectancy was just about 12 years, in England during XIV Century.Today, England has more than 70 million people, there's no famine and a normal english has more than the triople life expectancy than a royal prince in XVI century and decades more than in XIX Century.Tecnology, politic,religion and not population growing really decided the level of life.
   
   These same bad ideas of this book , were later plagiated and became part of marxism, eugenics and in nowadays of ecology.Even being ridiculous in level of ideas, this book remains believed and preached.Malthus was the founding father of marxism, eugenics and ecology.All of these bad ideas , at their begining are in this book.Why two stars, instead of one star?Because this book remains believed, for many powerfull people in our times.The first godless religion in the world- malthusianism- was created by this book.Then came marxism, eugenics and ecology; all godless religions based on Malthus' believes of this book.

1 comments about Currencies and Crises.

1. Paul is one of the famous personalities in the world of finance. Any person who has not heard of him has got no right to be in the field of finance. For most of the Fortune 500 corporation in US, about 70-80% of revenues is coming from abroad(read foreign currency). By reading this book one gets a real perspective on the latest things happening in the field of foreign currency.

2 comments about The Day the Bubble Burst: A Social History of the Wall Street Crash of 1929.

1. In the waning months of the year 1929, the New York Stock Exchange was going strong. Millions of small and large investors poured their life savings into the pool of speculative issues, hoping for a big return on their gamble. On Black Tuesday, October 29th, the dream came to a crashing halt. This is the heart wrenching tale of that fateful day: the giddy years that preceded it, and the miserable decade that followed in it's wake. Sterling drama, with many poignant stories of the principal movers and shakers of Wall Street...before the Bubble burst.



2. Even though out of print, this is simply the best book on the subject. It is wonderfully written. A movie script could not be more gripping. The authors have done a terrific job in juxtaposing the stories of the ultra rich speculators ( the portrayal of the powerful Morgan bank and its partners alone is worth the price of the book) against those of the ordinary people caught up in the frenzy. The book sweeps you along from Wall Street to Main Street to foreign lands. You won't put it down. The research is top notch with a rich bibliography. Buy it !!

5 comments about Microeconomics the Easy Way.

1. I bought this book to study of the CLEP exam. I have never had an economics class nor did I read any other study guides and I passed with a 74 out of 80 (you only need 50 points to pass). So I would say this taught me the fundamentals of economics. It was very dry at first, but then it got better as I started understanding the material better. The last chapter review questions were funny.
   Some people overated it a bit, but it really is a good book. Not an extremely easy book, but very understandable.



2. I bought this book as a refresher. The author goes through the material very quickly. His writing isn't very clear and I'm frustrated by the format of the book -- too much text, not enough examples or summaries. I'm sticking to my old college textbook.



3. The author really breaks down the basic concepts and principals of economics so that it is easy to follow. In addition to being able to effectively explain and convey concepts the author is very humorous and witty and the book does not read like so many boring textbooks. Highly recommended for anyone who wants to learn the basics of economics.



4. The basics are all there, but the book gets heavily into the equations of economics, which can leave you feeling a bit overwhelmed. This is a good starter book for those interested in pursuing a career in economics.



5. This book is an amazingly helpful book for those of us who may be preparing to, or are currently in an economics class. Although it is probably one of the more amusing and easier read microeconomics texts I have read it did get rather confusing in some chapters. For example, elasticity in the market. I'm still confused by it, I had to use wikipedia to get a better grasp on that one. But I do commend it for taking a pretty bland and dry subject matter and making it easy to understand for most of us.