Ebook The Clash of Economic Ideas, by Lawrence H. White
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The Clash of Economic Ideas, by Lawrence H. White
Ebook The Clash of Economic Ideas, by Lawrence H. White
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The Clash of Economic Ideas interweaves the economic history of the last hundred years with the history of economic doctrines to understand how contrasting economic ideas have originated and developed over time to take their present forms. It traces the connections running from historical events to debates among economists, and from the ideas of academic writers to major experiments in economic policy. The treatment offers fresh perspectives on laissez faire, socialism and fascism; the Roaring Twenties, business cycle theories and the Great Depression; Institutionalism and the New Deal; the Keynesian Revolution; and war, nationalization and central planning. After 1945, the work explores the postwar revival of invisible-hand ideas; economic development and growth, with special attention to contrasting policies and thought in Germany and India; the gold standard, the interwar gold-exchange standard, the postwar Bretton Woods system and the Great Inflation; public goods and public choice; free trade versus protectionism; and finally fiscal policy and public debt.
- Sales Rank: #713946 in eBooks
- Published on: 2012-03-22
- Released on: 2012-03-22
- Format: Kindle eBook
Review
"For all of White's evident Austrian commitment, he steadily tenders to his adversaries a Hayekian courtesy. He is widely read, and the book's references constitute a stimulating reading list. And he writes well: each chapter opens with an engaging incident that beckons the reader to read on."
Economic Record
About the Author
Lawrence H. White is Professor of Economics at George Mason University, Fairfax, Virginia. He previously taught at New York University, the University of Georgia and the University of Missouri, St Louis. Best known for his work on monetary thought and alternative monetary institutions, his books include Free Banking in Britain, 2nd edition (2009), The Theory of Monetary Institutions (1999) and Competition and Currency (1992) and he has edited six other volumes primarily in finance and financial history. His writing has appeared in The Wall Street Journal and in leading economics journals such as the American Economic Review and the Journal of Economic Literature. Professor White is featured in three online videos discussing the business cycle theory of F. A. Hayek, produced by econstories.tv in connection with their popular Keynes vs. Hayek rap video 'Fear the Boom and Bust'. He is co-editor of the online journal Econ Journal Watch and hosts the bimonthly Econ Journal Watch Audio podcasts. Professor White received the 2008 Distinguished Scholar Award of the Association for Private Enterprise Education. He holds a Ph.D. in economics from the University of California, Los Angeles.
Most helpful customer reviews
37 of 38 people found the following review helpful.
A tour de force
By George Hariton
It is amazing how much the author can pack into 400 pages, The writing is clear and entertaining, leavened by anecdotes and sketches of some very famous economists. Yet the author covers hotly debated issues in enough depth that the reader can understand what the opposing positions were, and why people held them. This is particularly important to a lay reader, as some positions may seem so weird that an uninformed reader may wonder why anyone could reasonably hold them. After White's explanations, they become plausible, even if not convincing to a twenty-first century reader.
To take just one example, Hayek long advocated privatization of money, i.e. government should get out of the business of printing (or minting) money and let competing private sector issuers do it. Sounds absurd, but White shows the logic in terms that can be understood by a lay reader, and that might be informative to a professional economist.
While White covers a great many issues, the common thread is the scope of government versus the scope of private enterprise and market forces. Thus at one extreme Oskar Lange claimed that, now that we had computers (written around 1950), bureaucrats could calculate a proper price for everything and there is no need for free markets to set prices (or for any other reason). At the other extreme, James Buchanan and Gordon Tullock argue that governments usually act to please special interests, including bureaucrats and certain producers, at the expense of the general taxpayer.
The centerpiece of the book, however, is the argument between Keynes and Hayek, as to whether government should massively intervene when the ec0onomy turns down, or whether market forces should be allowed to play out. This is a crucial debate today among both economists and policy-makers. White's account of Keynes and Hayek sheds welcome light on the issues. Indeed, one can compare this book with Nicholas Wapshott's account of the same clash. While Wapshott writes at greater length, and covers much more of the politics, White does a much better job of getting at the economic principles behind each position (and that are still in play today)..
33 of 35 people found the following review helpful.
A book just as relevant now as it was when the debates it discusses took place
By John R. Lott Jr.
A great book. The debate over ideas between Keynes and Hayek during the 1930s couldn't be more relevant to the current discussion on the recent recession and the right economic policy to get the economy going again. Pick up a copy of the New York Times and the arguments couldn't be more similar. But this isn't a dry book, you see the lively debates and the personalities behind them with lots of interesting personal facts sprinkled in. You learn not only the arguments that were made, but which ones the partisans in these battles regretted that they made and what they learned from their mistakes. White is one of the few people who could bring together such a broad range of sources together in such a readable way.
The book is much broader than the Great Depression covering everything from the debate over the proper role of government in the great Socialist Calculation debate to free trade to the debates behind what White entitles "The Growth of Government" (though this chapter was much too short).
I still have my criticisms. For example, I would have included a lot more economists in some of these debates, and I think that it is arbitrary who is given credit for making some arguments. For example, Donald Wittman's discussions about the efficiency of Democracies ignores the fact that Gary Becker had already made the central argument in 1976 in the JLE (of course, there were other less well known economists such as Earl Thompson who made a whole career making these arguments and published some of them in the JPE). And the book has a strong GMU bias in terms of which arguments it considers. And I disagree with some of the arguments.
But despite those minor quibbles, it is a strong book that is well worth the read.
19 of 21 people found the following review helpful.
Easy reading to get a background on key macroeconomic issues during the 20th century
By Jackal
The chapters highlight key historical events (eg Great Depression in the 30s, German strong growth in the 50/60s, stagflation in the 70s). Each chapter also introduces some economists and their ideas aimed at dealing with the problem at hand. While the book chapters are chronological, the economists and their ideas are only roughly chronological. Sometimes a chapter backtracks to introduce the ideas of older economists. The overall structure of the book works very well.
The economic explanations are not very complicated and you do not need any background in economics to understand the book (except probably when it comes to discussions about interest rates). This is both a strength (large potential audience) and a weakness (only scratches the surface). Actually, I think the book would be ideal for readers interested in social/intellectual history. A good overview is achieved by digesting this book. There are also loads of useful references to the seminal works in the history of economic thought. It is also not bad for people with economic training who what a historical perspective - and that really should include all macroeconomists. Then it will serve as a great first reader (and you can subsequently follow the numerous references to find the original sources).
Alternatives:
- This book compares favourable to Blaug's Economic Theory in Retrospect. Blaug's book is much more detailed when it comes to economic theory, but does not have the somewhat broader economic history focus. Blaug's book is originally written decades ago and some of the details are no longer that relevant. So while an economist (or economic historian) might prefer Blaug's book, an historian would prefer the current book. For the causal reading the choice is clearly the current book.
- The Evolution of Macroeconomic Theory and Policy also has chapters based on historical events, but its focus is on economic theory. Thus this is a very different book, which I rate at three stars.
- Competing Schools of Economic Thought, in contrast, has chapters focused on key historical economists, starting with Adam Smith. The focus is on these giants (similar to Blaug) and not much historical context is given. I have only skimmed this book, but it is neither great nor awful.
The writing style is rather informal, but somewhat uneven. In general, the text should have been edited more meticulously. Still, it is almost an entertaining reading. Unfortunately, the author/printer has messed up the section headings in the book; no distinction made between broad section headings and more narrow headings. So at times the headings turn out to be misleading. Irritating, but you get used to it.
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