5 comments about The ABC's of Political Economy: A Modern Approach.

1. This book is a good introduction to political economy for people like myself who have little previous knowledge of the subject. Its both very informative and very accessible. I would definitely recommend at least attempting to read through the chapters containing models for those who might be a little adverse to doing some math. On the other hand, Hahnel is right when he says you don't have to read them to understand the rest of the book.

   Although I have only taken a couple of econ courses in college, I've taken a great deal of math and I was still a little confused by how some of the computations were written out. I actually found it easier to sort of skip the written computations and work backwards from the solutions/conclusions to understand them.

   The only other issues I have with the book is that it can be redundant at times and Hahnel used enough double negatives for me to take notice.

   On the whole, a good introduction. I am however tempted to read Capitalism and Freedom or some other conservative econ book to determine how salient Hahnel's arguments really are.




2. I agree with the previous reviewer. An introduction aimed at those with no previous knowledge economics, since having any would hamper the author's credibility, I am afraid.



3. This is the book I've long been looking for, a clear, in some sense mathematical (though no calculus required) elucidation of how, why, and when markets fail, and when they work, and what the real alternatives are.
   
   Of course, market zealots and fascist hypocrites will hate it, but this is the best book I've found so far.
   
   Everyone truly concerned with justice, liberty, equality, fairness, efficiency, and so on must first read this book.



4. In "The ABCs of Political Economy" Robin Hahnel presents radical economic theory in an accessible and competent manner. Hahnel rejects Marxian economics and largely uses neoclassical models (there are a number of passages based upon Sraffian economics though). Using theories developed by radical neoclassical economists since the 1970s, Hahnel demonstrates why the term "market failure" is all but completely redundant. Of course, I am a supporter of heterodox economics, particularly Marxian economics. I do not think Hahnel's reasons for dismissing Marxian economics is very sound.
   
   Chapter 1 is a general discussion of people and social institutions. Chapter 2 discusses conservative, liberal, and radical views of economic justice and desert. Even as a hardcore utilitarian, I can appreciate Hahnel's demolition of the liberal and conservative positions. Even if one decides to make value judgments about desert, these particular ones are especially incoherent. Beyond theoretical problems with these views of justice, Hahnel reviews the evidence on distribution under capitalism and shows that reality couldn't square with liberal justifications of capitalism even if they were logically sound.
   
   Chapter 3 develops a "corn model" (an economy in which corn is the only consumer good produced) and draws some conclusions about equality and inequality from it. This is almost identical to the model in John Roemer's tedious and pointless book "Free To Lose." The amazing conclusion that people with more wealth have to work less than those with less wealth is drawn. Corn models, some quite similar to this, are used to better effect elsewhere in the book. However, they don't really require this chapter at all. Chapter 3 should have been completely dropped.
   
   Chapters 4 and 5 are on microeconomics, and are the best chapters in the book. Using E.K. Hunt's "invisible foot" theorem, Hahnel extends a conventional discussion of market failure to show how inefficiency snowbalss in capitalist economies. The "conflict theory of the firm," the most important contribution of radical political economy, is reviewed in excellent fashion. Profit maximizing firms may choose inefficient techniques if these techniques redcue the bargaining power of labor (e.g. a team production technique may be more efficient than one with a minute division of labor, but the former will give workers a better chance to communicate and maybe organize). It is also shown that in Sraffian models, efficiency will only be achieved if the profit rate is 0.
   
   Chapters 6 and 7 competently offer a left position on macroeconomics.Chapter 8 is an excellent discussion of how trade can be highly inefficient, all the while only diverging a little bit from the assumptions of standard trade theory. What you can discover if only you don't ignore it! However, there are some tecnical problems in parts of this chapter. Ron Baiman corrects them (and salvages the general conclusion,s basically) in the January 2006 issue of Review of Radical Political Economics in an article called "Unequal Exchange Without a Labor Theory of Prices." Chapter 9 is an excellent and innovative model of banks and financial crashes. Chapters 10 and 11 offer conclusions and policy suggestions.
   
   Most of the ideas in this book have been developed elsewhere in a rigorous fashion for professional economics. If you want to try your hand at this more difficult literature, Hahnel and Michael Albert's "Quiet Revolution in Welfare Economics" covers many of the issues discussed in this book. "Markets and Democracy," edited by Bowles, Gintis, and Gustaffson would also be of interest.



5. Noam Chomsky's praise for this book says a lot: this book will appeal to people who are not satisfied with conventional wisdom, who sympathize with economic democracy and who want a good introduction to political economy. Robin Hahnel managed to write an easy to read, yet thorough book that discusses basic conventional micro, macro, finance, trade theories supplemented with very reasonable critiques from political economy point of view. Some of the best moments in the book occur when he takes on orthodox theory within in its own framework, e.g. he uses the mainstream Hecksher-Ohlin-Samuelson trade model to show that gains from trade will mostly accrue to countries with relatively abundant capital, and within those countries - to people who are highly skilled or own capital. This book criticizes clearly and thoroughly, and presents alternative paths. Above all it is a great way to review basic micro/macro material you might have forgotten. The only criticisms I can think of is that some people may find this book way too basic and that its use of graphs/formulas is not as efficient as it could be.

No comments about Financial Crises: Lessons from the Past, Preparation for the Future (World Bank/IMF/Brookings Emerging Markets).

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.

3 comments about The Dragon and the Eagle: China and America: Growing Together, Worlds Apart.

1. Since the opening ceremony of the 2008 Olympics in Beijing, I have become increasingly intrigued with the Chinese culture. This book is an enlightening look at the differences and similarities of the U.S. and China from a philisophical, social, and economic perspective. Plus, having the Chinese language right there on the opposite page made me feel that this book could provide insight to both cultures on the other. A great read!



2. If you're like me, and probably most "Eagles" (a.k.a. Americans), you don't have the time or inclination to spend years studying up on the Chinese and what makes their culture "tick". This book is like a "for dummies" book. It gives you an easy overview of the differences between our cultures and how we can learn from those differences. Frankly, it whet my appetite for more information. I really enjoyed knowing that this wasn't just a book for Americans. It's written simultaneously in Chinese, so these words of wisdom can be shared with that culture as well. This book is excellent for someone thinking of expanding their business in China or wanting to understand the Chinese culture better!



3. The Dragon is awakening. We notice everyday that China has a stronger and stronger presence in our lives. The more we know and understand this culture, the better interaction we will have with the Chinese people as we "grow together". This book was a wonderful read. The story was presented as a dialogue between the Chinese Dragon and the American Eagle. The unique writing format left no question as to who was speaking and also allowed for quick reading so as not to miss any of the ideas or philosophies presented by either icon. Facts presented on China's history, culture, and it's path into the future were enlightening. The conversation flowed and I felt that I was actually a part of it.
   I was very pleased to read that Mr. Waitley plans on continuing to enlighten curious readers with more books in this ongoing series. My thanks to Mr. Waitley and to all who contributed in the writing of this book.

5 comments about The Global City: New York, London, Tokyo..

1. If you can understand this book you are obviously incapable of living in the real world. Sassen's dense, turgid writing style simply aims to bewilder the reader into unquestioningly accepting her doomsday view of socitey. Most depressing reading.



2. In writing this review, I had to begin with one critical question: why on earth would I review a book already in print for almost four years? What better time than now, when anti-war advocates are seen in many eyes as un-American, to write about a book in which the author discusses the dangers of nationalism and xenophobia in the context of an ever-globalizing economy? In ten essays the doctor of sociology attempts to "expand the analytic terrain within which we need to understand the global economy in order to render visible what is now evicted" from our current picture of the global economy. She writes in such mouthfuls often, yet her textbook style of writing is a welcome break from the sensationalist and anecdotal approach most often utilized in accounts from the anti-globalization perspective.
   If, in the last ten years, you have followed the globalization debate even just a little, then nothing I write here can spoil the book's ending for you. The ending is inconsequential, however, for it is this native Dutch woman's approach to the globalization topic that matters most. The book is not a story, and thus does not follow a traditional plot line, but it never tries to disguise itself as anything other than a categorical critique of international policy. Nor is the book a moral plea to human rights, an approach that seems an easy trap into which fall most writers with parallel paradigms to Sassen's. She takes an obvious stand against globalization of the economy, but instead of simply stating that globalization is bad, Sassen pulls the reader through 218 pages of hard earned facts and qualified theories about the dangers of globalization. Rather than dwell in idealisms, the University of Chicago professor acknowledges the simple observation that globalization is occurring, and rather than asking for an uncompromising end to globalization, she takes a card from the neoliberals' hand and offers concrete solutions to the globalization problem. While that seems like a rather unexciting prospect in itself, one has to remember that many opponents of globalization get sucked into the blame game mindset and offer few (if any) plausible-- or well backed-up-solutions (see the Global Exchange website if you do not believe me).
   The remarkable quality of the book is its language. It is written under the assumptions of a human-rights advocate but with the deliberate, yet convincing style of an economist. Its academic quality will turn off a lot of people, but this book was never intended to be bedtime reading material. The normal arguments of the two sides of the issue often give the appearance of two runners in completely different races. Sassen, however, meets her opponents head on, and by using their lexicon and dry grammatical structures, she writes one of the most important books about globalization to this day. Indeed, if there is one real weak point to the book, it is her penchance for writing too dully for even academic writing. She falls occasionally into the trap of spending too much time telling the reader what she is going to say before she actually says it- but only occasionally, and her writing style is disciplined for the most part.
   Globalization is inherently a complex issue. Sassen does the reader a great service by avoiding getting stuck on minor or irrelevant points about the issue. Perhaps she pulled a page from Wordsworth, for her attack on globalization is well organized to the point at which she seems to have recalled "in tranquility" the issues rather than descending into scare-mongering tactics. She gives the argument for which the globalization proponents have been asking, and she completely avoids forays into minor points that matter only to those whose heart strings it tugs.
   As boring as the subject could be for anyone not passionate about globalization, Sassen grounds well the work by looking at globalization in several contexts. Though she seems at times to be dwelling on topics minor in comparison to the greater umbrella issue, she manages to examine all the major issues of globalization. After first explaining her paradigm in the introduction, Sassen looks at globalization through the window of immigration in the first three chapters. The chapters begin and end with statements about immigration, but the arguments within the envelope structure are based around the general issue of globalization. Splitting up the issue under the subheadings of immigration, feminism, and what she calls "space" helps to deliver her arguments in bite-sized portions without making her seem as if she is avoiding any issue. Indeed, she covers every main argument made by opponents of globalization, and she editorializes it further with her recommendations on immigration policy and her focus on feminism. At the risk of repeating myself, however, she brings up all her points carefully and avoids dropping her extensive knowledge on the reader like lead weights. One would hope that she would write in such an organized fashion, but in the globalization arguments, such structure is rare, unfortunately.
   As to the original question: why review such an old book, the answer is becoming readily apparent. Though Sassen has written several books on globalization, including The Global City, a book written in 1991 but updated in 2001, this book encompasses all the major issues of globalization in one fell swoop, and it serves as an authoritative text on those issues. There may be more contemporary versions of Sassens arguments, but none serve as better tools in the argument against globalization, one of the most important fulcrum issues in the post September 11th world. As we continue to wage war against nations our president deems as "terrorist," the issue of globalization continues to be, perhaps, the most important dialogue for our nation. Whether we care to admit it or not, terrorism does not appear from thin air, and we must now ask the question of ourselves: what could America have possibly done to anger people enough to kill themselves in an attack on our nation? Sassen takes an honest look at how American and international policy is affecting marginalized countries and our own, and we would all do well to pay attention to what she is saying.



3. Sassen aims to - unpack the concept of "the city" (p. xviii) - as a unit of analysis in sociology and economics from a global perspective. The scope of this endeavor is quite staggering and she has to bring an number of different fields under the same conceptual umbrella in order to capture the elusive character of 'the city'. Her method is the painstaking analysis of a huge amount of data from a vast array of sources. This might seem unnecessary to some people who are more interested in bold visions of the future á la Manuel Castells or Antonio Negri. The thing about Castells or Negri though is that you need a leap of faith to interpret the world according to their views. Sassen is more boring to read but one can always rely on her providing the data leading up to her conclusions. This is crucial to anyone wanting to take a stab at the interdisciplinary phenomenon of the global city and use availible data for comparison. The thorough research foundation of the book makes it easy to link the issues to areas that otherwise would be quite far apart such as urban planning and service management. Personally I think the most important message is that place and location matters maybe even more nowadays than it used to when production and consumption was explicitly bound by the physical limitations of our world.

   In all I think that this book is a must read for anyone even remotely interested i urban matters. It's a bit tough to get through though and the visual presentation of the data could have been better, hence rendering the book a four rather than a five star grade.




4. This is a sad book. History was very unkkind to this woman. Just when she thought she completed here masterpiece, a book that was supposed to ensure her tenure and fame and all the things that a sociologist may want, everything blew up in her face.
   
   Her theory in the original version went like this; Why oh why are there huge concentration of functions in Tokyo, London, New York, when so much IT allows easier communication and remote office and all that? Why do these cities grow, when all the production and other functions gets shipped off to backwater countries?
   
   Well, she said, IT allowed the separation of production and management/development. That's why managers remain in cities with their high pay, while actual sweat work goes to third world child labor under measly wages.
   
   But why did the cities grow bigger? Well, because cities are the new production centers. Management and stuff requires a lot of legal services and accountants and other services etc that are much easily available in the cities. That's why all those management stuff accumulated in the city.
   
   But aren't those activites just leeches to the actual job? They don't create any new value, do they? Aha, she says. But they do! Look at all those financial innovations, like hedge funds and derivatives and stuff! Look how much money they are making! They are not leeches, they are creating new values. You gotta throw away your old ideas about the economy! Only cities can produce that sort of new financial products, and that's why London, NY, Tokyo are growing!
   
   There was another brownie point. Her theory went very well with shallow anti-globalism arguments. Managers stay in NY/London with high pays, while at the factories half way around the globe, workers suffer forever under low wage.
   
   But exactly when the first edition came out, everything changed.
   
   First was the collapse of the Japanese economy, that took down Tokyo with it. Her theory had nothing to prepare or explain this. What happened to the new production? What happened to all those financial innovation? Why didn't that work in Tokyo? In the book, Sassen tries to answer this using various ad-hoc excuses, but the more she does it, the less convincing the original proposition becomes. So it wasn't THAT important, after all? All those theories of yours were only subordinate to those other stuff that you never mentioned before?
   
   And yes, what about those innovations? Collapse of LTCM and huge hedge funds etc. since the first edition made finance less glamorous. Arbitrage does increase some efficiency of the market, which does create some value. But they were not the major new "product" to sustain the world.
   
   Her theory about the separation of production and management wasn't so hot afterall. Look at Asia, look at China! Concentration of production functions REQUIRED many management and design / development functions to go along with them. Also, the factories did make the workers richer, and as a result, much of Asia and China really became better off. There are dicrepancies, and differences in earnings, but its nothing like what Sassen had described.
   
   It's amazing that NOTHING of here original theory remained. In this second version, she tries to pick up the pieces, but they are too completely destroyed to be picked up, and the effort is almost painful to read. I wonder why she even bothered with the second edition. It's not a book worth salvaging in 2001, and it's hardly worth reading, except as a sad but amusing look back at the strange ideas of the past.



5. A very good choice for anyone interested in social or/and city matters. Saskia Sassen's (University of Chicago and London School of Economics) books are translated in 16 langueges and her comments have appeared in The Guardian, The New York Times, Le Monde Diplomatique and the Financial Times among others. She claims that cities have re-emerged as stategic places for a wide range of projects and dynamics.

5 comments about The Sushi Economy: Globalization and the Making of a Modern Delicacy.

1. A fascinating look at what is often perceived as a sign of material sophistication - sushi as refined taste over volume - even if such claims are unfounded. Implicitly equating sushi to a cultural artifact of Japan, I found it interesting to see the evolution, and the trading and supports networks around the world which have formed to support the industry. In reality, sushi is an artifact of our globalized economy: fish and tuna trade networks, the preparation, the ingredients. There is an enormous amount of complexity in the simple meal we have all come to enjoy - great book.



2. MY RATING SYSTEM:
   
   * - if you have to chose between torture and reading this book, then you might want to consider reading the book - although it depends on just how severe the torture would be.
   
   ** - if you've lost your job and have quite a bit of free time on your hands, and don't have anything else better to do, then you might want to consider reading this book; don't expect to learn much or really be entertained. It will however, help you pass the time until your death.
   
   *** - meh...I'm indifferent. Reading this book will not alter your life in any significant way, yet it is not so horrendously dreadful that your taking the time to read it will be a complete waste of time.
   
   **** - Good book to great book zone here. You should probably read this book if you have some spare time. This book could be interesting, entertaining, or informative.
   
   ***** - Outstanding book! Make time to read this book - you'll learn or be entertained or intrigued. The book might even be good enough to provide original or helpful insights into the world that we live in.
   
   REVIEW:
   
   The Sushi Economy provides readers with a broad, yet at times seemingly disparate account of the evolution and current state of the sushi industry, with a particular emphasis on the journey through time and space of the bluefin tuna.
   
   Issenberg's focus throughout the book is on the dynamic nature of the sushi industry, and the role of global economic markets in facilitating the increase in popularity of the cuisine. The author takes the story from the first attempts to ship bluefin from Atlantic Canada to the Japanese fish market, and brings it back to the time when tuna - especially the fatty cuts of meat from the belly area, now known as toro - was far from a desirable food, instead serving as food for cats. From this point in time, the story progresses over the first few chapters through the development of the leading Japanese fish market, techniques for evaluating and valuing bluefin tuna at the markets, to the process of the auctions that facilitate the sale of the fish.
   
   Issenberg provides much detail into the lives of the individuals that he profiles as he tells the stories of the key wholesalers, the buyers, and the other key players in the global tuna trade. At time his descriptions can seem a bit excessive, but they do add much 'colour' if that is what one is looking for in the book. After taking the reader through the evolution of the Japanese fish market and tuna trade, through the remaining chapters of the book, Issenberg covers a number of different stories that demonstrate the global impact sushi - from covering the evolution of sushi in the United States in California, to profiling the rise of celebrity sushi chefs such as Nobu Matsuhisa, to following the investigations of a Spaniard dedicated to tracking the illegal trade in tuna.
   
   The book's 'global market' theme permeates throughout, and Issenberg clearly communicates to the sushi aficionado the dependency of the delicacy on globalisation. Issenberg paints the sushi consumer as the ultimate beneficiary of a globalized economy that facilitates the complex logistics required in order to transport a bluefin across the world and back, through numerous hands - often handling the fish with the inherited knowledge of past generations - and finally to the tastebuds of the customer.
   
   In summary, while I found the book interesting and enjoyed the discussions of the fish markets, how sushi developed and how a fish is caught, transported, valued, bought and sold, and converted into a bite-size morsel - I felt that some of the later chapters of the book that included profiles of apparently prominent individuals in the global sushi economy tended to drag a bit, and generally did not offer the same value to me as a reader as those earlier chapters in the book.



3. Oh how little we know about the strange trip and wild economics that dot the world when we talk about sushi.
   
   The different aspects of tradition and apprenticeship that makes a sushi chef. The dilemma of how to send fish thousands of miles away without it going bad. The biographies of famous sushi chefs and their humble beginnings. A lot can be learned from this book, if you want to be entertained about the food that so many people eat but would never truly know.



4. Received this book in the mail very fast and in great condition...Not much else to say; definitely happy with the transaction...



5. Fascinating but slightly disorganized, account of America's favorite luxury cuisine. Issenberg delves into the soul of the sushi business with mostly hits, some misses and, of course, occasional hyperbole.
   
   You should read this book if for no other reason than to truly understand the nature of this perishable trade and why the tuna at your local sushi bar is probably a steal given how much human effort and efficiency is required to make this business viable.
   
   Nah. You should read it so you can impress your dates with fun little factoids and get laid. Just make sure you don't have sushi-breath.

No comments about Creative Capitalism: A Conversation with Bill Gates, Warren Buffett, and Other Economic Leaders.

5 comments about Trading in the Global Currency Markets Second Edition.

1. Luca has written what is essentially a text book for the foreign exchange market. That is good in that he provides a survey of the market, its history, how it works, etc. If you want to learn about the market, this book contains the information you desire. It reads like a textbook, though. If you want something to help you actually trade the market, look elsewhere.



2. This book turned out to be quite different from what I was expecting. By the cover, I thought it would be about finding a brokerage account, and then getting set up to trade away. To my surprise it was more of an educational textbook than a "do it yourself" guide for individual investors.
   
   However, this book contains a lot of interesting information about foreign exchange and how it works. It discusses the history of foreign exchange, factors that influence it, terminologies used by traders, and the different means that currency is traded. The primary focus is the multimillion-dollar trades put forth by large firms. It serves as a good reference and a good supplement to other readings about finance/economics in general. Since it covers a wide range of topics and somewhat glosses over them quickly, I suggest reinforcing with other more specific books on economics.
   
   The good points are that it contains much useful information for educating yourself in the foreign exchange area. The downside is that it is not a practical guide for people interested in getting their dollars converted to Euros by this evening.



3. The structure is good, topics are comprehensive, style is concise.
   
   The problems,
   
   The book seems did not proof read carefully. There are many typos, very confusing.
   
   Especially in the second part, which is about technical analysis, it does not explain details when they are needed. And it lacks proper explanations for figures. Some figures do not match patterns he described.
   
   This guy, Luca, seems to be famous. He is maybe good at trading himself and he is able to write a good book, but he just did not put himself into it.



4. The book contains a lot of undigested info on trading in currency markets, failing to explain much of the things it illustrates.



5. great book that does not leave anything out! i use it more as a reference than a read, though..it's looong!

4 comments about Interest and Prices: Foundations of a Theory of Monetary Policy.

1. This book is written by one of the giants in modern macroeconomics. Although a little bit lengthy, the book contains nearly all the recent advance in monetary economics, especially in the interest rate rules and optimal monetary policy. Of course, you should be familiar with log linearization and simple matrix algebra in order to access the mathematics of the book. Woodford¡¦s Interest and prices and Walsh¡¦s Monetary Theory and Policy (2nd edition) would definitely become the required text for every graduate course in monetary economics around the world.



2. For sure this will become a masterpiece in modern monetary policy. It is very well detailed, and discusses what is really important in the field.

   It is already a reference book, and must be read by practitioners, students and academicians interested in the subject.

   However the book has the following caveats:

   - It is too verbose. That means that you might have the same deepness with less words. As a consequence the reader often gets tired, bored and misses the main point;
   - It does not talk about conventional monetary policy as you could find in Walsh's "Monetary Theory and Policy";
   - Trying to make the exposition easier, the models are presented in separeted too far apart pieces. This makes it difficult to fully grasp the details at once.

   In view of this, I must say that Walsh's book might become a necessary complements to Woodford's. Notice that the styles and goals of both books are different. Therefore, buying one or another depends on your intentions.

   In additon I'd say that Woodford's overall strategy is right in terms of the sequence of subjects treated. However, shorter and more numerous chapters might improve the exposition tactics.




3. I have been spending the last four months concentrating on Woodford's model of a cashless economy, which Woodford presents in Chapter 2, and which provides the foundation for the rest of the book. I believe his model to be incomplete, relying on a rational expectations precedent of assuming bounded solutions when solving expectational difference equations. A colleague and I have written a paper that shows that this precedent is flawed and we then propose more rigorous procedures. When we apply those revised procedures to Woodford's model of a cashless economy, we find his model is incomplete.

   Furthormore, I am writting a second paper that shows that the central bank in Woodford's model is unable to affect the nominal interest rate paid on loans by other entities. If the central bank cannot affect this interest rate, then it cannot affect prices even if Woodford's model was complete.

   These are just challenges to Woodford's model which need to withstand the test of refereed journals. However, the potential reader of this book needs to be aware that there are some academics who are challenging the validity of his model. For more details, search for "Woodford cashless economy" with a search engine and you should be able to find my web page that discusses this (...) David Eagle, Associate Professor of Finance
   Eastern Washington University
   (...)




4. It's a most compehensive and thought-provoking treatise on modern monetary economics, an excellent follow-up to Carl Walsh's Monetary Theory and Policy. I think this reviewer who gives the book 2 stars just on account of one technical error that he claims to have discovered is being extremely myopic. The book is not about solutions to stochastic difference equations and neither does the author claim to be an expert at stochastic difference equations. The book handles what it is meant to handle admirably well, i.e. MONETARY ECONOMICS

5 comments about Auction Theory.

1. This is a fabulous book for quickly uploading the central insights of the vast literature on the economics of auction design. Results are stated precisely and proven, often with an eye for developing intuition and an understanding of technique. The book can be read from cover to cover or dipped into as required. I find it an extremely useful aid to research.
   Highly recommended.



2. A balance between rigor and intuition. The book contains complete and clear proofs of almost all propositions and many- many fully-worked examples to reinforce intuition. The "chapter notes" provide with plenty further reading and the seven appendices at the end of the book cover lots of essential background. For those who are interested in auction theory and seek a rigorous treatment that at the same time is not intimidating, I highly recommend this book. After all, as Vijay Krishna states in the preface, "...the book is intended to be a conversation between the author and the reader".



3. This is the best auction _theory_ book.
   Any PhD student in economics or coorporate finance
   should read it. Notice that if you are ONLY interested in
   real-life auctions and not on the game theory behind
   auction theory this book is not for you.



4. The scan quality is very poor, and the images are not readable. Yet Amazon charged me $13.



5. This is a very good book on the topic, but we need a "Dummies" version. Auctions are becoming a part of everyday life -- been on EBay lately? Played the stock market? I wish Dr. Krishna had a version of this material without the rigorous math that I could in an undergrad course.