Review: Debunking Economics - Revised and Expanded Edition: The Naked Emperor Dethroned?
Author: Steve Keen
Published Date: October 25, 2011
Link: http://debunkingeconomics.com/
As I mentioned in my review of The Myth of the Rational Market, I've never studied economics formally, so this book was simultaneously an introduction to, and debunking of modern economics all in one shot. Steve Keen sets out to explain the field to both economists and laymen without the use of equations, and he's successful in that to a moderate degree. Sometimes when reading a two page description of an economic model, I did find myself wishing he'd just include the relevant equation so the mathematically inclined reader could digest the information a little faster.
This was a terrific follow up to The Myth of the Rational Market since it tells a more in depth (and agenda-backed) story of a few of the big names introduced in Justin Fox's book. It also takes on most of the economics concepts with which the average non-economist is familiar. For example showing how the inverse relationship between supply and demand is far from a "law", demonstrating the faulty logical leaps from single-variable to multi-variable modeling (also referred to as aggregate supply and demand).
This book is full of challenging ideas and I'll probably have to read it and review it several more times throughout my life before I'm able to really summarize the ideas contained competently.
Friday, July 13, 2012
Tuesday, April 24, 2012
Book Reivew: The Myth of the Rational Market
The Myth of the Rational Market
Author: Justin Fox
Published Date: June 9, 2009
Link: http://www.byjustinfox.com/the-myth-of-the-rational-market.html
For how much the title sounds like political ideology, the book itself is actually the complete opposite. I thought this would be an economic version of Howard Zinn's People's History of the United States (which is much better than it's critics give it credit for), but in truth it's a dispassionate outline of the main characters of western economic thought over the last 100 years.
The one qualm that I've heard from many other reviewers was that the book is really is just an outline, only touching on the main characters and their ideas lightly. There is a lot of complicated material and people to cover and the book is only 400 pages long. If you find yourself tempted to use terms like "Keynesian", "business cycles" and "loss aversion" but suspect you might not actually have a grasp on what they mean, you may find the history of minds that defined these terms illuminating.
Personally, I found the outline structure provided a great base for learning more about the history of economic thought. I never took a single economics class in high school, college, or grad school (and it seems I may be better off for it!), so just learning that Irving Fisher lost his fortune in the Great Depression and Hyman Minsky developed his Instability Theory in the 60's, and Eugene Fama recanted his own Efficient Markets Hypothesis in 2004 helps me keep track of just how and when ideas have changed.
This book is intended for the lay reader and includes almost no math (which is an asset), it seems to me to be a terrific base upon which to build a foundation of historical economic knowledge.
Author: Justin Fox
Published Date: June 9, 2009
Link: http://www.byjustinfox.com/the-myth-of-the-rational-market.html
For how much the title sounds like political ideology, the book itself is actually the complete opposite. I thought this would be an economic version of Howard Zinn's People's History of the United States (which is much better than it's critics give it credit for), but in truth it's a dispassionate outline of the main characters of western economic thought over the last 100 years.
The one qualm that I've heard from many other reviewers was that the book is really is just an outline, only touching on the main characters and their ideas lightly. There is a lot of complicated material and people to cover and the book is only 400 pages long. If you find yourself tempted to use terms like "Keynesian", "business cycles" and "loss aversion" but suspect you might not actually have a grasp on what they mean, you may find the history of minds that defined these terms illuminating.
Personally, I found the outline structure provided a great base for learning more about the history of economic thought. I never took a single economics class in high school, college, or grad school (and it seems I may be better off for it!), so just learning that Irving Fisher lost his fortune in the Great Depression and Hyman Minsky developed his Instability Theory in the 60's, and Eugene Fama recanted his own Efficient Markets Hypothesis in 2004 helps me keep track of just how and when ideas have changed.
This book is intended for the lay reader and includes almost no math (which is an asset), it seems to me to be a terrific base upon which to build a foundation of historical economic knowledge.
Wednesday, April 11, 2012
Book Review: The Humanure Handbook
Book Review: The Humanure Handbook: A Guide to Composting Human Manure
Author: Joseph C. Jenkins
Published Date: Sep 6, 2005
Link: http://books.google.com/books?id=pIArAAAAYAAJ&num=10
"The world is divided into two categories of people: those who shit in their drinking water supplies and those who who don't. We in the western world are in the former class. We defecate into water, usually purified drinking water. After polluting the water with our excrement, we flush the polluted water "away," meaning we probably don't know where it goes. nor do we care."
So how does it feel to part of a society with the worst waste management skills since pre-history's nomadic tribes? It feels expensive. Americans spend a huge amount of resources piping clean water into porcelain portals in almost every residence polluting gallons of water per person, per day, and then trying to purify that water again (or discharging it into the sea). Even nomadic tribes could ostensibly be given marks above us since dropping trow wherever you happen to be standing is at least cheap.
If you are open to considering the alternatives to our current waste disposal system, the Humanure Handbook will make a very strong argument for going the composting route. There is a bit of technical science for the lay reader but it's couched in humor and pictures that should help anyone with interest understand how thermophilic composting works.
If you are considering alternative toilets but are scared of handling or smelling feces, then please read this book. The author has been composting humanure for over 20 years and gives you a lot of confidence and quite a bit of ammo to defend the composting toilet against detractors and your own self-doubts.
Author: Joseph C. Jenkins
Published Date: Sep 6, 2005
Link: http://books.google.com/books?id=pIArAAAAYAAJ&num=10
"The world is divided into two categories of people: those who shit in their drinking water supplies and those who who don't. We in the western world are in the former class. We defecate into water, usually purified drinking water. After polluting the water with our excrement, we flush the polluted water "away," meaning we probably don't know where it goes. nor do we care."
So how does it feel to part of a society with the worst waste management skills since pre-history's nomadic tribes? It feels expensive. Americans spend a huge amount of resources piping clean water into porcelain portals in almost every residence polluting gallons of water per person, per day, and then trying to purify that water again (or discharging it into the sea). Even nomadic tribes could ostensibly be given marks above us since dropping trow wherever you happen to be standing is at least cheap.
If you are open to considering the alternatives to our current waste disposal system, the Humanure Handbook will make a very strong argument for going the composting route. There is a bit of technical science for the lay reader but it's couched in humor and pictures that should help anyone with interest understand how thermophilic composting works.
If you are considering alternative toilets but are scared of handling or smelling feces, then please read this book. The author has been composting humanure for over 20 years and gives you a lot of confidence and quite a bit of ammo to defend the composting toilet against detractors and your own self-doubts.
Thursday, March 1, 2012
Book Review: Open: An Autobiography; by Andre Agassi
Book Review: Open: An Autobiography
Author: Andre Agassi
Published Date: November 9, 2009
Link: http://knopfdoubleday.com/agassi/
The compelling little secret that makes Open and interesting read is that Andre Agassi has always hated tennis. He seems to have the same conversation with every character who gets close to him. "I hate tennis", he eventually confesses. "Oh, haha, don't we all. . ." they reply. "No, I really hate it" he'll deadpan back. They mostly don't seem to understand. How can someone can be such a titan in a sport if they don't really love it deep down?
Oddly, I found myself repeating this conversation as Andre's proxy almost every time I recommended the book. The experience gives a measure of sympathy and gravity to his situation.
To those wondering, no, Mr. Agassi did not write this book all on his own. He thanks lauds and was denied permission to credit on the cover, a one J.R. Moehringer, whose own autobiography (The Tender Bar) was inspirational the tennis star.
I am not an tennis fan, and the book doesn't really give you any great understanding of tennis except that there is a lot of stress put on your knees and back. It is fairly captivating to hear the story of a high school drop out from Las Vegas being courted by celebrities and struggling with fame.
It's a quick and enjoyable read.
Author: Andre Agassi
Published Date: November 9, 2009
Link: http://knopfdoubleday.com/agassi/
The compelling little secret that makes Open and interesting read is that Andre Agassi has always hated tennis. He seems to have the same conversation with every character who gets close to him. "I hate tennis", he eventually confesses. "Oh, haha, don't we all. . ." they reply. "No, I really hate it" he'll deadpan back. They mostly don't seem to understand. How can someone can be such a titan in a sport if they don't really love it deep down?
Oddly, I found myself repeating this conversation as Andre's proxy almost every time I recommended the book. The experience gives a measure of sympathy and gravity to his situation.
To those wondering, no, Mr. Agassi did not write this book all on his own. He thanks lauds and was denied permission to credit on the cover, a one J.R. Moehringer, whose own autobiography (The Tender Bar) was inspirational the tennis star.
I am not an tennis fan, and the book doesn't really give you any great understanding of tennis except that there is a lot of stress put on your knees and back. It is fairly captivating to hear the story of a high school drop out from Las Vegas being courted by celebrities and struggling with fame.
It's a quick and enjoyable read.
Monday, February 13, 2012
Book Review: In Defense of Food by Michael Polland
Review: In Defense of Food
Author: Michael Pollan
Published Date: 2008
"Eat food. Not too much. Mostly plants."
If you've read anything about Mr. Pollan's musings on food you've heard this phrase; it is the thesis of In Defense of Food. The introduction explains that this book was written in response to the number of people who read his earlier book about the food industry, The Omnivore's Dilemma, and requested some actual diet advice.
The book is still filled with interesting anecdotes about specific foods (skim milk for example; what exactly do you think needs to maintain the appearance of milk after you remove the fat?), but it strives to give you a more general philosophy to follow when shopping, cooking or foraging. The best way to gain that philosophy is to understand the (mostly recent) history of food, especially through food science and "nutritionism".
Pollan surveys the history quickly, and explains why your own gut is probably a better source of food intel than any diet book or government program. I definitely started eating better after reading this book.
Author: Michael Pollan
Published Date: 2008
"Eat food. Not too much. Mostly plants."
If you've read anything about Mr. Pollan's musings on food you've heard this phrase; it is the thesis of In Defense of Food. The introduction explains that this book was written in response to the number of people who read his earlier book about the food industry, The Omnivore's Dilemma, and requested some actual diet advice.
The book is still filled with interesting anecdotes about specific foods (skim milk for example; what exactly do you think needs to maintain the appearance of milk after you remove the fat?), but it strives to give you a more general philosophy to follow when shopping, cooking or foraging. The best way to gain that philosophy is to understand the (mostly recent) history of food, especially through food science and "nutritionism".
Pollan surveys the history quickly, and explains why your own gut is probably a better source of food intel than any diet book or government program. I definitely started eating better after reading this book.
Wednesday, December 7, 2011
Book Review: The End of Growth
Review: The End of Growth
Author: Richard Heinberg
Published Date: Sept. 2011
Infinite growth is an infrequently employed practice over the long term: cancer, black holes, and 21st century economists are the only subscribers that come to my mind. The End of Growth addresses the economists specifically not by locking horns and declaring their models inaccurate, but by simply walking through the consequences should our society continue to follow their proscriptions.
The central insight is that the temporary bout of exponential growth humanity has been experiencing for the last 100 years has been made possible by cheap, hydrocarbon based energy. Because of limited resources, and the environmental impact we've created so far, this growth cannot continue. We are already reaching the point where less coal and oil of lesser quality is available at a increasingly high cost of extraction. It is further stipulates that our debt based economy has vaulted off the tail end of the energy boom in an attempt to continue simulating infinite growth. We are now at the unhappy nexus of "peak debt" as well as peak oil, peak water, peak rare earth metals, etc. This doesn't make for a gloomy read though; the book is filled with ideas and examples on how humanity can transition to a steady state economy and culture.
I agree with The End of Growth in that technology and innovation will not be able to save us from the pain inherent in the transition to steady state. My response to the Rational Optimists is that there is diminishing returns and higher costs for every subsequent technology advance. When the work of a whole office floor's worth of accountants could be done by one PC in the same time, the cost of accounting departments shrank greatly. What is the next step? Were the efficiency gains as great? Since the cost will never be zero, and each processor innovation will cost more, there does exist a point where innovation and technology just can't make much more of a difference.
The End of Growth is a well cited book full of data and further readings. His neutral tone achieves the commendable ideal of learning objectively from any source, regardless of that sources popular associations on the political spectrum. I'd recommend this book to anyone and everyone.
Author: Richard Heinberg
Published Date: Sept. 2011
Infinite growth is an infrequently employed practice over the long term: cancer, black holes, and 21st century economists are the only subscribers that come to my mind. The End of Growth addresses the economists specifically not by locking horns and declaring their models inaccurate, but by simply walking through the consequences should our society continue to follow their proscriptions.
The central insight is that the temporary bout of exponential growth humanity has been experiencing for the last 100 years has been made possible by cheap, hydrocarbon based energy. Because of limited resources, and the environmental impact we've created so far, this growth cannot continue. We are already reaching the point where less coal and oil of lesser quality is available at a increasingly high cost of extraction. It is further stipulates that our debt based economy has vaulted off the tail end of the energy boom in an attempt to continue simulating infinite growth. We are now at the unhappy nexus of "peak debt" as well as peak oil, peak water, peak rare earth metals, etc. This doesn't make for a gloomy read though; the book is filled with ideas and examples on how humanity can transition to a steady state economy and culture.
I agree with The End of Growth in that technology and innovation will not be able to save us from the pain inherent in the transition to steady state. My response to the Rational Optimists is that there is diminishing returns and higher costs for every subsequent technology advance. When the work of a whole office floor's worth of accountants could be done by one PC in the same time, the cost of accounting departments shrank greatly. What is the next step? Were the efficiency gains as great? Since the cost will never be zero, and each processor innovation will cost more, there does exist a point where innovation and technology just can't make much more of a difference.
The End of Growth is a well cited book full of data and further readings. His neutral tone achieves the commendable ideal of learning objectively from any source, regardless of that sources popular associations on the political spectrum. I'd recommend this book to anyone and everyone.
Wednesday, November 30, 2011
Blog Post Review: Regulation Is Not Fungible
Blog Post : Regulation Is Not Fungible
Author: Rhymes with Cars and Girls
Published Date: November 20, 2011
Link: http://rwcg.wordpress.com/2011/11/20/regulation-is-not-fungible/
Finding articles like this is why I rarely find the conviction to post original material myself. Someone, somewhere has already said it, and said it better. I'm not familiar with this particular blog or it's authors so I can't vouch for any of the other posts or the opinions they may espouse elsewhere, but this particular entry put into words something I've tried to express in conversations about government a long time.
Have you ever found yourself discussing the financial crisis (or any topic intersecting government and commerce) with someone who seems to be possessed by the idea that we just need "less regulation" and that government only interferes with the free market? Have you ever heard someone say that the antecedent event to any market wobble is invariable a "deregulating" of this or that sector? As long as this person isn't your boss, wife, you might consider sending them this profanity laden post that more or less sticks to the facts about discussing regulations in a general sense. Namely, regulations are not fungible.
The belief that "no one ‘regulation’ is really distinguishable from any other", the author contents, really just means "we’re all just too lazy to speak/think about any single regulation in particular, we think that’s fine and it shouldn’t prevent us from spewing our uninformed lazy opinions". In most cases I have to agree.
Author: Rhymes with Cars and Girls
Published Date: November 20, 2011
Link: http://rwcg.wordpress.com/2011/11/20/regulation-is-not-fungible/
Finding articles like this is why I rarely find the conviction to post original material myself. Someone, somewhere has already said it, and said it better. I'm not familiar with this particular blog or it's authors so I can't vouch for any of the other posts or the opinions they may espouse elsewhere, but this particular entry put into words something I've tried to express in conversations about government a long time.
"I’m sure I could be convinced that there need to be some different or other regulations, but ‘more’ is not a synonym for this, and in any event you still need to individually defend any given regulation on its merits to be making an actual point."
Have you ever found yourself discussing the financial crisis (or any topic intersecting government and commerce) with someone who seems to be possessed by the idea that we just need "less regulation" and that government only interferes with the free market? Have you ever heard someone say that the antecedent event to any market wobble is invariable a "deregulating" of this or that sector? As long as this person isn't your boss, wife, you might consider sending them this profanity laden post that more or less sticks to the facts about discussing regulations in a general sense. Namely, regulations are not fungible.
The belief that "no one ‘regulation’ is really distinguishable from any other", the author contents, really just means "we’re all just too lazy to speak/think about any single regulation in particular, we think that’s fine and it shouldn’t prevent us from spewing our uninformed lazy opinions". In most cases I have to agree.
Subscribe to:
Posts (Atom)