Detailed Summary Highlights Economics is a vital source of ideas for understanding how the world works. Although the greatest teachers of economics have always stressed this, economics as it is currently taught often deemphasizes the study of real-world problems and dwells too much on nonessentials. Economics teachers would find greater success i. If one mark of a giant of economics is that his works continue to serve as sources of insight and debate for later generations, then Smith is surely among the tallest giants in the field.
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It is vintage Boettke: engaging, witty, and chock full of insight. This book should be put in the hands of every first-year student of economics, if only to show them what they are missing! Boettke concentrates on the primary purpose of economics, which is to convey an understanding of how, within properly designed institutional constraints, operative markets generate and distribute value without overt conflict.
But the true distinction of this volume consists in more than the profound economic understanding, and wealth of deeply perceptive doctrinal-history observations that fill its pages. No reader will fail to benefit from his broad and deep insights.
Teachers will derive inspiration from his essays and policy officials will likely gain a little humility regarding their ability to improve upon undesigned economic processes. This book is essential reading, especially in a time when the tradition of sound economics Boettke focuses on is under increasing threat by old fallacies and new politicians.
The passion for ideas and economic theory that permeates these pages is exactly the inspiration one gets from a great teacher. Peter Boettke is indeed that. Horwitz St. We are in a presidential election year, with most political spokespersons relying on embarrassingly superficial and bastardized economic diagnosis and rabble-rousing prescription.
And the bulk of professional economists persist in putting precious and arid formalism over substantive content. It is high time—but Professor Boettke thinks that it is not too late—to join the impressive and long-persisting caravan of scholars promoting feel for, sense of, and interest in the contribution which genuine economics can contribute to a free and increasingly prosperous society. The book is well suited for anyone with an interest in economics and finance and should be a required supplemental text for principles of economics courses, as well as courses on the history of economic thought.
I enjoyed every page! It makes me optimistic for the return of real economics. This volume shows us how the mainline of economic teaching from Smith through Hayek to contemporary thinkers such as Buchanan and Ostrom have analyzed the core features of economic cooperation while recognizing the cognitive limits of economic and political actors, and indeed of economic analysis itself.
This book provides wonderful insight into how this future has been brought about. But be careful as you read. You will find yourself cheering for more. This highly unusual book does both at once and very successfully. Interpreting and contrasting major contributions to economics in clear prose, it also identifies the policy implications of key economic insights. One cannot close this book without a renewed appreciation of the core insights of economics that run from Adam Smith to F.
Hayek to James Buchanan and others. The economic way of thinking, properly understood, studies real people. And Boettke clearly shows that our everyday lives are at stake if the lessons of economics continue to be misunderstood by pundits, politicians and the bulk of a misguided economics profession.
Professor Peter Boettke shows us what he learned from some of the great figures in economics and what, from their work, he has been able to distill and elaborate as his own teaching message. His sympathy toward free-market ideas and the Austrian school of economics comes through clearly, and much of the book is devoted to discussing the ideas and work of major scholars who have influenced him.
The book is delightful to read, and will appeal to both students and teachers of economics. Boettke and Leeson have performed a valuable service in the history of economic thought, by providing a collection that will benefit both expert and novice. Editors Peter Boettke and Peter Leeson have usefully brought together a wide-ranging collection of papers — including some surprising choices — to exemplify fruitful research along Misesian lines.
White George Mason University.
Peter J Boettke