A new book, attempting explain recent massive economic failures has occupied my reading time for the last several weeks.
“Alchemists of Loss” by Kevin Dowd and Martin Hutchinson--is a wide ranging work that makes the point that the wave of recent financial crisis had been swelling years before they broke.
What impresses me about Alchemists is its fine detail and organization.
Dowd and Hutchinson rip the jugular of Keynesian economics, and offer some interesting suggestions on how our economy can avoid repeating the same making the point that government intervention played a pivotal role in the crash of the the US and British economic systems.
While I somewhat agree with the author’s anti-Keynesian premise; I do believe there is a place for government regulation when it serves the greater public good and helps to bolster public confidence in our economic system..
What sets Alchemist’s apart from other anti-Keynesian arguments is the book’s organization. It’s extremely logical and each of its six sections can stand alone.
As an active Varsity cheerleader in the DotCom era, I found the fourth and fifth parts of this book thought provoking. “Alchemists of Loss is a thought provoking end to my summer list. I recommend it highly. But, I’m still waiting for an author to document Silicon Valley in the late 20th Century.—Jim Forbes on 08/16/2010.
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