economist

The book is divided into four parts. The first, "The Economist and His Dismal Task," presents some of Hayek's views on the the nature of the study of economics and in the social sciences generally. The second, "The Origins of Political Economy in Britain," presents essays on Francis Bacon, Dr. Bernard Mandeville, David Hume (who Hayek greatly admired), and Adam Smith. The third section, "English Monetary Policy and the Bullion Debate," consists of four previously unpublished chapters of a book Hayek started to write but never completed, plus essays on Richard Cantillon and Henry Thornton. The last section of the book, "Currents of Thought in the Ninteenth Century," comprises three short essays on Frederic Bastiat, Jules Dupuit, and Hermann Gossen, respectively.

This book does not cover the Austrian School (that comes in Volume 4 of the Collected Works), but it is a must read for any student who wants to study the great classical writers in political economy or F.A. Hayek's views of them.

It starts off by running through some important basics- set theory, Venn diagrams, proofs. It then works up to calculus and optimization. It could use some more game theory, and should ditch the section on ISLM. The main strength of this book is that, unlike other math econ texts, one can read and understand it without prior knowledge of advanced mathmatics.

Of course, nobody really needs to learn all, or even most of, the math in this book. To get credentails as an economist, students must jump through many a mathematical hoop. This book helps students through this better than any of the alternatives. It has a reasonable paperback price too. Do not expect to have much fun reading 'Mathematical Methods'. Just bear in mind that there are far worse books to use in studying math econ.

However, the book shines in connecting Smith's life experiences to their effect on his thinking and writing. Extensive use is made of Smith's correspondence to flesh out ideas presented in his published works. The author is clearly more comfortable with the pedigree of thought behind "The Theory of Moral Sentiment" rather than "The Wealth of Nations", but Smith's ecomonics are still given thorough treatment. The disconnect between Smith's free trade theories and his work as a Commissioner of Customs is explored to the full.

A quick read and a delightful look into the Scottish Enlightenment.

Galbraith himself, aside from being a Professor Emeritus of economics at Harvard, has a great deal of familiarity with the country's political landscape, having been, among other things, a former US Ambassador to India. His familiarity with Washington politics in both parties comes through with striking clarity. At times he need only to refer to a Senator or Congressman obliquely for me to know exactly who he speaks of. Economically, as well, the book sparkles with a cynicism and perpetual questioning of whether or not economic interests control political ones. Even his academic knowledge is impressive - it's obviously that he is both very fond and somewhat sardonic of Harvard at the same time - but it is not so much a book about academics as it is about the direction of our country.

If it struggles anywhere, this book struggles with it's own style. Galbraith is obviously highly intelligent and an accomplished economist. He is not, however, first a novelist. This becomes apparent when he has to push the plot along from time to time in with forced dialogue or grope for it within his satirical meanderings. However, he has enough experience with the novel as a form that it never grinds to a halt.

In spite of it's form - or maybe because of it, this book does have an important comment to make about the interplay between politics and economics in the United States today. He does so so effectively, in fact, that you worry where satire leaves off and cynical reality begins. I found myself reading this book hoping for the former and worrying over the latter. I would recommend anyone with an interest in modern history or the process of government-running to read this and judge for themselves.

A Tenured Professor is a great read for those of us who find the financial markets fascinating.

The plot weaves events and interactions of a professor who discovers a formula for predicting and profiting from others' irrational investment behavior. Using a host of funny and realistic characters, Galbraith shows how economic insight can cause some humorous personal problems.

And the insight for us trader wannabe's? Can't tell -- it would spoil the story!

His applications of reason and economic logic to real-world issues will probably irritate most 'modern' anti-capitalists, amuse and entertain strong minded capitalists, and invoke some serious consideration and premise checking in those who straddle the fence.

What I liked about the book, however, was that it just wasn't a
hatchet job . . . Bryon does an excellent job of digging into
why and how Stewart became such a success . . . whether
you're a fan or detractor, you will certainly find the material
extremely readable.

In addition, you'll get one of the best primers I have ever
encountered on the art of self-promotion!

There were several memorable sections; among them:
Twenty years later, this was translated by Martha into the
expectation that Turkey Hill visitors and weekend houseguests would lend a hand with the innumerable projects that were always underway. Such a guest arrived one afternoon and was directed by Martha to weed a flower bed. "Are you serious?" asked the visitor incredulously and promptly got in her car and left, never to return.

It was brilliant; in fact, it was a stroke of genius. And from the moment he realized what she had in mind, that is exactly how he began thinking of her as well--as Martha Stewart the genius. It was so simple and so obvious . . . and so smart. She intended to syndicate a half-hour commercial disguised as an actual program, and she was going to cut its cost of production by sticking commercials from her own advertisers right in the show. It was awesome! A commercial inside and infomercial. It was even better than that, for the infomercial would be promoting Martha . . . who would be cross-promoting the
magazine . . . that would be carrying the ads . . . of the companies that would be advertising on the show! An arrangement like that could spiral right into outer space.

He turned to Martha. "I'm not sure I can sell this," he said. "I mean, maybe we can sell it, but I'm not sure we'll get renewals." A sense of desperation was creeping into his words as he said, "Martha, I mean look, the people in the cities where we have to sell this show are in urban environments. They're working-class people. These people don't even have gardens." Martha looked back at him. Her voice was even and cool, conveying the total confidence in her words as
she said, "Yes, but they want them."

The book itself is a decent enough review of Alan Greenspan's economic career, from its inception at Townsend-Greenspan & Co. until his illustrious tenure as chairman of the Fed. Complete with speeches Greenspan himself gave, along with commentary by Sicilia and Cruikshank, this book helps to explain the economic trends of the past decade and put into perspective the exact role that Greenspan played in those trends.

Honestly, the book itself became a little tired. The format of teh book rarely changes, and, as a high school student, I found myself scrying for ways to keep myself awake during the reading. Recommended if you really like economics or Alan Greenspan.

With the benefits of hindsight, analysis of Mr Greenspan's statements will always be easier. I feel that at the end of the day, the markets ultimately decides which way they would like to interpret his speech. The whole book is filled with quotes by Greenspan and commentaries by the authors on what these quotes actually mean. I feel however that the authors chose to emphasize on those quotes which actaully drove the market one way and downplay those that had less impact on the markets.

It's a veritable attempt by the authors here, but it was a real effort for me to finish the book.