Economic Principles: The Masters and Mavericks of Modern Economics (Google eBook)

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Simon and Schuster, Jun 15, 2010 - Business & Economics - 525 pages
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For nearly ten years, readers of the Sunday Boston Globe and newspapers around America have delighted in David Warsh's column, "Economic Principals." This collection shows why. Taken as a whole, Warsh's writings amount to a vast and colorful group portrait of the personalities who dominate modem economics -- from the luminaries to unknown soldiers to eccentrics who add sparkle to the tapestry.

Partly a history of controversies in economics, partly an essay on the evolution of the field, Economic Principals offers a glimpse of one of the most important stories of our time: the metamorphosis of a priestly class of moral philosophers into the mathematical mandarins of today, whose ideas are reshaping society even as they reveal its workings in ever more subtle detail.

Warsh first recounts the rise of the economic paradigm, deftly treating the rediscovery of Adam Smith and the centrality of markets. He then turns to the generation of economists for whom the Nobel Prize was created in 1969, the men who forged the modern field in a few years during and after World War II. Some, like Paul Samuelson and Milton Friedman, are well known to the public; others, like Trygvie Haavelmo and George Dantzig, are less quickly recognized. But all have interesting stories which Warsh brings to light.

Tracing the high tech revolution to the current generation, he sketches younger scholars such as Jeffrey Sachs, Martin Feldstein, and others less popularly known, who rule the field today. Marking the most powerful applications of modern economics, Warsh explains how the ingenious "rocket scientists" of Wall Street are creating new markets and the business school wizards and leading corporate executives are reinventing the organization.

Finally, in exploring the implications of modern economics, Warsh introduces us to scholars operating on the boundaries of the field, from Jane Jacobs to Noam Chomsky, and to the critics, like Donald McCloskey and Robert Reich, who have brought a bit of moral philosophy back into the economist's brave new world.

At every step, Warsh maps the field with the journalist's eye for detail. Readers will see why he is considered one of the most consistently stimulating economic journalists in America today.
  

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Contents

Right?
13
The Philosopher of the Business Class
20
For the Provisioning
27
Smelly Cheese for Roquefort
33
On Teching It Up
42
Shortterm Sacrifices and Longterm Gains
48
Scientists See Vast Changes
55
The Original Lorie Tarshis
61
Reports of the Death of theMiddle Class
269
The Winners Curse Richard Thaler
276
The Third Coast freshwater economics
281
Clintons Advisers
288
After the Crash financial engineering
295
The Money Launderers Stay aStep Ahead Ingo
302
Where Ignorant Armies Trade byNight Stewart
308
Buy This Junk Bond Dont Break the Chain
316

Enfant TerribleEmeritus Paul Samuelson
71
Milton Friedmans Surprising Secret
77
First Jeff Now Mutt George Stigler
83
The Architect of the LifeCycle
90
Regulating Government Gordon Tullock
97
For What He Did in the War Maurice
103
The Long Patrol Ronald Coase
110
WhyYou Never Heard of George Dantzig
116
Why Galbraith Wont Receive the Nobel Prize
123
How the PC Did in the Big Forecasters Otto
129
A Theory of Everything? Gary Becker
136
The Hidden History of the National Bureau
143
An Economy Without a Middle? Robert Averitt
151
Hepburn Retires and IsNot Replaced asTracy
157
How Waltham Lost Its Watch Trade David
165
In Which Japan like Greenland Shrinks
173
The New New Economics Paul Krugman
183
The Nobleman Who Stooped to Trade Franklin
189
An Old Idea
197
How the Bra Was Invented and Other Useful
203
The Case for ProfitSharing Martin Weitzman
209
The New Classical Schools First Textbook
217
A Primer for Democrats Seeking Policy
220
Yes Virginia There Is a Truth About Taxes
226
Which Model for Eastern Europe? David
234
How to Stop CreamSkimming in Health Care
242
Is a Class War in the Offing? Lawrence Katz
251
Big Bang vs Evolution Peter Murrell
257
Political Economy of the First Amendment
263
Building a New Zoo Albert Wojnilower
322
How the Financial Markets Went HighTech
330
Das Appropriation Problem Philip Mirowski
337
The Woody Guthrie ofEconomics Seymour
343
TrustBuster in the Idea Business Donald
349
TooMuch Leverage
352
Medicine for Hurry Sickness Michael Young
360
On the Issue of the Whole and Its Parts
368
In Which John Kenneth Galbraith Goes Soft
375
A Voice from the Economic Left Michael Piore
381
Is There Life Before Death? Staffan Linder
389
Much More than Just a Common Scold Jane
395
A Noble Story of Technological Change
401
Democracy to Bureaucracy? John
408
The Conference Room as theSymbol of
414
Lessons from the Game ofLife Peter Albin
416
Frank Talk About Class from Granola
423
The Odyssey of George Lodge
429
Somebodys Got to Take theResponsibility
435
A Philadelphia Story Thomas Hughes
442
Astronomers Ragpickersand J Maynard
448
Allison
454
The Reflective Practitioners Donald Schoen
465
Why Oxford and Cambridge Want BSchools
474
Preachy Inventors Inventive Preachers
480
In Praise of a New Hero Jack Bennett
486
The Second Draft of History John Naishitt
499
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About the author (2010)

David Warsh covers economics for the Boston Globe.

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