Unlikely to sway those for whom the idea of economic inequality is anathema, but a set of arguments worth considering.
Tax the rich? Even out the playing field? Bad idea, writes a famously contrarian financier.
It stands to reason that someone affiliated with the American Enterprise Institute would be inclined to mount a stout defense of the 1 percent, and Conard (Unintended Consequences: Why Everything You’ve Been Told About the Economy Is Wrong, 2012) does not disappoint. Add to this his one-time role at Bain Capital, which he co-founded with Mitt Romney, and the package would seem to be complete. However, the author’s argument, calmly presented, has merits: it is true that, in general, the rich pay more taxes than they consume in government services and that a diverse knowledge economy offers more opportunities for wealth than a low-skilled one—and almost by definition produces inequalities. From these premises, Conard’s policy recommendations do not necessarily follow, and some of them are politically toxic, such as the thought that giving the middle class a tax break is ill-advised. “Successful risk-taking that produces innovation and gradually builds institutional capabilities accelerates growth,” he writes. “A middle-class tax cut will have no such effect.” Some of the author’s suggestions, if impractical, are intriguing—e.g., why not have the rich shoulder the burden of defense spending, since they’re the ones who have the most to defend? The weakest sections of the book are the most formulaic, such as the tired mantra that students should not be rewarded for studying English but should instead be induced to study something “useful,” never mind that many iconic business leaders (Steve Jobs, Bill Gates) have studies in philosophy and the humanities in their quivers. Conard also comes up short on specifics for the education reform that he argues is needed to produce a robust economy, noting weakly instead that “we should be running a multitude of experiments to find solutions that work.”
Unlikely to sway those for whom the idea of economic inequality is anathema, but a set of arguments worth considering.Pub Date: Sept. 13, 2016
ISBN: 978-1-59523-123-9
Page Count: 320
Publisher: Portfolio
Review Posted Online: July 18, 2016
Kirkus Reviews Issue: Aug. 1, 2016
BOOK REVIEW
For Howard Zinn, long-time civil rights and anti-war activist, history and ideology have a lot in common. Since he thinks that everything is in someone's interest, the historian—Zinn posits—has to figure out whose interests he or she is defining/defending/reconstructing (hence one of his previous books, The Politics of History). Zinn has no doubts about where he stands in this "people's history": "it is a history disrespectful of governments and respectful of people's movements of resistance." So what we get here, instead of the usual survey of wars, presidents, and institutions, is a survey of the usual rebellions, strikes, and protest movements. Zinn starts out by depicting the arrival of Columbus in North America from the standpoint of the Indians (which amounts to their standpoint as constructed from the observations of the Europeans); and, after easily establishing the cultural disharmony that ensued, he goes on to the importation of slaves into the colonies. Add the laborers and indentured servants that followed, plus women and later immigrants, and you have Zinn's amorphous constituency. To hear Zinn tell it, all anyone did in America at any time was to oppress or be oppressed; and so he obscures as much as his hated mainstream historical foes do—only in Zinn's case there is that absurd presumption that virtually everything that came to pass was the work of ruling-class planning: this amounts to one great indictment for conspiracy. Despite surface similarities, this is not a social history, since we get no sense of the fabric of life. Instead of negating the one-sided histories he detests, Zinn has merely reversed the image; the distortion remains.
Pub Date: Jan. 1, 1979
ISBN: 0061965588
Page Count: 772
Publisher: Harper & Row
Review Posted Online: May 26, 2012
Kirkus Reviews Issue: Jan. 1, 1979
BOOK REVIEW
BOOK REVIEW
BOOK REVIEW
Occasionally wonky but overall a good case for how the dismal science can make the world less—well, dismal.
“Quality of life means more than just consumption”: Two MIT economists urge that a smarter, more politically aware economics be brought to bear on social issues.
It’s no secret, write Banerjee and Duflo (co-authors: Poor Economics: A Radical Rethinking of the Way To Fight Global Poverty, 2011), that “we seem to have fallen on hard times.” Immigration, trade, inequality, and taxation problems present themselves daily, and they seem to be intractable. Economics can be put to use in figuring out these big-issue questions. Data can be adduced, for example, to answer the question of whether immigration tends to suppress wages. The answer: “There is no evidence low-skilled migration to rich countries drives wage and employment down for the natives.” In fact, it opens up opportunities for those natives by freeing them to look for better work. The problem becomes thornier when it comes to the matter of free trade; as the authors observe, “left-behind people live in left-behind places,” which explains why regional poverty descended on Appalachia when so many manufacturing jobs left for China in the age of globalism, leaving behind not just left-behind people but also people ripe for exploitation by nationalist politicians. The authors add, interestingly, that the same thing occurred in parts of Germany, Spain, and Norway that fell victim to the “China shock.” In what they call a “slightly technical aside,” they build a case for addressing trade issues not with trade wars but with consumption taxes: “It makes no sense to ask agricultural workers to lose their jobs just so steelworkers can keep theirs, which is what tariffs accomplish.” Policymakers might want to consider such counsel, especially when it is coupled with the observation that free trade benefits workers in poor countries but punishes workers in rich ones.
Occasionally wonky but overall a good case for how the dismal science can make the world less—well, dismal.Pub Date: Nov. 12, 2019
ISBN: 978-1-61039-950-0
Page Count: 432
Publisher: PublicAffairs
Review Posted Online: Aug. 28, 2019
Kirkus Reviews Issue: Sept. 15, 2019
SEEN & HEARD
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